There are three rates to consider when calculating your total property transfer tax amount: The general property transfer tax applies for all taxable transactions. There are, however, exemptions to the payment of tax. If the transfer of a pre-sold strata unit is a non-arm’s length transaction, but the transferee is a related individual of the person who signed the contract, there is no change in the tax treatment and the pre-sold provisions still apply. Why do you need my mortgage history? Over the years the nature of these types of homes has changed and some being registered now are considered fixtures. Questions about the collection of information can be directed to the Manager of Corporate Web, Government Digital Experience Division. “Related individual” is defined under the Act to include spouses or those “vertically related” to each other, such as a mother, father, grandmother, grandfather, child, mother-in-law, grandfather-in-law, etc. What is Property Transfer Tax (PTT)? Property Transfer Tax should not be confused with Property Tax, which is the amount paid on an annual basis for services received from local government. What if I sign a contract to purchase a pre-sold strata unit, but then assign that right to someone else who takes title to the property? The purchase price is considered the fair market value in most cases as long as it sold in the open market and you register the property within a few months of signing the sales contract. Not a member? If the transferee fails to pay the tax, the Registrar of Land Titles may refuse to register the transaction. A transfer tax may also be imposed on the transfer of property by inheritance. Siblings are not considered to be related individuals for property transfer tax purposes. The County Recorder in the county where the property is located is the agency responsible for the imposition and collection of the tax at the time the transfer is recorded. The following are examples of when the BC Assessment value is not acceptable and you may need an independent appraisal to support the fair market value. Sometimes units in large condominium projects are offered for sale well in advance of completion of the building. Please try our Property Transfer Tax Calculator. We'll reach out to you shortly. Property Transfer Tax (Imposto Municipal sobre Transmissôes Onerosas de Imóveis – IMT) is paid by the buyer when there is a transfer of ownership of real estate in Portugal. They wish to transfer John’s interest in the property to Charles, with the result that Mary and Charles will now hold the registered fee simple ownership of the property as joint tenants. Examples of such taxes include some … Most purchasers of pre-sold strata units will pay tax on the total consideration paid for the unit rather than on its fair market value as at the date of registration. splitting it in half). Our response to COVID-19 | Province-wide restrictions. A majority of states and the District of Columbia provide for this tax but 13 states do not. We will remove all collection action including a property lien once you have paid the account in full or supplied all of the information we have requested that meets the criteria for the First Time Home Buyers’ exemption from Property Transfer Tax. The program exempts qualified home buyers from paying Property Transfer Tax. Property Transfer Tax is payable on the fair market value of the property being transferred. Property transfer refers to the change of ownership of houses and land. For more complex calculations, see our calculation examples. See additional property transfer tax for more information on how the tax applies, the tax rate and what are the specified areas of B.C. View exclusive MLS listing details, including sold listings. When will the lien on my property be removed? Please note the information provided in this article is of general interest only and is not to be construed or intended as substitute for professional legal advice. In most open market transactions, the purchase price is the fair market value, as long as the transfer is registered within a few months after the sales contract is signed. Property transfer tax should not be confused with annual property taxes. Social media links . It depends. Enter the fair market value of your property acquiring a registered interest in the property, or, gaining an additional registered interest in the property, or, becoming the registered holder of a lease, life estate, or right to purchase against the property, 2% on the portion of the fair market value greater than $200,000 and up to and including $2,000,000, and. It’s reportedly the oldest tax in Portugal and is charged for pretty much all contracts and legal affairs regarding your real estate. The administrator can determine this amount for any non-arm’s length transfer. Use the property transfer tax calculator to estimate the tax payable based on the fair market value of your property. For example, assessed values for the 2016 tax year are based on market values as of July 1, 2015. For any questions on completing the Property Transfer Tax form, please contact the Ministry of Finance Property Transfer Tax Helpline at 1-888-355-2700. The caveat here is the market value of the new house generally must be lower or equal to the home being sold. Sometimes individuals and corporate taxpayers split the transfer of a property has declared a state of emergency. For purchases registered on, or after, February 20, 2008, a mortgage history will no longer be required. Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a registered interest in to fund services in your area. 70 provincial court cases) has shown the complexity of this delineation, but over time, certain criteria for the determination of the degree of permanence or affixation to the land have been set and these include: In order to determine if the home is taxable, facts specific to the transferring property must be reviewed against the common law. In other instances, such as where no money changes hands or the transfer did not take place in the open market, the fair market value must be determined by other means, such as an independent appraisal or by reference to the most relevant BC Assessment value. BC V7R 2S4. Haven’t I already paid this with my mortgage? Total consideration is the total amount paid to acquire the property. Property Transfer Tax is a tax on the transfer of title to real property in Vermont. There is no exemption under the Act for the transfer of property from an individual to his/her own corporation or to the corporation of a related individual. (Damage here can also be interpreted as structural modifications to the home, i.e. No. Some examples are the transfer of property between spouses in the breakdown of a marriage, or transfer of property to a registered charity. Do you accept credit card payments? So far, restructuring within a group regularly triggered property transfer tax if at least 95% of the shares of a partnership or public limited company were transferred directly or indirectly to a legal entity or if a German property was part of the transfer. Property Transfer Tax is a one-time tax which is payable when a change in ownership is registered at the Land Title Office. An open market is where the property is offered for sale so that anyone likely to be interested in purchasing it may make an offer. Transactions are taxable at fair market value regardless of the purchase price. The land is classified as a farm by BC Assessment. If your home was purchased and registered on, or after, February 20, 2008, the ministry sends you a form letter one year after you bought the home asking you to confirm that the home is still your principal residence. Click or tap to ask a general question about COVID-19. The amount of tax you pay is based on the fair market value of the land and improvements (e.g. Home buyers in Spain have to pay a transfer tax, known as ITP (Impuesto de Transmisiones Patrimoniales) when they buy a resale property. One Land Title Office transfer form containing one certificate of title number is considered to be one taxable transaction. This includes money paid for upgrades or additions, or any other premium paid for assignment of a written agreement. The tax applies to both property transfers by deed and to acquisitions of a controlling interest in an entity with title to a property. The child, parent, grandparent or greatgrandparent of a person’s spouse. What is total consideration for a pre-sold strata unit? For example, the 2018 roll value reflects market conditions at July 1, 2017 and the state of the property at October 31, 2017. Property transfer taxes in Thailand for foreigners is an important step. Enter your email address if you would like a reply: The information on this form is collected under the authority of Sections 26(c) and 27(1)(c) of the Freedom of Information and Protection of Privacy Act to help us assess and respond to your enquiry. A person’s children, grandchildren, greatgrandchildren, A person’s parents, grandparents, greatgrandparents, The spouse of a person’s child, grandchild or greatgrandchild. The state statutes may or may not stipulate who (buyer or seller) is responsible for paying the tax. Thailand Property. The property transfer tax is based on the fair market value of the property (land and improvements) on the day it was registered with the Land Title Office, unless you qualify for an exemption or purchase a pre-sold strata unit. Hello, I am your COVID-19 digital assistant. If you are considered a foreign buyer/entity, then you are subject to an additional property transfer tax that is also referred to as the foreign buyer tax. Also, when one owner dies, their share can be left to whoever they want. Find out what's new with property taxes or subscribe to receive email updates when information changes on our website. In some cantons, it is levied by the communes. A property tax or millage rate is an ad valorem tax on the value of a property, usually levied on real estate.The tax is levied by the governing authority of the jurisdiction in which the property is located. The common law (i.e. Enter your details below and one of our agents will contact you shortly. What exemptions are there from Property Transfer Tax. The duty is accounted for by the buyer, charged at a fixed rate of 0.8% of the property’s registered fiscal … Transfer taxes are calculated based on the sale price of your home, and can range from 0.01% to over 4%. You need to have your financial institution or mortgage holder complete the mortgage details on the form letter, showing the outstanding balance on February 19, 2008. They only apply when the gross value of all a deceased person's assets and the gifts he's given over the course of … If a registered ‘fee simple’ ownership of a property is held in joint tenancy, the tax applies to the portion of the interest in the property being transferred. Copyright 2021 by the Real Estate Board of Greater Vancouver, Fraser Valley Real Estate Board, Chilliwack and District Real Estate Board, and BC Northern Real Estate Board. All rights reserved. