Sabtu, 13 Ogos 2011

Consumer Claims Tribunal (MCCT) - Knowledgeable Consumers on the Rise

MALAYSIAN consumers are getting smarter. With the increasing purchasing power among Malaysians, more and more consumers are becoming wiser in accounting for every single sen spent.

This conclusion is derived from the increasing number of cases heard by the Malaysian Consumer Claims Tribunal. More people are turning to the tribunal for help as they are more aware of its effectiveness and their right as consumers.

Tribunal for Consumer Claims Malaysia (MCCT) / Tribunal Tuntutan Pengguna Malaysia (TTPM) is an independent body established under Section 85, Part XII of the Consumer Protection Act 1999. The Tribunal operates under the Ministry of Domestic Trade, Co-operatives and Consumerism. The primary objective of the Tribunal for Consumer Claims is to provide an alternative redress mechanism, apart from the courts, for a consumer to claim for any loss suffered (in respect of any goods or services purchased or acquired) in a less cumbersome, speedy manner and at a minimal cost.

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Here are the address and links to help you get your money back at the tribunal. Hopefully you’ll get your money back, and that you’ve learned your lesson. Good luck!
Malaysia Consumer Tribunal / Tuntutan Tribunal Pengguna Malaysia
Tribunal Tuntutan Pengguna Malaysia,
Kementerian Perdagangan Dalam Negeri, Koperasi dan Kepenggunaan,
Aras 5, Podium 2,
No. 13,Persiaran Perdana, Presint 2,
62623 Putrajaya.
Talian Bebas Tol/Toll Free Line: 1-800-88-9811
Tel    : 03-8882 5822
Faks  : 03-8882 5831
Kuala Lumpur Branch
Ketua Seksyen,
Tribunal Tuntutan Pengguna Malaysia,
Tingkat 16, Putra Place,
100, Jalan Putra,
TEL:  03-4042 4181 / 4042 4194
FAKS: 03-4042 4259

Other Tribunal branches in Malaysia
Online report @ e-Aduan:
e-Tribunal: e-Tribunal

Exemption from full fixed deposit with properties worth RM1 million and above

Malaysia My Second Home (MM2H) applicants who have purchased properties worth at least RM 1 million qualify to place a lower fixed deposit amount upon approval.

However, MM2H applicants have to observe the following conditions:

■  The purchased property may be a fully completed unit or one under construction,

■  For the incomplete property, applicants must show proof of having paid the developers or made mortgage loan payments which are equivalent to at least the required fixed deposit amount for his age group. This amount does not include legal fees, transfer fees, commissions and any other related payments,

■  The property purchased should be registered under the applicant/spouse(s)/dependant(s)’ names,

■  Documents required for financial exemption are:
    ◦  Certified copy of Sale and Purchase Agreement
    ◦  Certified copy of Transfer of Ownership / Transfer of Deeds
    ◦  Proof of mortgage loan payment (if applicable)
    ◦  Proof of Quit Rent/Assessment Rate Bill payment
    ◦  Certified copy of Title Deed/Land Title (if applicable)

The supporting documents must be submitted together with the new application to MM2H Centre.


Malaysia Taxation on Rental Income

A lot of property investors will rely on rental income of their properties to pay for the monthly mortgage payment and may be gain some positive cash flow. However, those rental income are taxable based on Malaysia Taxation Law.

Hence, it is important for property investors to understand the actual taxation on rental income before they start to rent their property out.

Income from the letting of real property in Malaysia is named as rental income and is chargeable to tax under section 4(d) of the Income Tax Act 1967. Any person, whether resident or non-resident, citizen or non-citizen, individual or not , who derives rental income from Malaysia is thus subject to income tax.The type of person, or the residence status of the person, determines the tax rate.

In adjusting the income from the rental, all expenses " incurred wholly and exclusively in the basis period in the production of the gross income" are deductible. The deductible expenses can used to adjust the rental income are as following.

•mortgage interest ( Please take note that mortgage interest is not equaled to the mortgage payment. Monthly mortgage payment consist of mortgage interest and capital repayment. Mortgage interest is deductible expense but capital repayment is not deductible expense)
•Quit Rent
•Service Charges
•Legal fees to renew the rental agreement ( Legal fees for the getting first rental agreement is not deductible expenses, only subsequent renew can be considered as deductible expense)



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