Transfer Duty exemption for mergers essential
Friday, November 15, 2019
First time citizen home buyers have been given a boost
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.
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...