No clarity on GST for secondary property market

With the GST to be implemented in 1 April 2015, the Malaysian Institute of Estate Agents (MIEA) President Siva Shanker has highlighted that there is no clear guidance or analysis on how property prices are going to be affected in the secondary market. This is a crucial for the investment community and there are many unanswered questions, he added.

Meanwhile, KP Bose Sdn Bhd tax consultant KP Bose Dasan has mentioned that guidelines from the customs has not taken into account on the investment community and does not provide a clear guideline for them whatsoever. Therefore, he has urged that customs provide clarification on the matter.

Meanwhile, he also mentioned that many buyers have aborted their sales and investors are unsure on whether to collect GST or not. Therefore the customs should clarify this matter to avoid damaging the property market, he added.

Source: The Sun, 17 February 2015

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