Saturday, February 28, 2015

UBS Update: Maintenance fees is exempted from the goods and services tax (GST) for all types of stratified residential properties


Deputy Finance Minister Datuk Ahmad Maslan said that, exemption of GST would apply to all types of apartments, condominiums and flats, so maintenance fees will not be charged with GST tax that would be enforced starting April 1.


The reasons for the exemption, as mentioned by Ahmad Maslan, were because the government felt that building maintenance would not be a business that would make large profits. However, building maintenance was a service that affected a lot of people, and similar to public transport services, it would be exempted from GST on that basis.

He added, property groups and house buyers' associations had claimed last year to the Prime Minister and Finance Minister, Datuk Seri Najib Razak, pointing out the that GST would burden residents of low and low-medium cost apartments with higher maintenance cost


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