Budget 2022. Some key takeaways related to property and cars…

Budget 2022. Some key takeaways related to property and cars…

Happy days for car buyers

The passenger vehicle sales tax (SST) exemption until June 2022 to encourage buyers. Indeed a good news since if more people buy cars, they need a place to park them? Haha. Just joking. Actually, the more cars people buy, the less likely they can buy a property since both would take away a big chunk of the monthly salary.

This SST exemption will now also cover completely knocked down (CKD) as well as completely built up (CBU) multi-purpose vehicle (MPV) and sports utility vehicles (SUV).

He said, “For CKD, 100 per cent exemptions are given while 50 per cent exemptions are given to CBUs including for MPVs and SUVs.”

Happy days for property sellers IF…

The government will no longer impose the Real Property Gains Tax (RPGT) for disposals by individual citizens, permanent residents and companies from the sixth year of onwards. Briefly, if one holds the property for 6 years before selling, then there would not be any more RPGT being imposed.

This is a lot of money since now no matter how many years, a 5% RPGT is imposed. RM500,000 property sold means RM25,000 is paid via RPGT no matter when you sold the property! RM25,000 is a lot of money yeah. However, now this is no more. So, if one were to sell a RM500,000 property, one can take the savings from RPGT for a family holiday.

More affordable homes coming…

An allocation of RM1.5 billion will be for the building of affordable homes for low-income groups. As usual, the devil is in the details. Maybe there would be more details soon. Just need to remember that it is not just simply build, build and build because this was what happened with many PR1MA projects previously. Now, please DO SUFFICIENT PLANNING and do invite capable people to join these consultation groups. (Yeah, can include kopiandproperty.com founder too)

More updates coming on Budget 2022 later this weekend. Let me read and digest more first. Happy weekends all.

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