Sunita S Sothi, a Partner of Zaid Ibrahim & Co. (a member of ZICO Law) was recently featured by the Edge Malaysia Weekly on the upcoming changes to the Stamp Act and how these are expected to impose stricter requirements on property buyers. Proposed changes include the introduction of a self-assessment system, upfront payment of ad valorem duty on contracts for the sale of property and an exponential increase in penalties for late stamping.
Sunita, head of our branch office in Johor Bahru and an experienced real estate practitioner, shared her practical insights on how the proposed upfront payment of ad valorem duty on contracts will have huge implications for local property developers and buyers. Among other things, Sunita discussed the impact on buyers who flip properties and how affected parties would now have to think of including ad valorem duty costs in their budget when the amendments kick in to avoid any cash flow disruptions.
To read more on Sunita’s thoughts, please click here.
To read our previous client legal alert on implications under the Stamp (Amendment) Bill 2016, please click here.