Prime Minister Datuk Seri Najib Tun Razak announce on the budget 2017 and a proposal has been made to increase the stamp duty from Jan 1st 2018.
Recently, The Ministry of finance has announced, “The government will not raise the stamp duty rate from 3% to 4% on the instruments of transfer for properties worth over RM1 millions from Jan 1 2018 as announced in Budget 2017″.
The rate of the stamp duty on transfer of property which is worth more than RM1 million is maintain, he added.
The rates is based on property value market or the selling price, depending on which of the rate is much more higher. Here are the rate of percentage:
- RM 100,000 = 1%
- RM100,001 – RM 500,000 = 2%
- RM500,000 onwards = 3%