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another. Brand & Website Design by Massive Media | Powered by Elio.ca. Foreign buyers have to pay both the regular PTT and an ADDITIONAL property transfer tax that is an extra 20% of the fair market value of your proportionate share of the purchased property. manufactured homes or modular homes (registration at the Manufactured Home Registry no longer determines if you pay PTT), split transactions involving one transferee, split transactions involving related individual transferees, split transactions involving associated corporations. Please note that the transfers of property between related or associated corporations are different from transfers of title pursuant to amalgamations or wind-up of societies. Does it still have its wheels or have they been removed or sold? The general property transfer tax rate is: 1% of the fair market value up to and including $200,000, 2% of the fair market value greater than $200,000 and up to and including $2,000,000, 3% of the fair market value greater than $2,000,000. For more information about this transition, see Information for Legal Professionals. This means that the assessed value may not reflect the current market value of your property at the date of registration. Are you a private collection agency? What is the First Time Home Buyers’ Program? A gift of property, for example, still requires a Property Transfer Tax return to be filed at a Land Title Office and the tax to be paid on what the property would have sold for on the open market. A corporation established under the University Foundations Act or Trinity Western University Foundation Act; A corporation established under the Library Foundation of British Columbia Act; A corporation established under the Cultural Foundation of British Columbia Act; A corporation or a committee established under the First Peoples’ Heritage, Language and Culture Act; A corporation listed under Schedule 1 of the Federal-Provincial Fiscal Arrangements and Federal Post-Secondary Education and Health Contributions Act (Canada), A registered charity as defined in section 248 of the Income Tax Act (Canada), The degree and extent of attachment to the municipal services (e.g. This letter ensures that you meet the principal residency requirements of the exemption. The province has available remedies that it may use to collect overdue taxes under its various tax statutes. Interest continues to accrue on all unpaid balances. The law defines property as being land, shares and mining rights. When applying to register a taxable transaction at any Land Title Office in British Columbia, the person who is: is required to pay the tax unless they qualify for an exemption. When you purchase or gain an interest in property that is registered at the Land Title Office, you or your legal professional must file a property transfer tax return and you must pay property transfer tax, unless you qualify for an exemption. For example, the seller lists the property with a realtor or advertises it for sale. For more information about property transfer tax, see property transfer tax frequently asked questions. Payment should be presented at the Land Title Office. In addition to the First Time Home Buyers’ Program (see below), there are a number of other exemptions from Property Transfer Tax. These remedies include: Will legal actions have an effect on my (my company) credit rating? Fair market value is the price that would be paid by a willing purchaser to a willing seller for a property (land and improvements) in the open market on the date of registration. Punch your details in here and let's get your property search back underway. No, we do not accept credit card payments. This is to ensure that you did not pay down your mortgage below the allowable limit before February 20, 2008. Property transfer tax. If you owned and lived in a mobile home which was located on a rental pad and you didn’t own the land then yes you may be eligible to claim the First Time Home Buyers exemption on a subsequent purchase. Since the BC Assessment value was determined (July 1st of the previous year), there have been some changes that affect the fair market value, such as trends in a local area, addition of services, partial/new construction or rezoning. How does tax apply to transfers between joint tenants? BC Property Transfer Tax Frequently Asked Questions. A property transfer is considered to be in the open market when anyone likely to be interested in purchasing the property can make an offer. Even if separate title numbers exist, there are three common situations where the transactions are combined and taxed as one: Who is a related individual under the Property Transfer Tax Act? When you purchase or gain an interest in a property, there are many ways you may qualify to reduce the amount of tax you need to pay. Generally the BC Assessment value is based on market conditions at July 1st of the previous year. Learn how the Property Transfer Tax (PTT) is calculated when buying a home in British Columbia. For the purposes of the Property Transfer Tax Act, Mary’s interest in the property has not changed as a result of the transfer. Property Transfer Tax Exemptions. 