When it comes to renting a property in Malaysia, a tenancy agreement is a crucial document that protects both landlords and tenants. One important aspect of this agreement is the stamping process, which involves affixing a stamp duty on the agreement to make it legally binding. But where exactly should you stamp your tenancy agreement in Malaysia? Let`s find out.
Firstly, it`s important to understand that stamp duty is a tax that is imposed by the government on certain legal documents, including tenancy agreements. The stamp duty for a tenancy agreement in Malaysia is usually calculated based on the total rental amount agreed upon by both parties. The current stamp duty rates for residential properties are as follows:
– For agreements with a rental value of up to RM2,500: RM1 for every RM100 or part thereof of the annual rent
– For agreements with a rental value between RM2,501 and RM5,000: RM2 for every RM100 or part thereof of the annual rent
– For agreements with a rental value exceeding RM5,000: RM3 for every RM100 or part thereof of the annual rent
Now that you have an idea of the stamp duty rates, let`s move on to where you should stamp your tenancy agreement in Malaysia. The stamping process can be done at any of the following locations:
1. Inland Revenue Board (IRB) Office
The most common place to stamp a tenancy agreement in Malaysia is at the nearest IRB office. You can find the nearest IRB office by visiting their website (www.hasil.gov.my/) and searching for your location. Once you`ve located the office, bring along your tenancy agreement, along with your identification documents and payment for the stamp duty.
2. Malaysian Stamp Office
Another option for stamping your tenancy agreement is at the Malaysian Stamp Office. This office is located in Kuala Lumpur and provides stamping services for various legal documents. You can visit their website (www.hasil.gov.my/) for more information on the stamp duty rates and how to get your tenancy agreement stamped.
3. Online Stamping
If you prefer a more convenient option, you can opt for online stamping services. The IRB offers an e-stamping service (www.myeg.com.my/eservices/estamp/), where you can easily get your tenancy agreement stamped online. Simply fill in the required information, pay the stamp duty via online banking, and receive your stamped agreement via email.
In conclusion, getting your tenancy agreement stamped is an important step in renting a property in Malaysia. Whether you choose to stamp it at an IRB office, the Malaysian Stamp Office, or online, make sure that you follow the correct procedures to ensure that your agreement is legally binding. Happy renting!