REAL PROPERTY GAINS TAX a) Pursuant to the provision of the Real Property Gains Tax Act, 1976 (hereinafter referred to as “the said Act”) and for the purpose of this sale, the Purchaser shall deduct a sum of equivalent to 3% of the Purchase Price and shall pay the said 3% of the Purchase Price to the Director General of Inland Revenue Malaysia within sixty (60) days from the date of disposal of the Property.
b) The Successful Purchaser shall forward the proof of payment in respect thereof within fourteen (14) days from the date of the payment to the Assignee/Bank in order to enable the Assignee/Bank to obtain exemption and certificate of clearance from the Director General of Inland Revenue Malaysia.
c) In default of payment of the 3% within the time and manner stipulated in the provisions of the Real Property Gains Tax Act, 1976 the Successful Purchaser shall in all circumstances whatsoever be responsible and liable to pay the requisite 3% with it’s own and absolute costs and expenses and the Successful Purchaser shall not be entitled to claim or demand whatsoever against the Assignee/Bank in respect thereof.
d) Successful Purchaser for property that has been categorised as Low Cost, Medium Cost and Affordable Home with Purchase Price/Auction Price of less than RM200,000-00 is exempted from payment of the 3% provided that the property is auctioned off after 5 years from the date of the previous Sale and Purchase Agreement and it is only applicable to individual with Malaysia Citizenship.
REAL PROPERTY GAINS TAX. 32.1. Pursuant to the provision of the Real Property Gains Tax Act, 1976 (hereinafter referred to as “the said Act”) and for the purpose of this sale, the Purchaser shall deduct a sum equivalent to 3% of the Purchaser Price and shall pay the said 3 % of the Purchaser Price to the Director General of Inland Revenue Malaysia with sixty (60) days from the date of disposal of the Property provided that the property is auctioned off within 5 years from the date of previous Sale and Purchase Agreement or the purchase price is less than the price under previous Sale and Purchase Agreement.
32.2. The Purchaser shall forward the proof of payment in respect thereof within fourteen (14) days from the date of the payment to the payment to the Assignee in order to enable the Assignee/Bank to obtain exemption and certificate of clearance from the Director of Inland Revenue Malaysia.
REAL PROPERTY GAINS TAX. 9.1 The Vendor shall be responsible for paying and settling all real property gains tax (if any) payable on the disposal of the Property pursuant to this Agreement as may be assessed by the Director General of Inland Revenue under the provisions of the Real Property Gains Tax Act, 1976.
9.2 The Vendor and the Purchaser shall within thirty (30) days of the execution of this Agreement comply with Section 13 of the Real Property Gains Tax Xxx 0000 by submitting the relevant return forms to the Director-General of Inland Revenue and complying with all necessary directions that may be issued by him in respect thereof.
9.3 The Vendor shall indemnify and hold the Purchaser and its agents, affiliates, employees and assigns (and their respective agents and employees) harmless against all claims, costs, direct and indirect damages, fines or penalties which may be brought, suffered or levied against the Purchaser (or such other person) as a result of the Vendor not complying with any of the provisions of the Real Property Gains Tax Xxx 0000, including any claims by the Director-General of Inland Revenue arising from the Vendor’s default in payment of any real property gains tax payable on the disposal of the Property pursuant to this Agreement.
REAL PROPERTY GAINS TAX. (a) The parties covenant and agree with each other that they shall within sixty (60) days from the date of execution of this Agreement comply with the provisions of the Real Property Gains Tax Act, 1976 or any amendments or statutory modification thereof ("the Act") by submitting the necessary return forms to the Director General of Inland Revenue ("the Director General") and comply with all necessary directives that may be issued by the Director General.
(b) The Lessee irrevocably agrees covenants and undertakes with the Sub- Lessee to pay all tax that may be payable (if any) by the Lessee pursuant to the Act in connection with the Sub-lease herein contained and to remit the retention sum under Section 21B of the RPGT Act 1976 on behalf of the Sub-Lessee.
(c) The Lessee further agrees covenants and undertakes with the Sub-Lessee to keep the Sub-Lessee indemnified against the aforesaid tax liabilities of the Lessee.
REAL PROPERTY GAINS TAX a) Pursuant to the provision of the Real Property Gains Tax Act, 1976 (hereinafter referred to as “the said Act”) and for the purpose of this sale, the Purchaser shall deduct a sum of equivalent to 3% of the Purchase Price and shall pay the said 3% of the Purchase Price to the Director General of Inland Revenue Malaysia within sixty (60) days from the date of disposal of the Property.
b) The Successful Purchaser shall forward the proof of payment in respect thereof within fourteen (14) days from the date of the payment to the Assignee/Bank in order to enable the Assignee/Bank to obtain exemption and certificate of clearance from the Director General of Inland Revenue Malaysia.
