Historical Developments of Real Property Gains Tax

Introduction - Part 1

1. Real Property Gains Tax Act, 1976, was introduced effective from 7-11-1975.

2. Effective from 21-10-1988, RPGT Act 1976, impose liability on gains on the disposal of shares in controlled companies holding directly or indirectly real property as a major asset - refers to "Real property Companies".

3. In Budget 2004, the Minister provides exemption to the RPGT on disposal of chargeable assets for a limited period from 1-06-2003 to 31-5-2004.

4. Effective from 1-4-2007, the Minister exempts all persons from the provisions of the RPGT Act 1976 in respect of any disposal of chargeable assets.

5. In Budget 2010, the Minister reinstated the RPGT. Effective from 1-1-2010, all individuals are subject to RPGT gains on disposal of chargeable assets within 5 years period.