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The Act establishes inter alia (a) the criteria to be taken into account in ascertaining the value of the property for the payment of transfer duty; (b) a list of costs and charges that do not form part of the valuation on which the duty is payable; (c) the deadline for the payment of the duty in case of sale, lease, exchange or donation, deferred possession, conditional sale, lease, exchange or donation, joint ownership. Exemptions from the transfer duty shall be allowed in the cases and to the extent provided for in Section 13. If a transaction upon which transfer duty is payable is cancelled and rescinded by mutual consent of the parties thereto before the transfer is made, the transfer duty upon such transaction may be remitted, provided that a solemn declaration in reference thereto is made by the parties or the Minister (if any party is unable to make such declaration). Section 15 provides for the partial remission when the transaction is cancelled after part of the consideration has been paid. Further provisions concern the procedure for the public sale of fixed property or lease and the private sale and leases by agent. The Act is completed by one Schedule containing model forms of the following: (1) declaration of seller; (2) declaration of purchaser; (3) declaration by lessor of fixed property; (4) declaration of lessee; (5) declaration of exchange; (6) declaration of donor; (7) declaration of donee; (8) declaration on partition of fixed property; (9) declaration of sale by agent; (10) declaration of seller; (11) declaration by seller of cancellation; (12) declaration by purchaser of cancellation; (13) declaration of seller when agent accepts sale for himself; (14) declaration of purchaser by agent who accepts the sale for himself.
