Transfer Duty exemption for mergers essential

First time citizen home buyers have been given a boost
First time citizen home buyers have been given a boost

The new Transfer Duty Amendment Act of 2019 (Amendment Act), which was enacted on August 28, 2019 ushered in a completely new way of administering transfer duty.

Transfer duty is a tax payable by the acquirer of immovable property.

The most notable improvements included exempting first-time residential property and undeveloped plot-owners from the duty. The said Amendment Act also increased the citizen exemption from P200,000 to P1m, which enhances property ownership by citizens.

Editor's Comment
Micro-procurement maze demands urgent reform

Whilst celebrating milestones in inclusivity, with notably P5 billion awarded to vulnerable groups, the report sounds a 'siren' on a dangerous and growing trend: the ballooning use of micro-procurement. That this method, designed for small-scale, efficient purchases, now accounts for a staggering 25% (P8 billion) of total procurement value is not a sign of agility, but a 'red flag'. The PPRA’s warning is unequivocal and must be...

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