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MCA questions new stamp duty exemption, says it only benefits the rich

Published:  |  Modified:

MCA Youth chief Nicole Wong has questioned Putrajaya's decision to extend the stamp duty exemption to properties valued up to RM1 million – up from the previous RM300,000 – for the first six months of this year.

Finance Minister Lim Guan Eng previously said the move was part of the ongoing public-private Home Ownership Campaign – with developers agreeing to offer at least 10 percent discounts to encourage homeownership and overcome a property glut.

However, Wong said this was more likely to benefit the wealthy rather than the bottom 40 percent (B40) income group.

"(It) does not really help the low and middle-income groups. 

"Instead, the move benefits developers who have overbuilt properties, which led to the current overhang situation, as well as high-income earners with holding power," she said in a statement today.

As Wong pointed out, priority should be given to the B40 as well as fresh graduates who are struggling to find suitable housing in cities.

"The ministry officials should listen to the people, and not read reports from developers in air-conditioned rooms," she said.

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