RPGT

I am a Malaysian citizen. I acquired a property in March 2010 and will be disposing of the property in 2014. The sale andpurchase agreement to effect the disposal has just been signed on Sept 21, 2014. What is my real property gains tax (RPGT) obligation and what else do I need to be aware of in view of the recent Budget 2015 announcement?
As the disposal is in the fifth year, the gain will be subject to RPGT at the rate of 15%. In addition, the buyer is required under law to retain 2% of the total value of the purchase price and pay it to the Government within 60 days.
Once the RPGT return is submitted, any underpayment or overpayment (between the 2% retained by the buyer and the actual RPGT payable) will be payable by you or refunded to you.
For example, if you acquired the property at RM350,000 and sold it for RM540,000 (assuming there are no other costs involved), the RPGT will be RM28,500 (15% of the gain of RM190,000). The buyer would have retained and paid RM10,800 (2% of the purchase price of RM540,000) to the Government. As such, you would need to pay the balance of RM17,700 (RM28,500 less RM10,800) once the Notice of Assessment is issued to you.
Following the recent Budget announcement, with effect from Jan 1, 2015, the buyer has to retain 3% (as opposed to 2% currently) of the total value of the purchase price and pay it to the Government. In addition, RPGT will come under the Self-Assessment System from the year 2016 onwards.
This means that under the Self-Assessment System, the seller will need to pay the balance RPGT, i.e. the difference between the RPGT liability and the 3% retained for remittance to the Government once the disposal is completed and not at the point when the Notice of Assessment is issued (which is the current practice).