MALAYSIA TAX BUDGET 2010: EXEMPTION FROM STAMP DUTY ON THE PURCHASE OF BUILDING THAT INCORPORATE WITH “GREEN TECHNOLOGY”

In the Budget 2010, stamp duty exemption would be available for buyers of buildings and residential properties that have been issued a Green Building Index (GBI) certificate.

Details:

• The GBI is a rating index for environmentally-friendly buildings.
• The stamp duty exemption would only apply to buildings or residential properties bought directly from real property developers and the exemption is only given once to the first owner of the building.
• It may not apply to existing buildings that have subsequently been granted the GBI certificate.
• The amount of the stamp duty exemption is given only on the additional cost incurred by the property developer to obtain the GBI certificate, and not on the full value of the building.
• The exemption will apply for sales and purchases agreements executed from Oct 24 2009 until Dec 31, 2014.