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Kibaki sells Union Towers!!!!!!!!!
Rank: Veteran Joined: 11/21/2006 Posts: 1,590
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Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? Sehemu ndio nyumba
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Rank: Member Joined: 4/20/2008 Posts: 437
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Mainat wrote:Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? I have heard of this too. It is tax evasion [thus not legit], but hey .... Due to this and the accounting nightmares such would create on both sides, many of these transactions involving hundreds of millions/billions take a different approach - transfer of the entire shareholding of the company that owns the property to the seller/their nominee[s]. Stamp Duty on transfer of shares is 1%. That's tax avoidance [thus legit] ....
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Rank: Member Joined: 6/17/2010 Posts: 572
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kiriita wrote:Mainat wrote:Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? I have heard of this too. It is tax evasion [thus not legit], but hey .... Due to this and the accounting nightmares such would create on both sides, many of these transactions involving hundreds of millions/billions take a different approach - transfer of the entire shareholding of the company that owns the property to the seller/their nominee[s]. Stamp Duty on transfer of shares is 1%. That's tax avoidance [thus legit] .... where is valuation in all this? ardhi house can reject undervalued property figures 'One headache for famous medieval holy people was that someone might murder you to acquire your body parts for the relics trade'
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Rank: Veteran Joined: 1/9/2009 Posts: 1,262
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urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? this is what my 'friend' did when buying a house you indicate that you are buying a plot and pay stamp duty on plot without mention of the development (read house). the title does not indicate if the property is developed or not. then he paid the cost of the house in cash. after all mps don't pay taxes......, just saying
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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vky wrote:kiriita wrote:Mainat wrote:Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? I have heard of this too. It is tax evasion [thus not legit], but hey .... Due to this and the accounting nightmares such would create on both sides, many of these transactions involving hundreds of millions/billions take a different approach - transfer of the entire shareholding of the company that owns the property to the seller/their nominee[s]. Stamp Duty on transfer of shares is 1%. That's tax avoidance [thus legit] .... where is valuation in all this? ardhi house can reject undervalued property figures Exactly... Before transfer of property,the govt valuer has to value the property.Stamp duty is based on the value given by the govt valuer not the amount paid as the purchase price by the Purchaser so.... Unless you pay(bribe) the govt valuer to undervalue the property or (bribe) the registrar so that he lets you not pay the whole amount,stamp duty lazima ulipe based on the value of that property as assessed. possunt quia posse videntur
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Rank: Member Joined: 4/20/2008 Posts: 437
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maka wrote:vky wrote:kiriita wrote:Mainat wrote:Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? I have heard of this too. It is tax evasion [thus not legit], but hey .... Due to this and the accounting nightmares such would create on both sides, many of these transactions involving hundreds of millions/billions take a different approach - transfer of the entire shareholding of the company that owns the property to the seller/their nominee[s]. Stamp Duty on transfer of shares is 1%. That's tax avoidance [thus legit] .... where is valuation in all this? ardhi house can reject undervalued property figures Exactly... Before transfer of property,the govt valuer has to value the property.Stamp duty is based on the value given by the govt valuer not the amount paid as the purchase price by the Purchaser so.... Unless you pay(bribe) the govt valuer to undervalue the property or (bribe) the registrar so that he lets you not pay the whole amount,stamp duty lazima ulipe based on the value of that property as assessed. Vky/maka, agreed. But if you transfer shares the rate is 1%......
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Rank: Elder Joined: 7/26/2007 Posts: 6,514
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Never seen a rejected value yet LOL. Ardhi House is very co-operative with such matters. Business opportunities are like buses,there's always another one coming
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Rank: Veteran Joined: 2/21/2012 Posts: 1,739
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kiriita wrote:Mainat wrote:Urstill can surprise. This is a very common practice. Infact, almost all the Kiambu surveyors would be like... "This is the form I have to fill in, what figure should I put in?" You get shocked and ask him to elaborate. "The value of this plot is 20m, I can put 15m and we you mpesa me some of the difference in stamp duty. Aria wega". If you insisted on 20m, your land buying process would take another 1 month. urstill1 wrote:I want someone to confirm to me if I got this stamp duty concept right. So if I agree with a property seller that I buy the property at 10m, I pay 5m officially but the other in cash(transfer ama pesa kwa gunia?), so I end up paying 200k duty instead of 400k? I have heard of this too. It is tax evasion [thus not legit], but hey .... Due to this and the accounting nightmares such would create on both sides, many of these transactions involving hundreds of millions/billions take a different approach - transfer of the entire shareholding of the company that owns the property to the seller/their nominee[s]. Stamp Duty on transfer of shares is 1%. That's tax avoidance [thus legit] .... Question simply should be, who pays this stamp thing 100%!!!!!!!!!!!!!!!!!!!!!!!!!NKT Do not be anxious about anything, but in everything, by prayer and petition, with thanksgiving, present your requests to God..
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Rank: Elder Joined: 3/2/2007 Posts: 8,776 Location: Cameroon
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Mnataka pesa ya devolution itoke wafi?????? Mnataka MRats wakure nini??? Hunjuma. TULIA.........UFUNZWE!
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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KulaRaha wrote:Never seen a rejected value yet LOL. Ardhi House is very co-operative with such matters. They don't reject...they just endorse the transfer with the correct figure, possunt quia posse videntur
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Kibaki sells Union Towers!!!!!!!!!
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