Understanding The Concept Of Real Property Gains Tax (RPGT)

In previous article, we’ve talked about what is Real Property Gains Tax (RPGT) as well as how to calculate RPGT while selling the property to others. So, let us continue the topic of what is the frequently asked question which may be relevant in understanding the actual concept of RPGT as follows;

When should I pay for RPGT?

As prescribed by law, the buyer’s lawyers are required to retain a 3% of the purchase price from the deposit and remit the same to the Inland Revenue Board within 60 days from the date of the S&P Agreement to meet the RPGT payable.

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