cONTINUE rEADING
The Government has announced a number of incentives with the purpose of encouraging the restoration and reuse of scheduled property and properties in urban conservation areas. This is set to boss the market of properties which are available for rental purposes.
Rental income from commercial property will be charged at 15% instead of 35%, while rental income from residential property is taxed at 10%. Moreover, persons who buy property, restore it and sell it, will pay final withholding tax of 10% instead of 12%.
Additionally, persons who restore property in an Urban Conservation Area and use it for commercial purposes will get a tax credit around 20% to 30%.
