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The Department of Land and Surveys (Fees and Charges) (Amending) (No2) Law of 2011
04.11.2011
业务领域: 房地产法律业务, 税法业务

“The Department of Land and Surveys (Fees and Charges) (Amending) (No2) Law of 2011”


On 3 November 2011, the plenary of the House of Representatives approved a private bill of law   with regard to transfer fees on immovable property. This amendment of the basic law (Cap. 219 as amended) provides, for a period of six months following its publication in the Official Gazette of the Republic, that:

(i) no transfer fee set out in the Schedule (Cap 17) of the Law shall be levied or taken upon the registration of a title of immovable property, when VAT is applied on the same transfer [new section 10(1)];
(ii) transfer fees upon the registration of a title are reduced by 50%, in cases where VAT is not imposed on immovable property transfers. More specifically, it is provided that the fees are reduced by 50% in cases of transfers with regard to land, buildings (or structures or fixtures affixed) or undivided shares that are sold for the first time, following a planning permission, on the condition that both, the date of the contract document and the date of submission to the District Land Office, fall within the said period of six months [new section 10(2)].

Also, in cases of submission of a contract, by virtue of the provisions of the Sale of Land (Specific Performance) Law, within the said period of six months, transfer fees are reduced by 50%, regardless of the time of the title registration [new section 10(3)].
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