Govt scraps transfer duty for first time home buyers

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As part of initiatives to foster property ownership, the government is to scrap transfer duties for first time buyers, a move that will cut five percent from costs involved in purchase agreements.

The Ministry of Lands and Housing is pushing the Ministry of Finance and Development Planning to drive through an amendment of the Transfer Duty Act that will result in first time buyers being exempted from the requirement to pay the duty.

According to the Act, the duty is payable on all sales of immovable property above P200, 000 at the rate of five percent of the value of the property.

Editor's Comment
Closure as pain lingers

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