Mandatory Reporting of Property Ownership Transfers to Inland Revenue Board Within 60 Days for RPGT Compliance in Malaysia

All property ownership transfers in Malaysia must be reported to the Inland Revenue Board (LHDN) within 60 days, covering transactions such as sales, purchases, transfers of rights, and assignments. Both sellers and buyers are responsible for reporting to avoid penalties under the RPGT Act. Non-compliance may lead to fines up to RM5,000 and/or imprisonment up to 12 months. RPGT rates vary depending on the holding period; sellers face higher rates for shorter ownership durations. This measure aims to curb speculation, stabilize property prices, and raise national revenue.

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