Customs to issue guidelines on GST for stratified properties

PETALING JAYA: The Royal Malaysian Customs Department (RMC) will be issuing the Goods & Services Tax (GST) guidelines for stratified properties following its meeting with Ministry of Finance (MOF)and property related professional bodies last February.
National Home Buyers Association (HBA) secretary-general Chang Kim Loong said the RMC is still finalising the guidelines for the stratified properties.
"If the government is going to implement GST in April 1, they better get the guidelines available before the GST implementation," Chang added.
He said the February meeting was to discuss the impact of GST on stratified developments following a petition sent by
HBA, The Royal Institution of Surveyors Malaysia, the Malaysian Institute of Professional Property Managers, and the Association of Valuers, Property Managers, Estate Agents and Property Consultants in the Private Sector Malaysia.
He added the petition represents about 6 million parcel owners and occupiers of approximately 15,000 stratified development areas in West Malaysia, proposing the government amend the GST Act 2014.
Meanwhile, Chang said said that the enforcement of the Strata Management Act (Act 757), which replaces the Building and Common Property (Maintenance and Management) Act 2007, is expected to be announced by June this year.
"The Strata Management Act has already been passed in 2013, except there were some teething problems over the regulation, so now the strata management regulation has already been finalized by the Attorney-General's chamber."
"We understand that the implementation will be some time in June this year," Chang added.
According to Urban Well-being, Housing and Local Government Minister's recent statement, the enforcement of Act 757 would have a positive impact and significance for millions of residents living in strata-title buildings who make up 30% of the country's population.
It said with the enforcement of Act 757, a Strata Management Tribunal would be set up to help resolve problems or disputes among residents and interested parties simply, quickly and cheaply.