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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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Stamp duty special provisions act no 12 of 2006 main provisions l.jpg

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


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Outline

  • Introduction

  • Chargeability to Stamp Duty

  • Rates, By whom Stamp Duty is Payable and

    who are the Compounding Authorities.

  • General Exemptions

  • Mode of Payment


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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 l.jpg
    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


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    -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)


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    • 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)


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    Specified Instrument to compound for the duty payable.

    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 l.jpg
    General Exemptions to compound for the duty payable.(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)


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    to compound for the duty payable.

    • 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


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    Mode of payment: to compound for the duty payable.

    • Affixing stamps

    • Compounding ( to be remitted on specified dates)

    • Payment to bank by (cash or draft) and CGIRs endorsement


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    For specific applications please consult us. to compound for the duty payable.


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