Explain the mechanisms of the Real Property Gains Tax in Malaysia.
Explain the mechanisms of the Real Property Gains Tax in Malaysia.
Homework Answers
RPGT applicable when taxable person transfers or sells out its property. Hence taxable person has to pay tax over the gain upon transfer of property and in case of loss, no tax is required to be paid.
How to calculate RPGT:
1. First of all we need to calculate Chargeable Gain and formula for same is as follows:
CG= Selling price - Purchase price - Misc costs.
2. At second step we need to calculate Net Chargeable Gain.
NCG = Chargeable gain - Exemption Waiver**
** Exemption waiver is higher of 10000 or 10% of chargeable gain.
3. Tax Payable = Tax Rate * Net Chargeable Gain
Tax rates are changes from time to time for latest rates please refer budget 2019.
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