KUALA LUMPUR, Sept 9 — Both parties involved in any property ownership transfer transactions in Malaysia are required to report to the Inland Revenue Board (HASiL) within 60 days from the date of transaction for Real Property Gains Tax (RPGT) purposes.
HASiL principal assistant director of the Stamp Duty & Real Property Gains Tax Operations Department, Azman Muhammad, said transactions such as sale and purchase, transfer of rights, transfer of ownership and assignment of property must be reported through the MyTax portal.
“It is the responsibility of the disposer (seller) and acquirer (buyer) to report the disposal and acquisition of assets to HASiL. Some do report, but late. If reported late, a late penalty will be imposed under Section 29(3) of the RPGT Act.
“Prosecution action can also be taken against those who fail to submit the RPGT Return Form, with fines of up to RM5,000 and imprisonment not exceeding 12 months, or both,” he said during Bernama Radio’s ‘Klinik Cukai’ programme on the subject of RPGT.
Azman said among the objectives of RPGT are to help increase national revenue, educate the public on tax responsibility and curb speculation in the property market.
Details of RPGT rates for other categories, including individuals, companies and foreigners, can be checked on HASiL’s official website.
