For Immediate Release
LBS’ COMMENTARY ON MALAYSIA’S BUDGET 2022
Petaling Jaya, 1 November 2021 – LBS Bina Group Berhad (“LBS” or the “Group”) applauds the Government’s focus on healthcare spending, job creation and economic recovery following the tabling of Budget 2022 by Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz in Parliament on 29 October 2021.
Most notably for the property sector, LBS welcomes the Government’s removal of real property gains tax on properties sold after six years from when it was first acquired. As it has been widely anticipated by the general public, LBS believes this is an important move to stimulate the secondary property market and encourage long-term investment. The public would be more receptive towards home upgrades and owning a property.
To add on, LBS appreciates that the Government has placed the lower-income households at the forefront of Budget 2022 by providing RM2 billion in guarantees under the Housing Credit Guarantee Scheme for those without a steady income. This improves the accessibility of gig-workers, small-time business owners and farmers towards obtaining housing loans and owning their own home, which LBS as a leading affordable housing developer strives to provide.
The extension of personal income tax relief of up to RM1,000 for domestic tourism expenses up to the year of assessment 2022 is beneficial to encourage tourism within Malaysia. This is in particular since LBS has earlier this year re-opened to tourists its own SCAPES Hotel in Genting Highlands. The effective re-opening of the tourism sector translates to a positive multiplier effect for the economy
Commenting on Budget 2022, LBS Executive Chairman Tan Sri Lim Hock San said, “The initiatives under Budget 2022 appear balanced with the aim of assisting businesses and the rakyat towards economic recovery post-pandemic. The Government has not introduced any additional taxes to burden families, which bode well for LBS as there is a greater opportunity for more funds to be channelled towards the property development sector. Overall, we laud the Government’s efforts in proposing a budget that is strong and proactive as we continue to work towards reviving the property market.”
For more information, please visit https://lbs.com.my/ .