WELCOME TO MBAM OFFICIAL WEBSITE

First of all, I would like to wish you a warm welcome to the website of Master Builders Association Malaysia (MBAM).

This website allows visitors to obtain important information about MBAM, its activities and also gives opportunity to the public to get to know more about this organization, our vision and mission and the functions of MBAM. Besides that, visitors can also give feedbacks and observation on issues pertaining to the construction industry as well as share views and suggestions on how to help the Association improve its services to members and the construction industry in general. 

There are several issues I would like to highlight in my message as per the following:

STAMP DUTY DEFFERED UNTIL 2011

MBAM is thankful to the Government for listening to our grievances and the Minister of Finance (MOF) for considering our request made by the Association and players in the construction industry with regards to the stamp duty imposed for all service agreements. The deferment of the ruling will certainly help and allow the construction industry players as well as other service industries the time to adjust and take necessary measures to manage their businesses accordingly.

Through many dialogues and appeals to various Government agencies, the Treasury has finally relented to the matter in its latest announcement made on 9th September 2009 that the said ruling has been deferred to 2011. The Tax Analysis Department, MOF advises that effective 15th September 2009 to 31st December 2010, all service agreements will be imposed a stamp duty of RM50.00. After 1st January 2011, all service agreements which include construction contracts will be levied at an ad valorem stamp duty of 0.5% of the total contract sum.

This announcement would not have arrived more timely especially when the Government is trying to push the economy through various stimulus plan packages. MBAM feels that this deferment of stamp duty will help the construction industry to grow and contribute positively to the economy as the construction sector is considered an important catalyst for economic recovery of Malaysia.

MBAM would continue to appeal to the Government to consider a nominal stamp duty of RM50.00 for all construction contracts beyond 2011.

YBhg. Dato’ Ng Kee Leen
President
MBAM