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yeah.. the DPM aka FM1 announced the new economy stimulation package..
but the thing i most concern is about the interest deduction.
so DPM says
i just bought my first house last year.
so i would be entitle to the deduction?
please see the following T&C applies..
1)house must be purchased from developer or third party
2)tax payer is a Malaysian citizen and a resident (so if you stay in Singapore and you are not a Malaysian tax resident you might not entitle to the above benefit. maybe it does not make any difference to you since you might not be taxable in Malaysia.)
3)limited to one residential house including flat, apartment or condominium
4)sale and purchase agreement is executed between 10 March 2009 and 31 December 2010. (meaning you sign the S&P on or after 10/3/2009. but how about those lower income group who have purchase the house earlier? and what if they loose their job now?)
DPM say :-
So after concluding all the T&C above do we fall under the above categories?
the answer is no.
so the above proposal is not beneficial at all.
maybe should expand the scope to people who bought their houses since 1/1/2008 (ya i fall under this category) and extend the time period up to 5 years? or expand the house price up to 350k?
but to me the proposal have too little benefit on myself.
so nothing much excites me.
but the thing i most concern is about the interest deduction.
so DPM says
Currently, investment sentiment in the housing sector is weak, given that both developers and buyers appear to be adopting a cautious attitude to build and to own houses. Therefore, to stimulate the housing sector, the Government proposes that house buyers be given tax relief on interest paid on housing loans up to RM10,000 a year for 3 years.so when you are thinking wow.. this is good news and
i just bought my first house last year.
so i would be entitle to the deduction?
please see the following T&C applies..
1)house must be purchased from developer or third party
2)tax payer is a Malaysian citizen and a resident (so if you stay in Singapore and you are not a Malaysian tax resident you might not entitle to the above benefit. maybe it does not make any difference to you since you might not be taxable in Malaysia.)
3)limited to one residential house including flat, apartment or condominium
4)sale and purchase agreement is executed between 10 March 2009 and 31 December 2010. (meaning you sign the S&P on or after 10/3/2009. but how about those lower income group who have purchase the house earlier? and what if they loose their job now?)
DPM say :-
The Government is cognisant of the problems faced by retrenched workers in repaying their housing loans. To assist them, banking institutions have agreed these retrenched workers defer the repayment of their housing loans for one year.Nevertheless the tax deduction is given for 3 consecutive years from the first year the housing loan interest is paid and is effective from year of assessment 2009.
So after concluding all the T&C above do we fall under the above categories?
the answer is no.
so the above proposal is not beneficial at all.
maybe should expand the scope to people who bought their houses since 1/1/2008 (ya i fall under this category) and extend the time period up to 5 years? or expand the house price up to 350k?
but to me the proposal have too little benefit on myself.
so nothing much excites me.
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