There have been changes to transfer duties in South Africa, which is good news for first-time buyers.
. Instead, properties sold for between R1,100,001 and R1,512,500 will have to pay 3% of the value above R1.1 million.Berry Everitt, CEO of the Chas Everitt International property group, said the changes would benefit and encourage first-time buyers, while BetterBond CEO, Carl Coetzee said the move would help many more people get a foot on the property ladder.
During the budget speech, Godogwana did not announce any major tax proposals due to revenue predictions being higher than expected. “Our country is reaping the benefits of a more efficient and effective tax administration, that is building trust to increase voluntary compliance and boost revenue collections,” Godogwana said.On top of the changes for transfer duties, experts from the property sector also welcomed the announcement of a solar rebate for households looking to install solar panels.