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KUALA LUMPUR: The housing and local government ministry will review the quota of property ownership by foreigners to be used as guidelines for developers and state authorities, the Dewan Rakyat was told today.
Its minister, Zuraida Kamaruddin, said so far, property owned by foreigners in the country had yet to exceed 1%.
“The ministry will discuss a more detailed mechanism to be used by the state authorities,” she said to Che Alias Hamid (PAS-Kemaman), who had asked about a suitable approach to curb the purchase of property by foreigners, aside from the property acquisition threshold enforced in 2009.
Zuraida said a new threshold had been set in March 2014, where the minimum value for property acquisition by foreigners was RM1 million.
In efforts to curb land or property purchases by foreigners, she said, the ministry, through Budget 2019, had also set a new limit where the real property gains tax rates would be revised from 5% to 10% for disposals of properties or shares in property holding companies after the fifth year for both companies and foreigners.
She said the stamp duty on the transfer of property valued at more than RM1,000,000 would also be increased from 3% to 4%.
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