Property Transfers (Amendment) Rules, 2020

L.N. 459 of 2020

INCOME TAX ACT

(CAP. 123)

Exemption from Tax on Certain

Property Transfers (Amendment) Rules, 2020

IN EXERCISE of the powers conferred by articles 12(2) and 96

of the Income Tax Act, the Minister for Finance and Employment has

made the following rules:-

The title of these rules is Exemption from Tax on Certain Citation.

Property Transfers (Amendment) Rules, 2020 and these rules shall be

read and construed as one with the Exemption from Tax on Certain S.L. 123. 199.

Property Transfers Rules, hereinafter referred to as "the principal

rules".

Rule 3 of the principal rules shall be substituted by the Substitutes rule

3 of the

following new rule

principal rules.

" Applicability.

These rules apply to any transfer of property

that, were it not for the provisions of these rules, would

be subject to tax in terms of article 5A of the Act at the

rate of eight percent (8%) or ten percent (10%) of the

transfer value and that satisfies all the conditions of any

one of the following two paragraphs

(a) (i) the transfer is made on or after 9

June 2020 but before 1 April 2021; and

(ii) the notice of the transfer that is

required to be given in terms of rule 22(2) of

S.L. 123. 92.

the Tax on Property Transfers Rules is

delivered to the Commissioner by not later

than 30 April 2021;

(b) (i) the transfer is made on or after 9

June 2020 but before 1 January 2022; and

(ii) the transfer is made in terms of a

promise of sale or transfer notice of which

would have been given in accordance with

sub-article (6) of article 3 of the Duty on

Documents and Transfers Act by not later than

the 31 March 2021; and

B

(iii) the notice of the transfer that is

required to be given in terms of rule 22(2) of

S.L. 123. 92.

the Tax on Property Transfers Rules is

delivered to the Commissioner by not later

than 31 January 2022.".

€0.18