Imposing vacancy tax will be interfering with property market, Putrajaya told

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The government plans to impose vacancy tax on properties priced over RM500,000.PETALING JAYA: A real estate company has cautioned the government against imposing any vacancy tax, saying it will interfere with the property market. Commenting on an announcement that a vacancy tax is under discussion, Henry Butcher CEO Tang Chee Meng said introducing the tax would add to the burden of property developers. “Housing developers in the country are already very regulated. Introducing the vacancy tax will add to the burden and cost of undertaking a property development project,” Tang told FMT. He said should the vacancy tax be implemented, developers would be forced to reduce prices to dispose of the unsold units. Tang Chee Meng“This would be unfair to the buyers who had bought the units earlier at a higher price. “It is also not beneficial to the banks who had provided end-financing to the…