KUALA LUMPUR (Dec 30): The Ministry of Finance (MOF) announced on Thursday (Dec 30) that the stamp duty cap for the trading of shares will be reinstated at RM1,000, with a rate of 0.15%, confirming a report by theedgemarkets.com. Previously, the government had proposed for a hike in the stamp duty rate to 0.15% versus the 0.1% currently in force, and for the abolition of the RM200 cap on the duty. Bursa Malaysia had earlier said an estimated 10% of the trade value on the local bourse might be affected by the increase in stamp duty rate to 0.15% from 0.1%. Others have said the move would deter high-volume traders and speculators, and that while the stamp duty was a good way to increase government revenue, the 0.05-percentage-point hike was deemed too drastic. Read also:Govt to reinstate stamp duty cap for share transactions at RM1,000 per contract note, maintain higher rate of 0.15% — sourceMOF: Individuals to be exempted from tax on foreign-sourced income

Source: The Edge Markets December 30, 2021 13:41 UTC