Rank: Elder Joined: 6/19/2008 Posts: 4,268
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Am 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] .... Question simply should be, who pays this stamp thing 100%!!!!!!!!!!!!!!!!!!!!!!!!!NKT Except me, i don't know anyone else who's been that "unclever"....
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