BENEFITS OF USING A BONDED WAREHOUSE
What is a bonded warehouse?
A bonded warehouse is a warehouse in which duty on goods stored within need not be paid until the goods are removed from the warehouse. A bonded warehouse is referred to by Malaysian Customs as a ‘Gudang Berlesen Awam’ or Licenced General Warehouse.
A bonded warehouse is therefore a duty free zone, akin to a port. It is usually fenced and has high security. The warehouse operator normally gives a ‘bond’ or more usually nowadays a bank guarantee (instead of a cash deposit in the old days) to customs to guarantee that there will be no loss of revenue to customs should any of the goods stored within be inadvertently released from the bonded area. In Malaysia, a license from customs is required before a public bonded warehouse can begin operations.
What are the benefits of storing in a bonded warehouse?
1. By storing goods in a bonded warehouse, traders can enjoy substantial cost savings through the deferment of payment of tax if the goods are not immediately required when they arrive in the destination port.
2. Duty need not be paid on imported goods which are intended for reexport.
3. Duty need not be paid on goods which are produced in a Free Industrial Zone pending export if they are stored in a bonded warehouse.
(click the photo for enlarge)
KUALA LUMPUR, Oct 25 (Bernama) — The real property gains tax (RPGT) will be fixed at five percent on the gains from the disposal of real property effective 1 January 2010.
Reiterating this on Sunday, Second Finance Minister Datuk Husni Hanadzlah said that the rate imposed is irrespective of the holding period and the category of the owner.
He said that this rate of five percent will be implemented through the Real Property Gains Tax (Exemption) Order 2009.
This Order will be gazetted as soon as possible and effective 1 January 2010.
“Therefore, the current rate of RPGT which is higher than 5.0 per cent as in Schedule 5 of the Real Property Gains Tax 1976 will no longer be applicable,” he said in a statement here.
This means that the previous rate of 30 per cent decreasing to 5 percent based on the holding period of the property is no longer applicable.
However, exemptions to the individuals are given as follow;
* The level of exemption is increased from RM5,000 to RM10,000 or 10 per cent of the chargeable gains, which ever is the higher;
* Gifts betwen parent and child, husband and wife, grandparent and grandchild; and
* disposal of a residential property once in a lifetime.
Source: Bernama| Value Of Property | Rate of Stamp Duty |
| First RM100,000.00 | 1% |
| Next RM400,000.00 | 2% |
| Excess of RM500,000.00 | 3% |
| Value Of Property | Rate of Stamp Duty |
| Stamping of documentation based on loan amount | 0.5% |
| Value Of Property | Rate of Stamp Duty |
| 1. First RM150,000.00 | 1% |
| 2. Next RM850,000.00 | 0.7% |
| 3. Next RM2,000,000.00 | 0.6% |
| 4. Next RM2,000,000.00 | 0.5% |
| 5. Next RM2,500,000.00 | 0.4% |
| 6. Excess of RM7,500,000.00 | 0.3% |
| Value Of Property | Rate of Stamp Duty |
| 1. First RM150,000.00 | 1% |
| 2. Next RM850,000.00 | 0.7% |
| 3. Next RM2,000,000.00 | 0.6% |
| 4. Next RM2,000,000.00 | 0.5% |
| 5. Next RM2,500,000.00 | 0.4% |
| 6. Excess of RM7,500,000.00 | 0.3% |
