Transfer Duty exemption for mergers essential

Friday, November 15, 2019

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.

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Transfer Duty exemption for mergers essential

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.