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LAND TRANSFERS REVENUE DOWN TO E4.26M

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MBABANE – There has been a notable decline in government revenue from land transfers.

The Deeds Registry performance report for the first quarter of 2021 covering the period January to March shows that only about E4.26 million has been collected. This is a decline when compared to the about E5.49 million figures registered in the last quarter of 2020. A lion’s share of the amount (about E4.16 million) was made from stamp duty.  A stamp duty is the tax governments place on legal documents, usually in the transfer of assets or property.

transfer

According to the report, at least 315 deeds of transfer were recorded and at least 259 mortgage bonds were registered. There was a single notarial deeds of servitude recorded. Servitude is said to be a limited real right registered in the Deeds Office against the title deed of the property of a person in favour of another person or entity. To examine all Deeds or other documents submitted for execution or registration, and, after examination execute or register them as by law permitted.

report

According to the report, planned activities for the new quarter will continue examining and registering deeds and other documents and to preserve the records as well as collecting government revenue judiciously in all the services under the office’s responsibility. The office has a duty to take charge of and preserve all the records of the Deeds Registry in a document processing system that will provide an effective storage and retrieval system as well as maximum safety and security. It collects revenue for the central government in the form of stamp duty, fees of office and search fees.

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