CORRECT: Inland Revenue seeks feedback on withholding tax on foreign property buyers

Mon, 31 Aug 2015

(Removes the word 'resident' from first paragraph) By Paul McBeth Aug. 31 (BusinessDesk) - The Inland Revenue Department is proposing to introduce a withholding tax on foreign buyers of residential property from July next year as part of the government's plans to crackdown on speculators. The tax department is proposing to implement the tax, which would require an amount to be withheld on the sale of residential property, to support the introduction of the two-year bright-line test. The test, once it comes into effect in October, wil...

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