Penang unsure of benefits from Budget

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GEORGE TOWN: The state government wants the Cabinet to list out the projects that have been allocated for Penang under Budget 2010.

Chief Minister Lim Guan Eng said it was not clear what benefits Penang would get from the Budget, adding that the real property gains tax was not reasonable and should be abolished.

“If you buy a house 20 years ago at RM70,000 and sell it now at RM200,000, that does not mean that the difference is the profit you make,” he said.

He was speaking to reporters after visiting the Kampung Melayu flats in Air Itam here.

Second Finance Minister Datuk Seri Ahmad Husni Hanadzlah had said that the real property gains tax, effective Jan 1 next year, was 5% irrespective of the year when the property is disposed.