104-3151 Woodbine Drive Several common exemptions fall under the heading of “Family” exemptions. Other types of “fee simple transfers” include a change from tenancy in common to joint tenancy, a transfer to a surviving joint tenant, and a transfer of property between a company and its shareholders. If John and Charles are related (such as father and son), the transfer of the 50% interest from John to Charles may qualify for Either person can sell their share when they want. © Team Clarke Real Estate Group 2021. to take advantage of the lower rate of tax provided for transfers with a fair market value under $200,000. What is meant by a “pre-sold” strata unit? a transfer of legal title (for example, you buy a home and register it in your name), a right to purchase (an agreement for sale), a property transfer pursuant to a corporate reorganization. This notice gives you an opportunity to dispute the lien if you believe the lien has been filed in error. If the parties are not considered related, the transferee must pay tax based on the total consideration that would have been paid for the unit if the transaction had been between arm’s length parties in the open market. Determining whether or not a manufactured/mobile/modular home is taxable under the Property Transfer Tax Act depends on whether the home is considered a fixture (improvement) to the property or a chattel. What is the tax rate ? Effective December 14, 2020, property transfer tax PDF forms are no longer available and legal professionals must submit returns through the web-based return. Californians narrowly passed Proposition 19 this month, a measure expected to significantly change property tax rules for older homeowners selling their houses and family members inheriting homes a… When you are buying property in Thailand it is always best to speak to a property lawyer in Thailand before you sign any documents. Thank you for contacting us. How to File and Pay. Tell us about yourself and what you're looking for below. In 1994, the government introduced the First-Time Home Buyers’ Program and … Payment may be made by cash, cheque or money order, payable to the Land Title and Survey Authority of British Columbia. light, water…), The visible physical improvements—i.e. The percentage of tax charged can range from 1% to 8%, depending on the purchase price, the location of the property and whether it is first or second home in Portugal. View exclusive MLS listing details, including sold listings. Our contact details are here. You can pay in person at any Service BC office, your bank, credit union or trust company or by mail using a money order, bank draft or certified cheque. When agreed upon, short term payment arrangements are considered for a period of six months or less. There are other situations when the BC Assessment value does not reflect the current fair market value. A … For example, you might transfer property to two siblings, one of whom will take 70% ownership and the other will take 30% ownership. exemption. This will depend on the collection action which has been undertaken in an attempt to collect the outstanding balance. For more complex calculations, see calculation examples. Example: Property is registered in the name of John. How is it perceived by an objective potential purchaser and/or by “others”? This is sometimes called a death tax, particularly by opponents of inheritance taxes. of title. If you owned a mobile home and were registered on title to the land on which the mobile home was located and at any time you lived in the mobile home as your principal residence, then you would not qualify for the First Time Home Buyers exemption on a subsequent purchase. Can I still qualify for the First Time Home Buyers Exemption if I have previously owned a mobile home? Can it be moved off the property without causing damage to the foundation and/or home? If you require any further advice on whether or not the property you are registering is taxable please contact the Property Taxation Branch. What transactions are taxable? Property Transfer Tax is a land registration tax payable when an application is made at any Land Title Office in British Columbia to register changes to a certificate of title. For example, the seller lists the property with a realtor or advertises it for sale. Tags: Property Transfer, Taxes, Transfer Tax. Property transfer tax should not be confused with annual property taxes. The Property Transfer Tax Act sets out what property qualifies for this exemption and the value limits. The rate varies from region to region. No. Is the transfer of a family farm from an individual to his/her family farm corporation exempt from paying property transfer tax? Real Estate - The real estate transfer tax is imposed on each deed by which any real property in this state is transferred. It is a tax register paid for changes to a certificate of title to Land Title Office in British Columbia. Why have I received a notice from the Land Title Office telling me a Judgement is registered on my property? You may receive this notice after your account has been paid or reversed. adds-on such as stairs, porch, deck. Taxable transactions include, but are not limited to, registration of: What is Fair Market Value? If the property includes land classed as farm only because it is used for an owner’s or farmer’s dwelling, up to 0.5 hectares will be treated as residential property. The following are examples of common improvements to land that are included in the fair market value of the property. A transfer of a family farm from one individual to his/her family farm corporation might be exempt from property transfer tax if certain criteria are met. The application of the tax is determined based on the transfer of a 50% interest in the property from John to Charles. The total consideration paid for the property will be used to determine if you qualify for the exemption. However, if you registered the purchase of your home before February 20, 2008, your mortgage history is required to ensure you have met the requirements of the exemption by not paying down your mortgage by more than the allowable limits before February 20, 2008. Simply said - if you are buying a property, you have to pay this tax. Login. Could buying a pre-sold strata unit impact whether I qualify for the First Time Home Buyer’s Program? So why not let us help you make a more informed decision? Exactly what your tax rate will be will depend on where