Transfers (Amendment) Rules, 2023

L.N. 77 of 2023

INCOME TAX ACT

(CAP. 123)

Exemption from Tax on Certain Property

Transfers (Amendment) Rules, 2023

IN EXERCISE of the powers conferred by article 96 of the

Income Tax Act, the Minister responsible for finance has made the

following rules:-

The title of these rules is the Exemption from Tax on

Certain Property Transfers (Amendment) Rules, 2023 and these rules

shall be read and construed as one with the Exemption from Tax on

Certain Property Transfers Rules, hereinafter referred to as "the

principal rules".

Rule 3 of the principal rules shall be amended as follows

(a) the words "and that satisfies all the conditions of any

one of the following two paragraphs:" thereof shall be

substituted by the words "and that is made on or after 9th June

2020 in terms of a promise of sale or transfer notice of which

would have been given to the Commissioner for Revenue in

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

Documents and Transfers Act by not later than 31st December

2021."; and

(b)

paragraphs (a) and (b) thereof shall be deleted.

In sub-rule (4) of rule 6 of the principal rules, the words

"which are executed by two or more deeds, rather than by one single

deed" shall be substituted by the words "which are executed separately

rather than by means of one single transfer".

€0.09