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The payment of the 3% retention sum is only 03 applicable to disposal of properties owned less than ve years by an individual or disposal of properties by companies and societies. The retention sum for foreigners is 7%.
Apr 15, 2023 · The 3% Retention Sum for RPGT by the Acquirer Starting 1.1.2015, the acquirer must hold all payments or 3% of the amount of consideration, whichever is lower. The amount held shall be paid to IRB within 60 days after the date of disposal.
5 days ago · For locals and permanent residents who sell off property, their lawyers will retain 3% of the property’s selling price/disposal price when the purchaser pays the first deposit to buy the property for the purpose of RPGT payment. For non-citizens & foreigners, this retention rate is 7%.
Real Property Gains Tax (RPGT) Rates. RPGT rates differs according to disposer categories and holding period of chargeable asset. The disposer is devided into 3 parts of categories as per Schedule 5 RPGT Act. Part 1 Schedule 5 RPGT Act. Except part II and part III.
Nov 6, 2015 · If the 3% retention sum paid by the seller to IRB is in excess of the RPGT payable, then the IRB must refund the seller the excess amount. This refund may not take place instantaneously and depends on the efficiency of the seller’s IRB branch.
The 2023 Guidelines outline the latest procedure for RPGT payments (e.g., by e-TT system) and provide an updated list of authorized banks and available services. The 2023 Guidelines explain the penalties that may be imposed in relation to RPGT payments under Sections 21B (2) and 21 (4) of the RPGTA.
Otherwise, the acquirer shall retain the whole consideration sum or a sum of 3% of the total value of the consideration, whichever is lower, and pay to the Director General of the Inland Revenue Board (“DGIR”).
