Duty on Documents
On purchase of own residential property
Aim: To lessen the burden on those who wish to buy their own residence,
Measure: Increase the value that would be subject to 3.5% duty from the current Lm20,000 to Lm30,000.
(Lm150 in savings on stamp duty)
Property transferred between family members
Currently: The property value subject to duty is the current market price for that property
Measure: The property value will be net of profit for the same property on the market. Therefore, value for purpose of Duty on Documents Act:
- value of property net of market profit element.