Finance Minister Iipumbu Shiimi announced on Wednesday the planned introduction of a supertax on residential properties being sold for above N$12 million.
“A supertax transfer duty and stamp duty bracket for luxury residential properties will be introduced for properties costing above N$12 million,” he said in his 2024/25 Budget Statement.
The Finance Minister also announced a measure to support improving access to housing, which will see the brackets for transfer duties and stamp duties adjusted for inflation.
Accordingly, the exempt level will be raised from N$600,000 to N$1.1 million.
“The threshold to trigger the transfer duty rate of 8 percent will be increased to N$3.15 million effective in FY2024/25,” he said.