Just last week, the Minister of Finance and the Public Service Audley Shaw announced in Parliament that effective January 1, 2010, stamp duty will be reduced from 4.5% to 3%, and transfer tax from 5% to 4% and it seems very likely that these reductions will help to boost Jamaica’s ailing real estate market.
Obviously the reductions are aimed at stimulating a revival of the real estate and construction sectors, and since it will mean savings for both buyers and sellers in the market, it may very well work. Kudos to the Jamaican Government for this initiative, and we look forward to the positive visible benefits in the construction and real estate markets.
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May 21st, 2009 at 3:41 pm
[...] highlights that the Realtors are very concerned that the stimulus provided by the Government in decreasing transfer tax and stamp duty will be too late to be an effective stimulus. Click here to see her [...]
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