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Valuation Practice in Malaysia

VAT News Vol.1/2001
 

Director, Goh Tian Sui
B.Sc Est. Mgt. (Reading) FRICS FISM APEPS

The valuation practice in Malaysia is governed by the Valuers, Appraisers and Estate Agents Act 1981 (Act 242). The Act provides for the registration of valuers, appraisers and estate agents with the Board of Valuers, Appraisers and Estate Agents.

Only registered valuers (i.e. persons registered with the Board of Valuers, Appraisers and Estate Agents ) who are issued with an authority to practise by the Board of Valuers, Appraisers and Estate Agents are allowed to undertake valuations of land and buildings, including furniture, fixtures, trade stocks, plant or machinery and other effects for any purpose. They are also allowed to carry out property management.

To be a registered valuer in Malaysia, one must either be a Malaysian citizen or a permanent resident, have a relevant degree in valuation, property mngt., etc. from a recognised university and passed the Test of Professional Competence conducted by the Board. The Test can only be taken after <2 years of relevant practical experience as a pro-bationary valuer under the supervision of a registered valuer.

Valuation fees chargeable by registered valuers shall be in accordance with the scale of fees as prescribed in 7th Schedule of the Valuers, Appraisers and Estate Agents Act 1981. The Act also empowers the Board of Valuers, Appraisers & Estate Agents to make rules relating to the profession such as professional ethics, standards, etc.

Since 1st September 1998, all registered valuers must adhere and conform to the Malaysian Valuation Standards issued by the Board of Valuers, Appraisers & Estate Agents when carrying out valuations.

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