Second Class?

A government decision to hit foreign purchases of land with a 100 percent transfer tax could backfire by driving away foreign investments and hurting local companies. A government decision to hit foreign purchases of land with a 100 percent transfer tax could backfire by driving away foreign investments and hurting local companies.


The government plans to re-introduce a 100 percent transfer
tax on foreign purchases of land by designated any company with 25 percent
foreign ownership as a non-citizen.


This move, warns local businessmen, will drive away foreign
investment and will also hurt a large number of local companies with foreign
ownership by making it more expensive to operate domestically.


The government decision on how it planned to re-introduce the
tax came to light when a draft Bill was presented to the Supreme Court for an
urgent determination o