Matambo to scrap transfer duty

Speculation has whirled around Matambo’s ideas for the duty since he announced planned amendments to the Transfer Duty Act in order “to encourage homeownership, especially by first-time home owners,” in his 2014/15 budget speech.

At present, citizen home buyers are required to pay transfer duty at a rate of five percent of the purchase price, where the property is valued at more than P200,000. Foreigners pay the five percent transfer duty unconditionally.