2012: A Near-Perfect Balancing Act?

In today’s issue of NST: RED, I was also asked to give my opinion on which events or news that they feel have had the biggest impact on the property market in 2012.
These are my views, as extracted from the article, 2012 : A Near-Perfect Balancing Act?
Richard Oon, National Tax Director of TY Teoh International

In 2012, the RPGT rates were revised upwards from 5 per cent to 10 per cent for the disposal of properties within two years from the date of acquisition.

Bank Negara Malaysia (BNM) had also imposed a Loan-to -Value (LTV) limit of 70 per cent on borrowers for the financing of the third property and beyond as well as revising the borrowers’ loan eligibility based on net income instead of gross income. These moves have had moderate success in curbing property speculation in 2012.

The newsprint version can be seen below:

About Richard

Richard Oon Hock Chye has more than 25 years of experience in taxation and business advice, with particular expertise in Malaysian property law. He began his taxation career with Deloitte Touche Tohmatsu, a ‛Big Four’ accounting firm, before starting his own practice, ConsulNet Tax Services Sdn. Bhd., in 1996. He is currently the National Tax Director of TY Teoh International, one of the leading consulting service providers in Malaysia. It is a member of the MSI Global Alliance, a global network of more than 250 independent legal and accounting firms, in over 100 countries. Richard sits on the board of two companies listed on the Main Board of Bursa Malaysia, as an independent non-executive director. He is also a regular contributor to several magazines and publications, and has shared his tax expertise on numerous occasions with organisations and property developers. As well as being a member of the Malaysian Institute of Accountants (MIA), Richard is a fellow member of both the Association of Chartered Certified Accountants (ACCA) and the Chartered Tax Institute of Malaysia (CTIM). He is a Certified Financial Planner (CFP) and holds a tax agent licence issued by the Ministry of Finance. Richard is also the author of the book, ‘Every Property Investor’s Guide To How To Pay Less Tax Legally’.

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