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Stamp Duty (Special Provisions) Act No.12 of 2006 [Main provisions]

Stamp Duty (Special Provisions) Act No.12 of 2006 [Main provisions]. Outline . Introduction Chargeability to Stamp Duty Rates, By whom Stamp Duty is Payable and who are the Compounding Authorities. General Exemptions Mode of Payment. Introduction. Historical Background (Brief)

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Stamp Duty (Special Provisions) Act No.12 of 2006 [Main provisions]

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  1. Stamp Duty (Special Provisions) Act No.12 of 2006[Main provisions]

  2. Outline • Introduction • Chargeability to Stamp Duty • Rates, By whom Stamp Duty is Payable and who are the Compounding Authorities. • General Exemptions • Mode of Payment

  3. Introduction • Historical Background (Brief) • Effect of devolution of certain legislative powers to Provincial Councils. • Abolition of application of Stamp Duty Act 43 of 1982 w.e.f 01.05.2002 • Extent of Applicability of Stamp Duty (Special Provisions) Act and the Stamp Duty Act No 43 of 1982

  4. Chargeability to Stamp Duty • Stamp Duty is Charged on every specifiedinstrument • Executed, drawn or presented in Sri Lanka • Executed outside Sri Lanka in relation to a property in Sri Lanka and presented in Sri Lanka

  5. -Rates,-By whom Stamp Duty is payable, and-Who are the Compounding Authorities • Rates: Specified in the Gazette 1439/1 And 1439/3 (Dated 03.04.2006) • Duty is generally payable by the party making or executing the instrument (or the party getting the facility or property) • Section 7 of the Act specifies categories of persons who are required to compound for SD payable (after the CGIR’s authorization)

  6. Generally, the person issuing the instrument is authorized to compound for the duty payable. (an exception is that an Employer will be a Compounding agent even though the issuer of the receipt is an Employee). • Compounding authority should issue a Certificate to the liable person (Other than employers)

  7. Specified Instrument Stamp Duty Rate Duty Payable By Compounding Authority Person Making or executing 1. Affidavit Exemption: Affidavit on request by a public officer, or as required Under any Written law 25/-

  8. General Exemptions(Gazette 1439/2 – 03.04.2006) • Instruments executed by, or on behalf of, or in favour of a co-operative society • Instruments executed by or, on behalf of the Government of any Country (in respect of which an order is in force) • Any instrument in relation to which the Government would be liable to pay SD (not for this exemption)

  9. … • Instruments in relation to supply of any service to Diplomatic Missions etc. (Where the Diplomatic privilege Act is applicable and reciprocal benefits are available) • Instruments executed under farmers pension and Social Security Benefit Scheme

  10. Mode of payment: • Affixing stamps • Compounding ( to be remitted on specified dates) • Payment to bank by (cash or draft) and CGIRs endorsement

  11. For specific applications please consult us.

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