The real property gains tax will now only be applicable to properties that are sold within five years of their purchase, said Prime Minister Najib Abdul Razak today.

fecam instalment 231209 najib 03 The announcement was made during his speech at a dinner in Putrajaya to commemorate the swearing-in of the 2009-2011 Hua Zong office bearers.

Najib said the tax was implemented in Budget 2010 in order to increase government revenue and narrow the budget deficit.

However, this measure was amended following appeals from the business community and Hua Zong - a national umbrella body for Chinese guilds and associations.

"This gesture by the government means we will forgo RM200 million in revenue," he said.

Additionally, Najib, who is also finance minister, announced that hotels undergoing refurbishment would enjoy 60 percent reinvestment allowance for a period of five years.

No announcements on Chinese education, schools

Those who were anticipating announcements pertaining to Chinese education and schools were however left disappointed.

The premier said he could only make decisions regarding these matters after consulting his deputy Muhyiddin Yassin, who is also the education minister.

"Then we will decide what is fair for the Chinese community and Malaysians as a whole," he added.

fecam instalment 231209 najib 07 Earlier, newly elected Hua Zong president Pheng Yin Hua pledged the organisation's allegiance to Najib's 1Malaysia concept, in the Bahasa Malaysia portion of his speech.

Pheng then switched to Mandarin to make several demands to the government.

Among the demands was for the government to recognise the Unified Examination Certificate (UEC) used by independent Chinese schools.

"We propose that a special committee be established to study various issues concerning the UEC and brain drain (of Chinese students)," he said.

The UEC issue is a long standing controversy, because the government refuse to recognise the SPTM/A-Levels equivalent paper, even though it is recognised internationally.