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Swakopmund Property for Sale <
When must transfer duty be
paid?
In terms of the
Transfer Duty Act 14 of 1993, transfer duty must be paid, at the latest, within
six months after the date of acquisition of the property. Accordingly, even if
transfer has not been registered within six months after the date of the sale of
the property, transfer duty must be paid to avoid penalties.
Transfer duty is payable on the value of a property, i.e., the purchase price in
the case of a sale. It constitutes fraud, and a contravention of the code of
conduct, to enter into a disguised contract of sale at a price lower that the
actual price for which the property is sold, in order to avoid transfer duty. An
estate agent must therefore keep this in mind should an agreement of sale be
concluded on the basis that the purchaser is to pay commission. In practice,
however, this normally does not arise since contracts of sale usually state that
the seller is liable for payment of commission.
In the event that a company or a close corporation acquires property, the normal
transfer and stamp duties apply. When the purchaser is a natural person (or a
partnership), transfer duty is currently calculated as follows:
PLEASE NOTE : NEW TRANSFER DUTIES
(As per Transfer Duty Amendment ACT B.12 - 2010)
- up to N$ 400 000 ( 0% )
- above N$ 400 000 and not exceeding N$ 800 000
(1% of the said amount exceeding N$ 400 000)
- above N$ 800 000 and not exceeding N$ 1 500
000 (N$ 4000 plus 5% of the value exceeding N$ 800 000)
- above N$ 1 500 000 ( N$ 39 000+ 8% of the said
value exceeding N$ 1 500 000)
( Useful Information
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