Real Estate

No V.A.T. On Real Estate Sales

No V.A.T. On Real Estate Sales

The ministry of Finance released its proposed budget for the 2018/2019 fiscal year this afternoon and proposed an increase in V.A.T. To 12% beginning July 1st.

Amidst the tax increase, the plan advised of the removal of VAT on real estate sales. Here’s an excerpt from the budget pertaining to real estate:
“A wholesale change in the taxation policy for real estate that exempts Real Estate from VAT, replacing the tax on same with a simpler stamp tax formula: a rate of 2.5 per cent stamp taxon transaction values up to $100,000 and a rate of 10 per cent above $100,000.”
• What are you thoughts on this?

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Note: taken from my instagram @the ahamdrealtor

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