Housing in Southern Africa March 2015

duty taxes

Housing

struggling to raise revenues; GDP

growth is slipping; the trade deficit

continues to widen. The rand is crum-

bling. It is, admittedly, a difficult bal-

ancing act to adjust taxes before elec-

tions. Is one partial solution to slash

levies which are counter-productively

high such as transfer duty? Could

wedareexpect awaveof Laffer-style

tax cuts?” One thing is sure; doing

away with transfer duty – or at least

reducing it substantially -wouldcer-

tainlyboost thehousingmarket and

ease the burden on home buyers.

■

Assuring Quality

Homes Since 1998

The NHBRC is a statutory body whose role is to

protect the interests of housing consumers and to

regulate the home building industry – in line with

the Housing Consumers Measures Protection Act.

Toll Free Number: 0800 200 824 / Fraud Hotline 0800 203 698 / Webpage:

/ Tel: +27 11 317 0000

Assuring Quality Homes.

@NHBRC NHBRCSA

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18/09/2014 14:14

In summary, the following was announced in the Budget:

A 0% transfer duty rate will be charged for a property acquired for

less than R750 000;

A 3% transfer duty rate will be charged for property worth between

R750 001 to R1 250 000;

A 6% transfer duty will be imposed on properties bought for

R1 250 001 to R1 750 000;

Properties bought for R1 750 001 to R3 million will see buyers paying 8% in

transfer duty.

A transfer duty of 11% will be charged for properties bought for R3 million

and above.