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RPGT – Real Property Gains Tax 2012

Posted by tuanbri in Activities, Featured Articles on 10 21st, 2011 | no responses

Ini CERITA 2011

THE Real Property Gains Tax (RPGT) rate was increased from 5% to 10%. Is it effective immediately from the date the sales & purchase (S&P) agreement is signed or after Jan 1, 2012?

The increased RPGT rate of 10% is applicable for disposal of properties starting Jan 1, 2012, for S&Ps signed on or after that date. However, in circumstances where the disposal of property is conditional and requires the Government’s approval, state government or an authority/committee appointed by the Government or state government, the date of disposal will be the date when all such conditions are satisfied and not when the S&P is signed.

From the budget, houses sold within one to two years will be imposed an RPGT rate of 10%. However, I am not a speculator and I have reasons to sell it (which can be substantiated). Can I be exempted from RPGT?

Although you may have valid reasons to substantiate that you are not a speculator, RPGT at 10% would still be applicable if you dispose of your property on or after Jan 1, 2012 within two years of acquisition. However, in general, the proposed increase in RPGT rate will not burden genuine property owners as the following exemptions are available:

• Gains arising from disposal of one unit of residential property once in a lifetime by an individual who is a citizen or permanent resident of Malaysia;

• Gains from disposal of property between parent and child, husband and wife, grandparent and grandchild and

• Exemption up to RM10,000 or 10% of the net gains, whichever is higher, for an individual.

In addition, RPGT is only chargeable on net gains after all related costs such as purchase price, enhancement costs to the building and incidental costs (e.g. legal fees and stamp duty) are taken into account.

Finally, taxpayers are compensated for late payment of tax refunds. Is the compensation given to both companies and individuals and how are they calculated? Does it cover all types of tax repayable from the Inland Revenue Board?

Taxpayers eligible for the compensation are salaried individuals, individuals with business income and companies who have filed their tax returns before the expiry of the stipulated due date as stated below:

• Salaried individuals not later than April 30.

• Individuals with business income not later than June 30.

• Companies not later than seven months from the expiry of the accounting period.

The proposed 2% (per year) compensation which is effective from year of assessment 2013 is calculated on a daily basis commencing one day after 90 days from the due date for those who use e-Filing and 120 days from the due date for those who do it manually. Therefore, a tax refund due of RM1,000 which is refunded 160 days late will be entitled to a compensation payment of RM8.77 (RM1,000 x (160 / 365) x 2%).

The compensation is only applicable to refunds of income tax overpaid and not other taxes such as RPGT. It is also not applicable to those who failed to furnish a tax return for a year of assessment, filed their tax returns late and those who appeal against an assessment. The refund is also not applicable in respect of excess amount repayable arising from tax credits deducted at source from dividends.

Ini CERita 2010

KUALA LUMPUR, Oct 25 (Bernama) — The real property gains tax (RPGT) will be fixed at five percent on the gains from the disposal of real property effective 1 January 2010.

Reiterating this on Sunday, Second Finance Minister Datuk Husni Hanadzlah said that the rate imposed is irrespective of the holding period and the category of the owner.

He said that this rate of five percent will be implemented through the Real Property Gains Tax (Exemption) Order 2009.

This Order will be gazetted as soon as possible and effective 1 January 2010.

“Therefore, the current rate of RPGT which is higher than 5.0 per cent as in Schedule 5 of the Real Property Gains Tax 1976 will no longer be applicable,” he said in a statement here.

This means that the previous rate of 30 per cent decreasing to 5 percent based on the holding period of the property is no longer applicable.

However, exemptions to the individuals are given as follow;

* The level of exemption is increased from RM5,000 to RM10,000 or 10 per cent of the chargeable gains, which ever is the higher;

* Gifts betwen parent and child, husband and wife, grandparent and grandchild; and

* disposal of a residential property once in a lifetime.

Rumusan :
1) Tahun 2009 – RPGT ialah kosong (pak lah bagi free).
2) 5% ni untuk hartanah yang dijual dalam tahun 2010. (hahaha..this is the trickiest thing!)
3) untung 10,000 ke bawah TIDAK dikenakan cukai.
4) Rumah dipindahkan kepada anak, isteri dan cucu tidak dikira sebagai penjualan.
5) Penjualan rumah diKECUALIkan CUKAI sekali sahaja seumur hidup. (Boleh pilih nak pakai sekarang atau simpan nanti)

Keuntungan =
Harga Jualan – Harga Belian ( tidak ada kena mengena dengan Loan atau interest atau Lock in penalty)

“Point” yang 2, ada satu “tax expert” Ronnie Lim drpd Deloitte Malaysia kata kadar 5% ni tidak tetap. Ia hanya untuk pelupusan hartanah yang dimiliki 5 tahun dan ke atas.
Ini disangkal oleh Datuk Husni Hanadzlah, Menteri Kewangan Kedua. Seperti di atas, Datuk kata fixed 5% tak kira berapa tahun.

Apa kata Deloitte ?

“Alamak, kena tax pulak ke? tayar motor gua pancit, boleh claim tax ke?