industry wants a reversion to old stamp act
Star By Sharidan M. Ali
KUALA LUMPUR: The construction industry has called for the Government to
revert to the earlier tariff scheme of the Stamp Duty Act.
Master Builders Association Malaysia president Ng Kee Leen said the
increase in cost of stamp duty since the Jan 1 had resulted in the upsurge
in construction cost.
“For instance, a RM10mil construction contract such as conventional
construction contract or design and build contract, will now attract an ad
valorem duty of RM50, 000 compared to the RM10 previously,” he told
reporters at a press briefing today.
An amendment to the Stamp Duty Act effective Jan 1 has resulted in a
normal service agreement without security attracting 0.5% stamp duty of
the contract value.
Prior to the amendment, the stamp duty chargeable was fixed at RM10