The Lembaga Hasil Dalam Negeri Malaysia, or more commonly known as LHDN, has recently implemented a new policy regarding stamp duty for tenancy agreements. Starting from January 1, 2020, all tenancy agreements in Malaysia are required to be stamped and the stamp duty must be paid within 30 days from the date of the agreement.
This new policy aims to increase the revenue of the government and regulate the rental market in Malaysia. The stamp duty for tenancy agreements is calculated based on the duration of the tenancy and the amount of the rental payment.
For example, if the duration of the tenancy is less than one year and the rental payment is less than RM2,500 per month, the stamp duty is RM1. However, if the duration is one year or more and the rental payment is more than RM2,500 per month, the stamp duty is calculated at a rate of 0.5% of the total rental payment for the entire tenancy duration.
It is important to note that failure to pay the stamp duty within 30 days from the date of the agreement can result in penalties and fines. Additionally, the tenancy agreement will not be admissible in court as evidence in case of any disputes.
To pay the stamp duty for a tenancy agreement, individuals can either visit the nearest LHDN branch or use the e-stamping system. The e-stamping system is a convenient and fast way to pay the stamp duty online. To use the e-stamping system, individuals must have a valid email address, a mobile phone number, and a bank account.
In conclusion, the new policy implemented by LHDN regarding stamp duty for tenancy agreements is a positive step towards regulating the rental market in Malaysia and increasing government revenue. It is important for individuals to comply with this policy and pay the stamp duty within 30 days from the date of the agreement to avoid penalties and fines. The e-stamping system is a convenient and efficient way to pay the stamp duty online.