What are other types of taxes for property?

  • There is a 1% Stamp Duty for leasing land up to 99 years.
  • If buying a property, there will be a 3% Stamp Duty on first 100,000 and 4% thereafter.
  • Legal fees will be 2-3% of the purchase price
  • Taxes on possession and operation of real estate – Assessment rates are payable to the local authority of the area where the land is situated. This would be calculated on the basis of an annual value given by the local authority after an inspection/valuation of the property. Assessment rates are payable quarterly.
  • In addition, there are certain charges payable to the Urban Development Authority (UDA). However, UDA charges are not applicable to all premises and would be payable depending on the nature and use of the premises.

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