Paying Tax is a must when buying and selling land , there are three compulsory taxes to be paid;
- Transfer Tax
- Stamp Duty
- Registration Fee
When buying land the Vendor pays the Transfer Tax of 2% of the sale price and the Vendor and Purchaser share the Stamp Duty of $J5,000.00 and the Registration Fee of 0.5%.
If the Stamp Duty & Transfer Tax are not paid within 30 days of the date of the document evidencing the sale these payments will attract a penalty of 100%.
