Waiver only applies to dwellings

24/03/2002 The Star

KUALA LUMPUR: The Treasury has clarified that the waiver of stamp duty announced by the Government recently only applies for the purchase of residential property.

Residential property is defined as houses, condominiums, apartments and flats built for dwelling, it said in a statement here yesterday.

The statement said the exemption only applied for residential property purchased from developers between Jan 1 and June 30.

Documents exempted from stamp duty include sales and purchase agreements executed on or after Jan 1 but not later than June 30.

It also applies to instruments that put in force the transfer of property title from the developer to the purchaser.

The waiver is applicable too to documents on the collateral executed between the purchaser and the bank or financial institution; or his employer under an employee housing loan scheme.

To qualify for the waiver, the developers (whether or not they are members) have to register their residential projects with the Real Estate and Housing Developers’ Association of Malaysia.

Developers in Sabah can do so with the Sabah Housing Developers’ Association and those in Sarawak can register with the Sarawak Housing Developers’ Association. — Bernama