Real Property Gains Tax Act 1976 (Act 169) & Selected Orders (AS AT 5TH JULY 2023)

An Act to provide for the imposition, assessment and collection of a tax on gains derived from the disposal of real property and matters incidental thereto.

Contains:

Real Property Gains Tax Act 1976 (Act 169) 

Real Property Gains Tax (Exemption) (No. 6) Order 2000 

Real Property Gains Tax (Exemption) (No. 3) Order 2003 

Real Property Gains Tax (Exemption) (No. 4) Order 2003 

Real Property Gains Tax (Exemption) Order 2013 

Real Property Gains Tax (Exemption) (No. 2) Order 2013 

Real Property Gains Tax (Exemption) Order 2014 

Real Property Gains Tax (Exemption) Order 2015 

Real Property Gains Tax (Exemption) Order 2018 

Real Property Gains Tax (Exemption) (No. 3) Order 2018

Real Property Gains Tax (Exemption) Order 2020

Detailed Contents Of Real Property Gains Tax Act 1976 (Act 169) :

The Real Property Gains Tax Act 1976 (Act 169) is a Malaysian law that imposes a tax on gains derived from the disposal of real property, which includes land, buildings, and other immovable property. The tax is applicable to both individuals and companies, and it is calculated based on the gain made on the disposal of the property.

The Act also includes various provisions and regulations to ensure proper administration and enforcement of the tax. Some of the important orders made under the Act are:

Real Property Gains Tax (Rate of Tax) Order 2019 - This order prescribes the rates of tax for the disposal of real property. The tax rate varies depending on the duration of ownership and ranges from 0% to 30%.

Real Property Gains Tax (Exemption) Order 2014 - This order provides for exemptions from the tax for certain types of disposals, such as disposals of property between spouses, disposals of low-cost houses, and disposals by way of gifts.

Real Property Gains Tax (Valuation of Real Property) Rules 1996 - These rules provide for the valuation of real property for the purpose of determining the gain made on disposal. The valuation is based on the market value of the property at the time of disposal.

Real Property Gains Tax (Compounding of Offences) Rules 1990 - These rules provide for the compounding of certain offences under the Act. Offences may be compounded by paying a sum of money instead of facing legal action.

Real Property Gains Tax (Prescribed Person) Order 1985 - This order designates certain persons as prescribed persons for the purpose of the Act. Prescribed persons include solicitors, accountants, and land surveyors who are authorized to act on behalf of taxpayers in relation to the tax.

Overall, the Real Property Gains Tax Act 1976 and its selected orders provide the legal framework for the taxation of gains from the disposal of real property in Malaysia. The Act and its associated regulations ensure that the tax is administered fairly and efficiently while providing exemptions and relief for certain types of disposals.

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