Cap. 364 Art. 40Emphyteutical grants.

(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 assessed on the taxable value established in accordance with this article, at the rate of five euro (€5) on every one hundred euro (€100) or part thereof.

The taxable value shall be established as follows:

Where the grant was made for a period of not less than one hundred years (100) years or in perpetuity, the groundrent or sub-groundrent imposed on the deed shall be rounded up to the nearest one hundred euro (€100) and shall then be capitalised at the rate of five (5%), hereinafter referred to as the "capitalised per centum 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) twelve per centum (12%) where the term is less than twenty-five (25) years;

(b) thirty-three (33%) where the term is per centum twenty-five (25) years or more but is less than fifty

(50) years;

(c) sixty-five per centum (65%) where the term is fifty

(50) years or more but is less than seventy-five (75) years;

(d) eighty (80%) where the term is seventy-per centum 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 specified amounts or rates, the amount of ground-rent specified in the deed to be rounded up to the nearest one hundred euro (€100) and then capitalised at the rate of five per (5%), shall be the highest rate of groundrent payable in any centum particular year in the first ten (10) years of such emphyteutical concession: Provided further that where the groundrent 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 (78%). per centum

(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 shall be assessed at the rates applicable to the total duration of the emphyteutical grant or grants, but allowance shall be made for any duty already paid in respect thereof.