The proposed property vacancy tax to be paid by developers on unsold units priced above RM500,000 should be avoided and cannot even be defined as a “tax”, as a tax is always an amount of money paid after a certain benefit has been enjoyed, said the Center for Market Education (CME).
“In the case of a property vacancy tax, therefore, the very reason for a tax is lacking. Which benefits are the developers enjoying by not selling their units? In fact, unsold units are already a missed profit for developers. A property vacancy tax would sound like taxing a butcher for being unable to sell out all his stock of meat,” said CME CEO Dr Carmelo Ferlito (pix).
