PASIR GUDANG: Foreigners will have to pay a tax of four to five per cent of the property price they buy in the state under a new policy to be unveiled by the Johor government.
Under the current policy, foreigners have to fork out a one-off payment of only RM10,000, regardless of the value of the property.
State Housing and Local Government Committee chairman Datuk Abdul Latiff Bandi said the move, expected to be implemented by year-end or early next year, was a bid to control property prices and foreign ownership. He said the new levy would be for both commercial and residential properties.
Latiff said the state government would also look into barring Malaysians who purchased property from selling their units to foreigners. He said developers generally allocated 40 per cent of their units to Bumiputeras, 30 per cent to other Malaysians and the remainder to foreigners.
"Local buyers will not be able to transfer ownership of their units to foreigners once the 30 per cent quota (for foreigners) has been filled.
"These are just some of the steps that the state government will be introducing to safeguard the interests of locals."
Latiff said the state government was also planning to increase the temporary occupation licence fee for billboards as the existing annual fee that the state is entitled to was only RM100.
Speaking after launching the two-day Green Industrial 2013 seminar, he said there were more than 1,000 billboards put up in areas under the jurisdiction of 16 municipal councils in Johor.