Possible transfer tax rate deduction for properties acquired before June 15, 2011

Earlier this month, it was decided that the property transfer tax, which was reduced from 6% to 2% as of July 1, 2011, will be backdated to June 15, 2011.

However, it can also be argued that this rate reduction may also apply to properties that were purchased six weeks before June 15 and transfer tax has not been finalised by that date.

Note that official objections on these grounds have already been submitted and quick action is essential in order not to lose any entitlement to reduction.

Nico Koppel is an Expat Service Provider, who specialises in tax advice & accountancy. For more information, please comment below or visit Koppel Tax Consultants.