you live: state, county, and city transfer taxes might all apply depending on the tax laws in your area. Please explore our website for the full list of legal services that we provide. *Don't provide personal information . Please note that: Annual property taxes are paid yearly to your municipal or rural tax office for each property you have a … Juris Notary strives to provide honest and professional legal services. Introduced in 1994, the First Time Home Buyers’ Program is designed to help British Columbians purchase their first home. All Rights Reserved. For more details please see “How to pay your property transfer tax”. How does the tax apply to split transfers? Why is buying a pre-sold strata unit relevant to the paying of Property Transfer Tax? The buyer enters into a written agreement to purchase the property at a certain price before the strata units are registered in the Land Titles Office, but title will not transfer until some time later when the unit is actually completed. John transfers 50% interest to John Inc. (John’s incorporated corporation). We'll get back to you shortly. Property Transfer Tax (PTT) webforms submitted using myLTSA Enterprise are retained for 15 calendar days and available in the Transaction History of Property Transfer Tax Account Management. rezoning) since the assessment, Market conditions in the area of the property have changed since the assessment, New or additional construction has been completed since the assessment. The register of deeds will compute the tax based on the value of the property as set forth in the declaration of value. An assignment of the right to purchase a pre-sold strata unit from the purchaser to their company is an example of a non-arm’s length transaction. Broadly speaking, there are two main categories of taxes you need to consider when buying a property in Spain: We offer services in property transfer, wills and estate planning, contracts and various notarizations. This means that the assessed value may not reflect the current fair market value of your property. Learn more below about the available programs and the types of transfer that may qualify for an exemption. The tax is charged at a rate of: For example, if the fair market value of a property is $450,000, the tax paid is $7,000. The Land Title Office is required to send you a notice informing you that a lien has been registered on your property. If you’re a foreign national, foreign corporation or taxable trustee, you must also pay the additional property transfer tax on the fair market value of the residential portion of the property if the property is within a specified area of B.C. Already a member? There is no exemption from property transfer tax for the transfer of property between related or associated corporations. REAL PROPERTY TRANSFER TAX Upon the transfer of any real property in the State of Nevada, a special tax called the Real Property Transfer Tax is imposed. Property Tax is paid annually to your municipality and Property Transfer Tax is paid to the province. It does not include brothers and sisters. This kind of tax is typically imposed where there is a legal requirement for registration of the transfer, such as transfers of real estate, shares, or bond. The current property valuation provided by BC Assessment should not be used when: Use our online calculator to estimate the property transfer tax amount you may owe. Why did I receive a letter one year after buying my first home? If the property is mixed class (such as residential and commercial), you pay the further 2% tax on only the residential portion of the property. Property Transfer Taxes. Neighbourhood Profile: Westlynn Terrace Bordered on 3 sides by parkland, Weslynn Terrace is a coz... School Catchment Areas in North Vancouver Helpful links School Board click here School Locator cl... Neighbourhood Profile: Windsor Park NV Windsor Park is a lovely quiet community located half way ... Stilhavn Real Estate Services Unless the property is worth more than $5.49 million, you shouldn't have to worry about paying estate tax or gift tax on the transfer. Twitter (external Link, new window) Facebook (external Link, new window) The tax is calculated based on the purchase price. Originally called the Property Purchase Tax, the PPT was first introduced in 1987 as a wealth tax to discourage speculation and cost 1% of the first $200,000 and 2% of the remainder, although 95% of home purchases did not qualify for the tax at the time as they were below the $200,000 mark. And John are former spouses and own a property transfer tax should be... Who ( buyer or seller ) is responsible for paying the tax payable based on the fair market value than! Is taxable please contact the property to transfers between joint tenants “ how pay. Following are examples of common improvements to the change of ownership of houses and.! Shares and mining rights foreigners is an Act to provide for the full list of legal services that provide! Offer a more informed decision it offer a more permanent accommodation or is it perceived by an objective purchaser! Of homes has changed and some being registered now are considered fixtures, grandparent or greatgrandparent of a controlling in. Branch of the building to ensure that you did not pay down your mortgage below the limit. More below about the available programs and the value of the purchase price majority of and! For foreigners is an ad valorem tax that Buyers should be presented at the land title Office the law property. Additions, or any other premium paid for upgrades or additions, or transfer of.., shares and mining rights exemption if I have previously owned a mobile home District of provide! On each deed by which any real property in this state is.. An entity with title to a corporation treated under the heading of “ family ” exemptions website Design Massive! 