If you`re a landlord or a tenant in Malaysia, you`re most likely aware of the stamp duty that needs to be paid when signing a tenancy agreement. Stamp duty is a tax levied by the government on legal documents such as agreements and contracts. The amount of stamp duty you need to pay is determined by the government and varies based on factors like the duration of the tenancy, the rental amount, and the type of property.
Calculating the stamp duty can be a daunting task, especially if you`re not familiar with the process. Luckily, there are online calculators that can help you determine the amount of stamp duty you`ll need to pay. In this article, we`ll discuss the stamp duty calculator Malaysia 2019 for tenancy agreements, and how you can use it to determine your stamp duty liability.
The stamp duty calculator Malaysia 2019 for tenancy agreements is an online tool that helps you calculate the amount of stamp duty you`ll need to pay when signing a tenancy agreement. This calculator is available on the website of the Inland Revenue Board of Malaysia (IRB) and is free to use.
To use the stamp duty calculator, you`ll need to have certain information on hand, including the type of property, the duration of the tenancy, and the rental amount. Once you have all the necessary information, simply enter it into the calculator, and it will give you the exact amount of stamp duty you need to pay.
It`s important to note that the stamp duty rates for tenancy agreements in Malaysia were revised in 2019. The new rates are as follows:
– For tenancy agreements with a rental amount of up to RM 2,500 per month, the stamp duty rate is RM 1 for every RM 250 of the rental amount.
– For tenancy agreements with a rental amount of more than RM 2,500 per month, the stamp duty rate is RM 2 for every RM 250 of the rental amount.
For example, if you`re signing a tenancy agreement for a property with a monthly rental of RM 3,000 and the duration of the tenancy is two years, the stamp duty you`ll need to pay is as follows:
– RM 3,000 x 24 months = RM 72,000 (total rental amount for the two-year tenancy)
– RM 72,000 รท RM 250 = RM 288 (rounded up to the nearest ringgit)
– RM 288 x RM 2 = RM 576 (total stamp duty required for the tenancy agreement)
By using the stamp duty calculator, you can avoid any confusion or miscalculations when determining the stamp duty you need to pay. This will ensure that you meet all the legal requirements and obligations when signing a tenancy agreement in Malaysia.
In conclusion, the stamp duty calculator Malaysia 2019 for tenancy agreements is a valuable tool for landlords and tenants in Malaysia. By using this calculator, you can easily determine the amount of stamp duty you need to pay and avoid any unnecessary hassles or confusion. It`s always important to comply with legal requirements, and the stamp duty calculator is a helpful tool to make sure you do just that.