Duty on Documents and Transfers Act (Cap. 364), article 40

40. (1) There shall be charged on every contract of emphyteusis and sub-emphyteusis, whether or not there is also payable on such deed any other consideration, a duty to be asse ssed on the taxable value establishe d in accordance with this articl e, at the rate of five euro (€5) on every one hundred euro (€100) or part thereof. The taxable value shall be established as follows: 32 CAP. 364.] DUTY ON DOCUMENTS AND TRANSFERS Where the grant was made for a period of not less than one hundred years (100) years or in perpetuity, the groundrent or s ub- groundrent imposed on the deed shall be rounded up to the neare st one hundred euro (€100) and shall then be capitalised at the ra te of five per centum (5%), hereinafter referred to as the "capitalised groundrent". Where the emphyteutical concession is for a definite period of time, that does not exceed one hundred (100) years, the capitalised groundrent shall be reduced to: (a)t w e l v e per centum (12%) where the term is less than twenty-five (25) years; (b) thirty-three per centum ( 3 3 % ) w h e r e t h e t e r m i s twenty-five (25) years or m ore but is less than fifty (50) years; (c) sixty-five per centum (65%) where the term is fifty (50) years or more but is l ess than seventy-five (75) years; (d) eighty per centum (80%) where the term is seventy- five (75) years or more but is less than one hundred (100) years. The capitalised groundrent, shall then be added to any other consideration, and is thus referred to as "the taxable value": Provided that where the groundrent so imposed is to be revised or increased at specif ied amounts or rates, the amount of ground-rent specified in the deed to be rounded up to the neare st one hundred euro (€100) and then capitalised at the rate of fiv e per centum (5%), shall be the highest rate of groundrent payable in any particular year in the first ten (10) years of such emphyteutic al concession: Provided further tha t where the groundren t so imposed is to be revised or increased at a rate which cannot be calculated in whole or in part according to the stipulations mentioned in the deed, the amount of ground-rent specified in the deed which is to be rounded up to the nearest one hundred euro (€100) shall be increased by seventy-eight per centum (78%). (2) Where the duration of an emphyteusis may be extended, or is extended, or where two or more emphyteutical grants are made in respect of the same immovable in favour of the same emphyteuta or his successor in title, duty sha ll be assessed at the rates app licable to the total duration of the emphyteutical grant or grants, but allowance shall be made for any duty already paid in respect thereof. Duty on contracts of exchange.