Malaysia to review taxes to help builders

The Housing and Local Government Ministry will think of ways to provide more incentives for developers to ensure that the construction industry remain resilient despite the faltering economy.

Its minister, Datuk Seri Ong Ka Chuan, said the ministry would review the stamp duty and taxes to ease the burden of the developers in building more houses.

The ministry will monitor the situation and find ways to stimulate the construction industry, he told reporters after presenting the keys to the owners of Milan condominium in Damansara Perdana in Petaling Jaya today.

"Besides allocating RM100 million for the Housing Credit Guarantee Scheme this year to enable those without proof (statements) of income to obtain ahousing loan, we will think of other incentives," he said.
Ong said housing developers should build more low- and medium-cost houses to help keep the construction sector buoyant while those, who had completed their projects to price the houses at reasonable prices.

He said the ministry would continue to promote the ''Malaysia My Second Home''programme by enticing foreigners to buy houses priced above RM250,000.

Ong said it is important that the construction industry remain resilient to avoid retrenchment in the sector.

By Bernama