*NOTE* Malaysia’s Property Regulations are Getting Tighter for Foreigners. Here’s a Suggestion
Johor will soon impose a higher tax rate for about 130,000 foreigners who own property in the state. The exact amount is still under discussion, but the new rates will be imposed by the end of 2013.
“I believe that most Malaysians will be in agreement to this new policy. It is done to increase our state’s returns,” said Datuk Seri Mohamed Khaled Nordin, the states Chief Minister.
A property re-evaluation exercise will be conducted state-wide. According to the Minister, the last proper evaluation was conducted in the 1980s.
“There has been a steady hike in property prices in Johor and the re-evaluation is aimed to ensure that the local councils get proper tax returns. “Tax payers, however, do not have to worry about being burdened with higher taxes as there will be no increase in tax for lower priced properties.”
However, there may be an increase for those who owned high-end property that were worth millions.
“We are not here to burden the people but it is important for us to collect taxes based on the current market value to ensure that the returns can be used to benefit the people.”
More information will be revealed in the near future.
Story and Quotes from: The New Straits Times
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