Property transactions no longer need FIC approval

ALL property transactions, including those between foreigners and non-Bumiputeras, will no longer require Foreign Investment Committee (FIC) approval, Prime Minister Datuk Seri Najib Tun Razak announced today.

The FIC approval will only be required for property transactions which involve a dilution of Bumiputera or government interest for properties valued at RM20 million and above, he said at the Invest Malaysia 2009 conference here.

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.