Mah Sing Group Berhad applauds the government's decision to keep stamp duty exemptions for first-time home buyers for homes valued less than RM500,000, and to waive 75 per cent of stamp tax on sales and purchase agreements for properties costing between RM500,000 and RM1 million.
"A 75 per cent exemption on an RM750,000 property purchase will save the buyer up to RM15,000," said Tan Sri Leong Hoy Kum, Mah Sing's founder and group managing director.
Leong believes this will pique the interest of first-time home purchasers with a middle-to-upper income, as well as those wishing to upgrade their property.
He also praised the government's decision to reduce the cost of stamp duty for the transfer of property between parents and children, grandparents and grandkids.
The duty stamp on instruments of transfer of property is planned to be exempted, with the exemption limited to the first RM1 million of the property's worth.
The remaining balance of the property's worth is subject to ad valorem taxation and is subject to a 50 per cent reduction in stamp duty. This stamp duty exemption is only available to Malaysians.
Prime Minister Datuk Seri Anwar Ibrahim presented the amended Budget 2023 on February 24. The budget, titled "Menbangun Malaysia Madani," is intended at assisting the rakyat and improving the country's economic prospects.
Leong anticipates that the M40 group will benefit from the announced measures such as a 2 per cent cut in personal tax rates for Malaysians earning between RM35,000 and RM100,000 each year.
"In addition to making Malaysia's labour market more appealing, it will also increase Rakyat's disposable income, enabling them to invest in value-accretive assets like properties," he said.