Real property gains tax applicable to properties sold within five years
The real property gains tax will now only be applicable to properties that are sold within five years of their purchase, Prime Minister Datuk Seri Najib Tun Razak announced Wednesday.
The government has decided that the services sector and capital gains of real estate would be taxed from the next fiscal year and the existing tax net would be expanded to meet the higher revenue collection target for 2009-10, Secretary Finance Salman Siddiqui said here on Tuesday.