Can anyone advise presently for a condo property costing about R1mil in JB how much is the fees or levies for the memorandum of transfer?
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Living in JB 3 (Johore)
- Thread starter wuqi256
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You are right, the assessment is based on the state valuation of the property.
Right now, all the states are busily revaluing all properties against the current market prices because the last valuation was some 20 years ago.
Many people I know had received their new tax assessment letter with the new tax payable and I must say it is indeed close to market price.
So if yours is a $1m home, the new state valuation will be quite near there too, so just hope that they don't overvalue it.
So if the stat valuation is above RM1M, despite the initial lower purchased price. Does this mean that the property can sell to foreigner in 2014 1st May? Assumed that this is not a Bumi lot & onwer is a Malaysia Chinese.
I wonder this will be the logic of this new assessment? I hope that this will not be another form of tax collection only..... .
I wonder this will be the logic of this new assessment? I hope that this will not be another form of tax collection only..... .
They put forward a policy that does not allow local Malaysian to sell house to foreigner? I think have not being approved in parliament yet. I also think might not get approved in parliament , otherwise big HOOHA.
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there is no policy like that. but imagine a local bought a condo for 500k hoping to flip to singaporean when condo ready, there is a min 1M foreigner purchase price, so essentially the local is stuck.
Hence, locals must buy close to 1m. And with new policies, only the serious one will buy. Which is healthy.
The latest revaluation of properties is definitely meant for the govt to collect more tax without having to increase the tax rate, you simply just have to pay a higher tax based on new valuation.
So as for the new ruling application, I think as long as the valuation meets the requirement, doesn't matter its a new one or a 20 years old one; just like a 20 yr old bungalow may cost just 200, 300K then but now may be revalued in excess of 1mil now.
In Sg, the AV is based on the annual rent of the property (based on comparable rents around the area). Thereafter a tax rate is applied on AV to determine the property tax.
There is no "valuation" of the property...hence IRAS is not going to say your property can be sold for $1m or whatever amt.
In Msia, it's very likely the same methodology...IRBM is not going to say they have revalued your property and it can be sold for RM1m or whatever.
One thing for sure - more income for the Govt, and hopefully they put it to good use...
). 
:p
KUALA LUMPUR, Nov 24 — Putrajaya may consider ditching its initial plans to acquire the Eastern Dispersal Link (EDL) in Johor for a reported sum of RM1.2 billion and let the highway’s current owner start collecting toll instead, The Edge financial news weekly reported.
The possibility of letting Malaysian Resources Corp Bhd (MRCB) collect toll for use of the EDL comes as the government seeks to cut subsidies, with Putrajaya having recently slashed fuel and sugar subsidies to save more money.
“In the case of EDL, an option being explored is to allow the owner MRCB to collect toll [instead of the government taking over the highway]. There could be an element of compensation to reduce the toll rates,” an unnamed source was quoted saying by The Edge.
Motorists have been using the expressway in Johor Baru without paying toll since last year, with the government compensating MRCB for its losses after it was stopped from collecting toll.
The government reportedly pays a monthly compensation of RM11 million to MRCB, with the payment to the infrastructure developer to continue until a full settlement for the takeover of the 8.1km-long EDL.
MRCB’s 2012 annual report showed that it was given RM68.28 million last year as compensation over the EDL highway which was opened for use last April, with the payments by the government to the highway concessionaire starting from last May, the weekly reported in its latest edition.
The takeover deal between Putrajaya and MRCB was expected to be done in one years’ time from September 10, 2012, the group had said in the annual report last year.
But MRCB group chief executive officer Imran Datuk Salim said the negotiations with Putrajaya and other parties over the EDL have yet to conclude.
“It will take some time to iron out the details on the best way forward for the EDL in order to realise the benefits for all parties involved, especially the motorists in Johor Baru,” Imran was quoted saying.
Last September, the government had reportedly given its assurance that no tolls will be collected after it takes over the EDL.
According to The Edge, Putrajaya is also reviewing other highways where it had stopped the increase of toll rates and needed to pay compensation to highway operators.
In 2013, the government would be paying a total of RM587 million to compensate for tolls, The Edge reported, citing the country’s Economic Report that was released recently.
The possibility of letting Malaysian Resources Corp Bhd (MRCB) collect toll for use of the EDL comes as the government seeks to cut subsidies, with Putrajaya having recently slashed fuel and sugar subsidies to save more money.
“In the case of EDL, an option being explored is to allow the owner MRCB to collect toll [instead of the government taking over the highway]. There could be an element of compensation to reduce the toll rates,” an unnamed source was quoted saying by The Edge.
Motorists have been using the expressway in Johor Baru without paying toll since last year, with the government compensating MRCB for its losses after it was stopped from collecting toll.
The government reportedly pays a monthly compensation of RM11 million to MRCB, with the payment to the infrastructure developer to continue until a full settlement for the takeover of the 8.1km-long EDL.
MRCB’s 2012 annual report showed that it was given RM68.28 million last year as compensation over the EDL highway which was opened for use last April, with the payments by the government to the highway concessionaire starting from last May, the weekly reported in its latest edition.
The takeover deal between Putrajaya and MRCB was expected to be done in one years’ time from September 10, 2012, the group had said in the annual report last year.
But MRCB group chief executive officer Imran Datuk Salim said the negotiations with Putrajaya and other parties over the EDL have yet to conclude.
“It will take some time to iron out the details on the best way forward for the EDL in order to realise the benefits for all parties involved, especially the motorists in Johor Baru,” Imran was quoted saying.
Last September, the government had reportedly given its assurance that no tolls will be collected after it takes over the EDL.
According to The Edge, Putrajaya is also reviewing other highways where it had stopped the increase of toll rates and needed to pay compensation to highway operators.
In 2013, the government would be paying a total of RM587 million to compensate for tolls, The Edge reported, citing the country’s Economic Report that was released recently.
that's why i'm using singapore method , i would think that MY also use rental value to gauge annual value for the cukai taksiran. Even if a house is 1M, but the AV should n't be 1M. Anyone received their latest tax advice in malaysia yet??
Johoreans r going to bear e brunt of inflation in 2014. So far almost all recent policies point to big inflation next year.
Small consolation would be - improvement to 1st link/ CIQ traffic?
nope. cos there are 3 road leading to the 2-3 lanes at CIQ, one of them is EDL. the other two roads will be jammed and the bottleneck remain the same.
Inflation costs will be passed on to everyone. Not just Johoreans but foreign visitors will be affected. GST, fuel subsidy cut back, assessment tax, etc are all cost to any operational activities. A plate of chicken rice or even a teh tarik will increase in price. The rentals will be increased. Even payroll will not be spared.
chicken rice no good for u, i give u papayas next time.
What for only have PAPAYAS when you did not have CHICKEN......rice?
Keep eating fruits, you might as well go vegetarian.
let me know when you are free. I will bring you to eat chickens with papayas.
What for only have PAPAYAS when you did not have CHICKEN......rice?
Keep eating fruits, you might as well go vegetarian.
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