Felda Chairman Tan Sri Shahrul Abdul Samad announced that Felda has obtained 16 plots of Jalan Semarak land back from Synergy Promenade Sdn Bhd (SPSB).
At the earlier press conference during the signing of the MOU between felda and SPSB, Shahrir said that Felda had the land transferred back at no cost.
Is it true there is actually no cost incurred against Felda in this transfer of titles which involved a market value of not less than RM270 million?
All the real property transactions are subject to stamp duty base on the market value be paid prior to the registration of transfer of proprietorship at the land office. The “transfer-back” of Jalan Semarak land shall have no exception.
If we are to take RM270 million as the current market value for Felda’s Jalan Semarak land, the stamp duty payable for the transfer is a hefty RM8,094,000.00! Who is paying for this?
There is no provision in the Stamp Act 1949 enabling the said amount stamp duty be waived. Even if there is such a provision, no authority shall approve the waiver as the whole deal was due to intentional and fraudulent acts by the parties. Neither Felda nor SPSB can be said to be innocent in the first land transfer in favour of SPSB.
The next question is whether the “transfer-back” transaction attracts the payment of Goods and Services Tax (GST). Under the GST law, all supply of goods by a taxable person are subject to the payment of GST. A sum of RM16.2 million (6% of RM270 million) is payable by Felda if GST is levied.
Can Shahrir still say that Felda is getting the lands at no cost?
The Jalan Semarak land’s scandal does not end with the sweet announcement by Shahrir. The above questions ought to be answered by him in clear and unequivocal terms.
Note: Calculation of Stamp Duty for Real Property Transfer
| Bracket | Percentage Chargable | Stamp Duty |
| First RM100,000 (RM100,000) | 1% | RM1,000.00 |
| RM100,001 to RM500,000 (RM400,000) | 2% | RM4,000.00 |
| RM500,001 and above (RM269,500,000) | 3% | RM8,085,000 |
| Stamp Duty payable | RM8,094.000 |