LHDN has announced that all property ownership transfers in Malaysia must be reported within 60 days through the MyTax portal for Real Property Gains Tax (RPGT) purposes.
This mandatory reporting applies to:
• Sale and purchase transactions
• Transfer of rights
• Transfer of ownership
• Assignment of property
Both sellers (disposers) and buyers (acquirers) are legally responsible for reporting these transactions. Penalties for late reporting apply under Section 29(3) of the RPGT Act.
Non-compliance risks fines up to RM5,000 and imprisonment up to 12 months, or both.
The tax is designed to help increase national revenue, promote tax responsibility, and curb speculation in the property market.
For complete details on RPGT rates for different categories including individuals, companies, and foreigners, visit the official LHDN website: www.hasil.gov.my
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