STAMP DUTY RELIEF FOR FIRST-TIME HOME BUYERS

The Minister of Finance (‘Minister’) in the Malaysian Budget 2023 Speech on 24 February 2023 announced that first-time home buyers will continue to benefit from a 100 per cent stamp duty exemption for purchases up to RM500,000 through the Malaysian Home Ownership Initiative (“i-Miliki”), as outlined in Budget 2023. 

The i-Miliki project would also provide a 75 per cent stamp duty exemption for first-time home buyers for houses priced between RM500,000 and RM1 million. 

According to the Minister, the exemption is part of the Home Ownership Programme (“HOPE”), which exempts first-time buyers from paying stamp duty on transfer documents and loan agreements. 

The following subsidiary legislation in respect of Malaysian Home Ownership Initiative (iMiliki) under the Home Ownership Programme 2022/2023 (“iMiliki Initiative 2022/2023”) were gazetted on 9 June 2023 to give effect to the foregoing initiatives: 

(a)          Stamp Duty (Exemption) Order 2023 [P.U.(A) 176/2023]; 

(b)          Stamp Duty (Exemption) (No. 2) Order 2023 [P.U.(A) 177/2023] (‘E.O. 2/2023’); 

(c)           Stamp Duty (Remission) Order 2023 [P.U.(A) 179/2023] (‘R.O. 1/2023’); and 

(d)          Stamp Duty (Remission) (No. 2) Order 2023 [P.U.(A) 180/2023] (‘R.O. 2/2023’). 

All of the above-referred subsidiary legislation (“Orders”) are deemed to have come into operation on 1 June 2023. 

This stamp duty exemption applies to sale and purchase agreements entered between 1^st June, 2022 and 31^st December, 2023.

2023 STAMP DUTY REMISSION / EXEMPTION (MALAYSIAN CITIZEN ONLY)