The Finance Bill 2017 was published on 3 April 2017 following the presentation of the budget to the National Assembly on 30 March 2017. Details of the Finance Bill regarding miscellaneous taxation, which unless otherwise indicated will apply from 1 January 2018, are summarized below:
The current gaming tax rates of 5%, 7.5%, 12% and 15% will be consolidated (and increased) to a uniform tax rate of 50% for all categories.
- Transfer of Islamic property finance from one bank to another will be exempt from stamp duty.
- Where the title or interest in a property is transferred to a financial institution from a vendor under an Islamic property finance arrangement and afterwards transferred to the purchaser, stamp duty will be chargeable on the transfer to the financial institution but not on the transfer to that purchaser.
- Sukuk will be exempt from stamp duty.
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