What is the "proposed" vacancy tax Malaysia ?

What is the "proposed" vacancy tax Malaysia ?

A vacancy tax is a tax levied on properties that have been left vacant and unused for a period of time.

Its objective is to deter speculators and developers from “hoarding properties” with the aim of making a profit when the price rises.

A vacancy tax is to resolve high unsold units in the market

Proposed Mechamism

A vacancy tax could be levied as a percentage of the gross selling price of the unit?

The proposed tax is applicable to properties above RM500,000 selling price.

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