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RPGT tax exemption vs stamp duty remittance

 
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hfchuraymond



Joined: 11 Jun 2009
Posts: 606

PostPosted: Wed Jan 26, 2011 9:02 am    Post subject: RPGT tax exemption vs stamp duty remittance Reply with quote

Recently, it has been suggested that real property gains tax be exempted following the scheduled under the primary Act , ie. the old rules apply.

If so, then, there will not be any difference from the old scheduled that is enacted within the RPGT Act 1976.

My suggestion is that RPGT tax will be imposed for sale of property that is completed after five years in circumstances where prior sub-sale/s had occured and previous purchasers had paid RPGT before.

This is attributed to the fact that no remittance of RPGT is known to have existed for the past 35 yrs and it would be unfair to previous purchasers if potential purchasers are exempted from RPGT altogether.

Unlike RPGT, the Stamp Exemption Order passed by the Finance Minister to the Stamp Act 1949 provides for stamp duty remittance to purchasers who have not sought stamp duty remittance before.
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