Beginning 2014, foreigners buying property in Johor will be charged a processing fee based on value of property purchased.
According to State Executive Councillor for Housing and Local Government, Datuk Abdul Latiff Bandi, the new condition from the current requirement to pay only RM10, 000 in fee is to protect the Johoreans’ interest.
See Also: Higher Tax Rates for Foreigners who Own Property in Johor
The processing fee will be between four and five per cent of the property value purchased, and will indirectly enable the state government to control the sale of properties to foreigners.
“For instance, foreigners buying a property worth RM5 million will have to pay only RM10, 000 as processing fee currently. From next year, they have to pay based on the property value,” said the Councillor.
Proceeds from the processing fee will be used for projects and programmes towards the people’s development.
According to Latiff, the new condition will be tabled in the budget sitting of the state legislative assembly, which will take place soon, for approval.
That’s not all though, as the state government will also review the rental rate to obtain the temporary occupation license for the sites of billboards.
Right now, there are more than 1,000 billboards in 16 local authority areas in Johor. The current rental rate is RM100 for a year. This too will be increased to an appropriate rate.
Story and quotes from: Bernama
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