Property to be costlier for foreigners

Kuala Lumpur

COSTLIER homes are on the cards for foreigners under Malaysia's Budget 2014, with stiffer taxes and a doubling of the minimum price of properties to RM1 million (S$391,000).

Among some of the more severe measures expected to hit the sector are a 30 per cent real property gains tax (RPGT) that will be levied on gains on property disposed within five years, and at 5 per cent in the sixth and subsequent years for non-citizens.