IEASA National - News

Stamp Duty notes   Article Date :12 May 2005 General tips on working with stamp duty 1. Applicable from 1 January 2005 2. .50 per R100 irrespective of period 3. Time period for stamping - 30 days after second signature 4. Landlord must sign within three months of Tenant and lease must be stamped within 30 days of that signature 5. Penalties: after 30 days 10% pa is added of every month of part thereof. 6. If lease discovered unstamped by inspector or commissioner, interest +10 % 7. Gross evasion: additional duty would be double of unpaid duty imposed by commissioner 8. Stamp duty paid on rental not on market value of property 9. Stamp duty R200 or less is exempt 10. Renewals regarded as new leases - stamp duty @ .50 per R100 11. No stamp duty on VAT if applicable 12. Cession of lease exempt of stamp duty 13. Defacement /cancellation of stamps: Landlord is responsible or revenue officer. if Mandate for agent to sign the lease then they can cancel the stamps. Each stamp to be initialled individually 14. Stamps cannot be defaced after expiration of 30 day period, only SARS 15. For a lease to be used it must be correctly stamped and initialled and any penalties applicable must be paid. 16. Within next year or two, no revenue stamps - will be electronic or by SARS receipt Vivien Marks - IEA Western Cape - General Manager CLICK HERE TO RETURN TO THE MAIN NEWS PAGE