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Taxes and Cost of Buying

When a property is purchased, there are some taxes and transfer fees that must be paid by the buyer or seller.

Transferring Fee: For a period of 1 year beginning April 2008, property transfer fees have been reduced from 2% to 0.01% of the registered value of the property.  This is paid at the Land Office on the day of transfer of ownership. The buyer is usually responsible for this fee.

Stamp duty: 0.5% of the appraised value of the property or the purchasing price, whichever is higher. The seller is usually responsible for this fee.

Specific Business Tax (SBT): From April 2008 for 1 year the SBT has been reduced from 3.3% to 0.1% of the appraised or actual price of the property, whichever is higher. This tax is imposed only if the property is transferred less than five years after it is purchased (if the SBT is levied, stamp duty will not have to be paid).

 

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