The National Assembly adopted the Property Tax Bill 2020 today. The Bill saw amendments on tax for property transfer.
The House decided that a seller irrespective of whether the property is located in urban centres or rural areas should pay the property transfer tax. The Good Governance Committee had proposed exemption of transfer tax in rural areas.
The House also decided the property transfer tax at 3 per cent of the property value and reduced the vehicle transfer tax to 1 per cent from 5 per cent. The Bill was adopted with 35 yes votes and two no votes while 8 members abstained from voting.
Kinley Dem
