The Ministry of Economy and Finance has announced Notification on Exemption and Preferential Tax on Stamp Duty on the Transfer of Ownership or Possession of Real Estate for home buyers and/or first-time home buyers.

The Ministry of Economy and Finance has announced Notification on Exemption and Preferential Tax on Stamp Duty on the Transfer of Ownership or Possession of Real Estate for home buyers and/or first-time home buyers.

This initiative, aims to support the real estate sector by reducing stamp duties on property transfers for home buyers and first-time home buyers. The exemption to be effective from January 1, 2025 to December 31, 2025.

This Notification specifies that first-time buyers will be exempt from stamp duty on homes valued at $210,000 or less. For homes above this value, the exemption will apply to the first $210,000.

Additionally, for second or subsequent homes, a deduction of $70,000 from the stamp duty base is allowed. Buyers of condominiums or Boreys in 2025 will also benefit from similar exemptions, with a $210,000 deduction for homes exceeding that value.

To qualify, properties must be purchased from registered housing developers or companies approved by the Real Estate Business and Pawnshop Regulator, and the Provincial Department of Economy and Finance.

The exemptions outlined above do not apply to taxes or penalties including additional taxes and interest that have already been paid. The exemptions applied to single homes only.

Click here: https://t.me/c/1377322939/1106