The Ministry of Finance announced the permanent reduction of transfer fees. The reduction was implemented by the enactment of the Land and Surveys Department (Fees and Rights) (Amendment) (No 2) Law of the 14.07.2016.
Consequently the temporary arrangement which provided a reduction of 50 per cent of transfer fees until 31.12.2016 is now made permanent.
According to the announcement the reduction aims to provide additional growth in the construction industry and to attract new investment, both form the domestic and overseas market.
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