People & News

Call to scrap duty

Government should abolish transfer duty as it inhibits home ownership for those who cannot afford housing in urban areas, say tax analysts.

"Transfer duty is a transaction tax imposed as a source of revenue with no economic or social basis," says Paul Ferreira, a director at Werksmans Tax. Current reductions do not mean that there will be increased demand for housing, Ferreira says, because low-income earners still have to contend with high capital prices and ongoing municipal rates and taxes.

Article on Business Day

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