Transfer Taxation ​Revenue Rises in April

• 24 May 2022
• Local News
• 2210 Views

Transfer taxation​ tax is among the four types of tax revenue with a significant increase in the implementation of tax collection in April.

According to a report by the General Department of Taxation, transfer taxation tax increased by 77.33% in April compared to April last year.

The transfer tax revenue is one of the four main sources of tax revenue, which maintained a significant increase in April, as total tax revenue reached US$237 million, up 29%.

In the first four months of this year, the General Department of Taxation collected US$1,501 million in tax revenue, up 29.3% from the same period last year.

Transfer taxation, also known as registration tax or stamp duty, is a 4% tax imposed when there is a transfer of ownership for immovable property. Taxpayers must pay this transfer tax within three months of the property transfer.

 

 

• Laws and Regulation
• Taxation