Author Topic: Capital gains tax on property  (Read 623 times)

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Offline Maik

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Capital gains tax on property
« on: Wednesday, 05 December, 2018 @ 00:13:32 »
Capital gains tax on property to be suspended for another year

The capital gains tax for property ownership is apparently to be suspended for another year. Although it was voted through in 2013, it has never been properly applied due to the major decline in property prices and the complexity of the legislation.

The legislation provides for the capital gains tax to amount to 15 percent of the gains a property owner secures upon selling a recently acquired asset – i.e. the difference between the acquisition price and the sale price for properties bought after January 1, 2014. Besides the capital gains tax the seller must pay in the above cases, the buyer has to pay a transfer tax of 3 percent of the taxable rate of the property acquired, known as the “objective value.”