PROPERTY NEWS: LBS applauds the stamp duty exemption for first-time homebuyers following the tabling of Budget 2023

Key Takeaway: Following Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz's tabling of Budget 2023 in Parliament on October 7, LBS Bina Group Berhad appreciates the Government's efforts to prioritise the welfare of the nation.

LBS applauds the Government's decision to enhance stamp duty exemption for first-time home buyers from 50% to 75% on houses priced between RM500,000 and RM1 million till the end of 2023.

For a home priced above RM500,000, this translates to savings of up to RM21,000 (from RM14,500).

This is viewed positively by LBS since it encourages house ownership and benefits developments within these housing price ranges, such as LBS, whose properties typically fall within the RM500,000 range.

In light of rising inflation, the two-point cut in personal income tax rates for those earning between RM50,001 and RM100,000 is a welcome relief for all.

Individuals can direct their extra income tax savings toward essential needs such as home ownership, alleviating their financial load.

Furthermore, LBS applauds the government for offering RM3bil in guarantees through the Housing Credit Guarantee Scheme. The effects for lower-income households are favourable since it encourages people to realise that buying a home is not out of reach.

Since the economy's re-opening, LBS has witnessed positive occupancy rates at its own SCAPES Hotel in Genting Highlands.

As a result, the incentives in Budget 2023 for the tourism industry, such as the RM25 million incentive for domestic tourism, in which citizens can enjoy up to RM100 in the form of discounts, vouchers, and rebates for accommodation and tourism packages, would help stimulate the tourism industry's ongoing recovery following the pandemic.

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