Home ownership set to cost more with stamp duty hike

Those buying and renovating properties will have to fork out much more following a steep rise in stamp duties.

From a nominal RM10, the stamp duty on “bonds, covenant, loan, services and equipment lease agreements of any kind whatsoever” has been raised to RM5 for every RM1,000, or part thereof – effectively 0.5% of the contract value.

This means a RM10mil construction contract will now attract an ad valorem duty of RM50,000.