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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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Presentation Transcript
outline
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
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

chargeability to stamp duty
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
rates by whom stamp duty is payable and who are the compounding authorities
-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)
slide6

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)

specified instrument
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/-

general exemptions gazette 1439 2 03 04 2006
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)
slide19
  • 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
mode of payment
Mode of payment:
  • Affixing stamps
  • Compounding ( to be remitted on specified dates)
  • Payment to bank by (cash or draft) and CGIRs endorsement
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