REAL PROPERTY GAINS TAX. 8.1 The parties hereto shall duly submit to the Director General of Inland Revenue, West Malaysia, the notification forms prescribed under Real Property Gains Tax Act 1976 within the prescribed time in respect of the sale and purchase of the said Property and furnish all such information, particulars and documents as may be required by the Director General in connection therewith. The Vendor shall forward a copy of acknowledgment of such submission to the Purchaser's Solicitors forthwith upon receipt.
8.2 The Vendor's Solicitors are hereby authorised to pay the whole or part of the RPGT Sum to the Director - General of Inland Revenue towards payment of any tax payable by the Vendor under the Real Property Gains Tax Xxx 0000 in respect of the sale of the Property by the Vendor to the Purchaser hereunder.
8.3 After the Certificate of Clearance issued by the Director - General of Inland Revenue in respect of the sale of the said Property by the Vendor to the Purchaser shall have been received by the Vendor's Solicitors, the RPGT Sum or such part thereof (if any) as shall remain after deduction of any payment made to the said Director - General pursuant to clause 8.2 shall be released and paid over by the Vendor's Solicitors to the Vendor.
8.4 The Vendor shall indemnify and keep the Purchaser indemnified against all and any claims that may be made in respect of the Real Property Gain Tax Act 1976 concerning the sale of the said Property from the Vendor to the Purchaser. In the event the Vendor fails or delays in submitting the Form CKHT 1 in respect of the Real Property Gains Tax Xxx 0000 resulting in a penalty being imposed on the late stamping of the Memorandum of Transfer, the Vendor shall be liable for any penalty incurred.
REAL PROPERTY GAINS TAX. The Vendor hereby confirms that the Vendor has owned the Property for a period exceeding five (5) years. As such, the Parties hereby agree that neither the Vendor’s Solicitors nor the Purchaser’s Solicitors are obliged to retain any sum from the Balance Purchase Price for payment of any Real Property Gains Tax.
REAL PROPERTY GAINS TAX. (a) Pursuant to the provision of the Real Property Gains Tax Act, 1976 (hereinafter referred to as “the said Act”) and for the purpose of this sale, the Purchaser shall deduct a sum equivalent to 3% of the Purchase Price and shall pay the said 3% of the Purchase Price to the Director General of Inland Revenue Malaysia within sixty (60) days from the date of disposal of the Property provided that the property is auctioned off within 5 years from the date of previous Sale and Purchase Agreement.
(b) The Successful Purchaser shall forward the proof of payment in respect thereof within fourteen (14) days from the date of the payment to the Assignee/Bank in order to enable the Assignee/Bank to obtain exemption and certificate of clearance from the Director General of Inland Revenue Malaysia
(c) In default of payment of the 3% within the time and manner stipulated in the provisions of the Real Property Gains Tax Act, 1976, the Successful Purchaser shall in all circumstances whatsoever be responsible and liable to pay the requisite 3% with it’s own and absolute costs and expenses and the Successful Purchaser shall not be entitled to claim or demand whatsoever against the Assignee/Bank in respect thereof.
REAL PROPERTY GAINS TAX. (a) The Vendor hereby declares and represents that it has purchased the Properties for more than five (5) years and as such no Real Property Gains Tax is payable with regard to the disposal of the said Properties in favour of the Purchaser in accordance with the terms and conditions herein and the Vendor undertakes to sign a form CKHT 1A and 3 and lodge the same with the Inland Revenue Department and forward the same to the Purchaser's Solicitors for the Purchaser to lodge in the CKHT 2A with the Inland Revenue Department..
(b) Notwithstanding anything herein contained to the contrary the Vendor hereby irrevocably covenants and undertakes to indemnify and keep the Purchaser fully indemnified at all times against all taxes, claims, fines penalties, damages and other impositions of any nature whatsoever imposed by the Director General of Inland Revenue in respect of the disposition herein referred to.
REAL PROPERTY GAINS TAX. 12.1.1 The Parties shall submit their respective forms required by the Director General of Inland Revenue (“DGIR”) in respect of the sale and purchase herein in accordance with the provisions of the Real Property Gains Tax Act 1976 (“RPGT Act”).
12.1.2 The Parties agree that upon the Conditions Precedent being fulfilled the Vendor’s Solicitors will release the RPGT Retention Sum to the Purchaser’s Solicitors and the Purchaser’s Solicitors are hereby authorized to pay/or deal with the RPGT Retention Sum or any part thereof in such manner as may be directed by the DGIR and in accordance with the RPGT Act. In the event a certificate of assessment/clearance from the DGIR is obtained by the Vendor and forwarded to the Purchaser’s Solicitors prior to payment of the RPGT Retention Sum to the DGIR, the Purchaser’s Solicitors shall after making payment (if any is required to be made) that is due to the DGIR pursuant to the certificate of assessment release the RPGT Retention Sum or any part thereof as the case maybe to the Vendor.
12.1.3 The Purchaser shall indemnify the Vendor for any penalty incurred as a result of any delay in making the payments or contravention of the RPGT Act by acts or omissions on the part of the Purchaser or the Purchaser’s Solicitors or which is attributable to the Purchaser.
