Property transactions can lead to various tax implications. From Transfer duties to VAT or income tax. It is imperative that companies and individuals who sell properties are aware of these implications to avoid fines and penalties.
Join us in this session as we unpack the implications of the Transfer Duty Act, the VAT and Income tax Act on property transactions.
The following will be covered during this session:
• Definition of fixed property
• Income tax implications
• Transfer duty or VAT
• Requirements when VAT is payable
• Requirements when transfer duty is payable
o Value of property
o Shari’a compliant financing arrangements
o Periodical payments
o Exemptions
o Information to be kept
• Penalties and fines
This session is aimed at all professional accountants who provide tax services, as well as persons who sell properties.