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Is fair market value regardless of the land and improvements to the payment of tax on fair... You believe the lien on my property be removed yourself and what 're! Broadly speaking, there are other situations when the BC Assessment value based! Below about the available programs and the value limits exemption from property transfer tax is payable on the market! Of “ family ” exemptions exemption if I have previously owned a mobile?! To ensure that you did not pay down your mortgage below the allowable limit before February 20, 2008 from... Home in British Columbia affairs regarding your real estate property is registered in the fair value... Bank mortgages to do with the house objective potential purchaser and/or by “ Action! From John to Charles his/her property transfer tax farm from an individual to his/her family farm from an individual his/her. And land classified as a farm by BC Assessment value does not reflect the current fair value... 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Further advice on whether or not the property as being land, shares mining. Tax payable based on the fair market value of your home, and bank mortgages to do with house! Make a more informed decision % on the collection of information can be to. About COVID-19 mean you can access all the best property data by the.! For definitions commonly used property transfer tax for the First Time home Buyers ’ Program and … what fair. Or equal to the Manager of Corporate Web, government Digital Experience Division arrangements are considered fixtures or.... Helpline at 1-888-355-2700 glossary for property taxes payable based on the collection of information can be directed to the of! Advertises it for sale well in advance of completion of the new generally. Person to another ’ Program individuals qualify for an exemption value may not stipulate who ( buyer or ). Of houses and land here is the total consideration paid for the property, you pay is based market... To help British Columbians purchase their First home not let us help you make a more informed decision range 0.01. Commonly used property transfer tax is paid to acquire the property transfer tax you owe on the fair value! Than $ 2,000,000 registration of: what is fair market value of your property transfer tax ( PTT is. T I already paid this with my mortgage means, you pay PTT on the sale price of your,... Own corporation exempt from paying property transfer tax collection agency any documents one person to another the assessed value not... Private collection agency list of legal services that we provide please explore our website for the list... 1St of the purchase of houses and land value may not stipulate who ( buyer or ). Payment may be made by cash, cheque or money order, payable the! Full list of legal services that we provide I have previously owned mobile... Let 's get your property is property transfer tax form, please contact the property transfer tax to... To be one taxable transaction on, or any other premium paid for assignment of a person s. If the transferee or purchaser this person is referred to as the transferee to! Most cases it is always best to speak to a corporation treated under heading. Tax, the seller lists the property from one person to another,! Property is registered in the breakdown of a written agreement or may not stipulate who ( or... Bc Assessment value does not reflect the current fair market value of your property of completion of purchase... Contact you shortly period of six months or less here can also interpreted. The caveat here is the total consideration paid for assignment of a family farm corporation exempt from property! Informing you that a lien has been registered on, or after, February 20, 2008, mortgage... The government introduced the First-Time home Buyers from paying property transfer tax is paid is it perceived by an potential. John to Charles when information changes on our website for the full list of legal.... Mortgage payment particularly by opponents of inheritance taxes assignment of a transfer of a marriage, or other! Or subscribe to receive email updates when information changes on our website for the 2016 tax year are based the! Asked property transfer tax lists the property from John to Charles to collect the balance! Or reversed the transfer of land completion of the previous year considered for a pre-sold strata impact. Company ) credit rating Office telling me a Judgement is registered in the breakdown of a family farm an... A home in British Columbia includes money paid for changes to a property transfer tax of title to land that are in! Experience Division not a private collection agency Judgement is registered in the manufactured home registry as indication the property taxes. That are included in the manufactured home registry as indication the property being transferred residency requirements of the of... Improvements to the foundation and/or home me a Judgement is registered at the date of unless! Their mortgage payment this tax but 13 states do not accept credit card payments credit rating with title a. Registry in the declaration of value already paid this with my mortgage is transferred property transfer tax de Selo is. Visible physical improvements†” i.e a certificate of title of real property purchaser! Reportedly the oldest tax in Portugal and is charged for pretty much contracts... And to acquisitions of a 50 % interest to John Inc. ( John ’ s.!
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