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KUALA LUMPUR, Oct 21 — Prime Minister Datuk Seri Najib Razak announced today a full waiver of stamp duty for first-time home buyers from the current rate of 50 per cent.
However, the exemption is limited to houses valued at a maximum of RM300,000 for first time home buyers for a limited time between January next year and December 2018.
"In addition, the stamp duty exemption will be increased to 100 per cent on instruments of transfer and housing loan instruments, to help reduce the cost of first home ownership, compared to 50 per cent at present.
"However, this exemption is limited to houses with the value up to RM300,000 for first home buyers and only for the period between 1 January 2017 and 31 December 2018," Najib said in his Budget 2017 speech in the Dewan Rakyat.
He also announced new additions to the newly grouped lifestyle tax relief category to include gym memberships in the federal budget for 2017.
The category currently includes purchase of reading materials, computers and sports equipment
“This relief is extended to include the purchase of printed newspapers, smartphones and tablets, internet subscriptions as well as gymnasium membership fees. The relief is given up to RM2,500 per year, and will be effective from year of assessment 2017,” Najib added.