Commencement of amendments to the Real Property Gains Tax Act 1976
s 15
Sections 16, 17 and 18 come into operation on 1 January 2018.
Finance (No. 2) Act 2017 Chapter III — AMENDMENTS TO THE REAL PROPERTY GAINS TAX ACT 1976
Amendment of section 21b
s 16
The Real Property Gains Tax Act 1976, which is referred to as the “principal Act” in this Chapter, is amended in section 21b— (a) in subsection (1), by substituting for the word “Where” the words “Subject to subsection (1a), where”; (b) by inserting after subsection (1) the following subsection: “(1a) For the purpose of subsection (1), where the disposer in a disposal referred to in that subsection is not a citizen and not a permanent resident, the acquirer shall retain the whole of that money or a sum not exceeding seven per cent of the total value of the consideration whichever is the less, and (whether or not that amount is so retained) he shall within sixty days after the date of such disposal pay that amount to the Director General.”.
Amendment of Schedule 2
s 17
Schedule 2 to the principal Act is amended— (a) in paragraph 3— (i) by renumbering the existing paragraph as subparagraph (1); and (ii) by inserting after subparagraph (1) as renumbered the following subparagraph: “(2) Any transfer of assets between spouses or to a company referred to in subsubparagraph (1)(b) shall involve an asset owned by a citizen.”; (b) in subparagraph 16(a), by deleting the words “or an authority or committee appointed by the Government or a State Government”; and (c) in subparagraphs 19(5) and 34(1), by substituting for the words “subparagraph 3(b)” wherever appearing the words “subsubparagraph 3(1)(b)”.
Amendment of Schedule 5
s 18
Part III of Schedule 5 to the principal Act is amended by substituting for the words “In the case of an individual who is not a citizen and not a permanent resident” the words “In the case of a disposer who is not a citizen and not a permanent resident, or an executor of the estate of a deceased person who is not a citizen and not a permanent resident”.
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Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).
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