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Duty on Documents

On purchase of own residential property

Aim: To lessen the burden on those who wish to buy their own residence,

Measure: Increase the value that would be subject to 3.5% duty from the current Lm20,000 to Lm30,000.

(Lm150 in savings on stamp duty)

Property transferred between family members

Currently: The property value subject to duty is the current market price for that property

Measure: The property value will be net of profit for the same property on the market. Therefore, value for purpose of Duty on Documents Act:

  • value of property net of market profit element.

Back to Budget 2003 Index


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