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April 21, 2020

Tax Relief for Property Purchasers

The Minister of Finance, in his Budget Speech delivered on 26 February 2020, announced an increase in the threshold for payment of transfer duty from R900 000.00 to R1 000 000.00, and adjusted the transfer duty brackets, thereby granting some relief to property purchasers.

The changes will be effective from 1 March 2020 and will only apply to transactions entered into on or after this date.