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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