Malaysia Budget 2001
Malaysia Budget 2001
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REAL PROPERTY GAINS TAX

1. Time Frame for Right of Appeal

Under Section 101 of the Act, the DG shall review an assessment within 12 months from the date of receipt of the notice of appeal.

Under subsections 101(1A), (1B) and (1C) of the Act, where the DG requires a period longer than 12 months to carry out the review under Section 101, the DG may within 30 days before the expiry of the 12 months, apply to the Minister of Finance for an extension.

On receipt of an application for an extension, the Minister may grant such extension provided the extension shall not exceed a period of 6 months from the date of expiry of the twelve-month period. The Ministerís decision is to be notified in writing to the DG and shall be final.

It is proposed in the Finance Bill that subsection 18(1) of the Real Property Gains Tax Act, 1976 be amended to include references to subsections 101(1A), (1B) and (1C) to be consistent with the Act.

This amendment is to come into operation on 1st January 2001.


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