Property Transfer Tax (Amendment) Act, 2024

3. Section 4 of the principal Act is amended by the deletion of subsection (2) and the substitution therefor of the following: (2) The rate of tax is— (a) ten percent of the realised value in respect of a mining right for a mining licence; (b) eight percent of the realised value in respect of a mining right for an exploration licence; (c) ten percent of the realised value in respect of a mineral processing licence; (d) eight percent of the realised value in respect of land; (e) eight percent of the realised value in respect of shares; and (f) eight percent of the realised value in respect of intellectual property. Amendment of section 5

4. Section 5 of the principal Act is amended by the deletion of subsection (5A) and the substitution therefor of the following: (5A) Where a financial service provider, building society or money-lender transfers a foreclosed property, the realised value of the foreclosed property shall be the actual price, if any, received by the financial service provider, building society or money-lender.