PETALING JAYA: With the property market at a standstill during the national shutdown of public activities, estate agents have called for a year’s relief to get business back on track.
Among the measures proposed by the Malaysian Institute of Estate Agents are:
* sales and services tax on property sales to be suspended until the end of the year;
* real property gains tax to be zero-rated until the end of the year to boost property sales, which the association said had already gone soft. The tax, ranging from 5% to 30%, is levied on property sales within a time scale of one to six years after purchase.
The association’s president, Lim Boon Ping, also urged the government to provide subsidies for estate agents on a similar basis to those provided to e-hailing drivers.
Estate agents should also be given automatic renewal of their licences to practice in 2021, he said.