{"id":11634,"date":"2016-04-28T07:10:39","date_gmt":"2016-04-28T00:10:39","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-gst-for-commercial-properties-and-individuals-explained\/"},"modified":"2016-04-29T12:50:38","modified_gmt":"2016-04-29T05:50:38","slug":"malaysian-gst-for-commercial-properties-and-individuals-explained","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/malaysian-gst-for-commercial-properties-and-individuals-explained\/","title":{"rendered":"Malaysian GST for commercial properties and individuals explained"},"content":{"rendered":"


\nTo pay or not to pay?
\nImage credit: Stimulrealty.com
\nNew guidelines were issued recently by the\u00a0Royal Malaysian Customs Department that includes\u00a0more people being required to pay\u00a0the Goods & Services Tax (GST) when selling\u00a0a commercial property,\u00a0The Star\u00a0reported.
\nSales of commercial real estate, such as office towers, retail buildings and land zoned for commercial use, are\u00a0subject to a 6\u00a0percent GST if the seller is an individual is engaged in the business.
\nThe current regulations might confused a lot of\u00a0people who originally thought\u00a0they were exempt from this levy, according to Deloitte Malaysia,\u00a0an accountancy firm.
\n\u201cIt was long thought that private individuals, who owned property and did not actively manage or trade in that property in any way, would fall outside of this net,\u201d explained\u00a0Wong Poh Geng and Senthuran Elalingam, GST directors at Deloitte Malaysia, in a joint report.
\nPer Customs\u2019 Director General Dato\u2019 Sri Khazali Bin Haji Ahmad, individuals\u00a0are considered to be engaged in a business if they have the\u00a0intention to sell the property, and if they meet any of the following criteria:\u00a0possess more than two commercial real estates;\u00a0own more than one acre of commercial land or property; or the land to\u00a0dispose\u00a0has a market value of more than MYR2 million (USD510,900).
\nMore: New rules eyed for serviced apartment developers in Selangor
\nHowever, the rule \u201cdoes not take into consideration the person\u2019s intention in owning the property and whether they have any business acumen or purpose as opposed to merely holding [a property]for investment,\u201d per the\u00a0Deloitte Malaysia report.
\n\u201cTo enforce a strict guideline in those circumstances would appear to be unfair as well as not being consistent with the definition of what is a \u2018business\u2019 under the GST Act.\u201d
\nDeloitte Malaysia advises individuals to get\u00a0an accountant or consult with an expert in the GST law for further clarifications on a case-by-case basis. The Customs Department are also open for enquiries from sellers.
\n
\nSource : property-report.com
\nRead more…Malaysian GST for commercial properties and individuals explained<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

To pay or not to pay? Image credit: Stimulrealty.com New guidelines were issued recently by...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-11634","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-31E","jetpack-related-posts":[{"id":13474,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/buy-a-home-while-its-still-affordable-experts-urge-malaysians\/","url_meta":{"origin":11634,"position":0},"title":"Buy a home while it\u2019s still affordable, experts urge Malaysians","date":"May 18, 2016","format":false,"excerpt":"\r The weakening Malaysian ringgit has something to do with it Malaysians are advised to buy a residential property before it becomes too expensive, according to local property experts. 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