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Major Reduction in Stamp Duty in 2019 (PT36)

It s all about stamp duty!

Now there seems to be an effort to simplify our Jamaican tax system. There is also a big buzz around the proposed rate of $5000 to replace all ad valorem stamp duty rates that are currently levied by the Stamp Duty Act.

Now let me break it down for you:

Ad valorem means ‘according to value’. So for real estate purposes, your stamp duty is currently calculated at 4% of the value of the property which is equally shared between the buyer and the seller.  So currently as a seller, you pay 2% while the  buyer pays 2%

Now, this is exciting for both buyers and sellers because of this flat fee of $5000 JMD. Both buyers and sellers get to keep more money in their pockets and now is the best time to get into the market no matter what side of the transaction you are on.

Need more information call our office at 876-513-9222 or email cherine@mypowerliving.com

 

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