The increase of one per cent in stamp duty for the instrument of transfer for property exceeding RM1 million to RM 2.5 million is now effective July 1, 2019.
In a statement today, the Finance Ministry said the government would maintain the current stamp duty rate for six months from Jan 1 to June 30, 2019 to encourage the sustainability of activities in the real estate sector.
The government had previously during the tabling of the 2019 Budget, announced that the stamp duty would be raised from three per cent to four per cent for this category effective Jan 1, 2019.
Finance Minister Lim Guan Eng said the Pakatan Harapan government was very concerned and fair in determining a sufficient time frame for the transfer process to be undertaken in the interim before the new stamp duty becomes effective.
