taxes

What are Transfer Tax and Stamp Duty?

April 4, 2017 Posted by: REMAXJA Admin

Transfer Tax is a payment to the Commissioner of Stamp Duty at the rate of 5% of the sale price or value for which the property is transferred. Transfer Tax is borne by the vendor, but it is the purchaser who is required to pay over the Tax to the Commissioner, and recover the amount from the purchase price. Stamp Duty is calculated at a rate of approximately 4% of the sale price for which the property is transferred. The purchaser and vendor usually share payment of Stamp Duty equally. […]

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