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Stamp Duty

Definition

There shall be charged on

Effect From

Stamp duty Rates

Gazette

Valuation for stamp duty (immovable property)

Payment

Revenue

	Definition
	Stamp Duty is charged under section 37 of the Finance Statute of the Southern Province N0.07 of 1990.
	There shall be charged on
	*	Every instrument relating to a transfer of immovable property situated in the Southern Province.
	*	Every document presented of field, in proceedings instituted in any Court of law established by law, in the Southern province of Sri lanka.
	Effect From
		1st January,1991
	Stamp duty Rates

01	Gilt of immovable property*			Rs.
	a.	Value Rs. 50,000 or less	For every Rs.100 or part theroof	3.00
	b.	If Value exceeds Rs. 50,000	On first Rs. 50,000	1,500.00
			On the balance, for Every Rs. 100 or thereof	2.00

02	Selling, immovable property*			Rs.
	a.	Value Rs. 100,000 or less	For every Rs.100 or part theroof	3.00
	b.	If Value exceeds Rs. 100,000	On first Rs. 100,000	3,000.00
			On the balance, for Every Rs. 100 or thereof	4.00

03	Exchange of any Property - not between co-heirs*
	a.	if equal value	The same duty as on a conveyance of such property at its market value
	b.	if not equal value	The same duty as on a conveyance of the property of higher value, computed at its market value thereof

04	Exchange of any Property - between co-heirs*			Rs.
	a.	if equal value		10.00
	b.	if not equal value	The same duty as the duty payable on the transfer of a property. Whose value is equivalant to the difference in market value of the properties exchanged.

05	Every document presented or filed in the proceedings instituted in			Rs.
	a.	High Court	For every Rs.1,000 or part thereof (maximum of Rs.2,000)	2.00
	b.	Disrict Court	For every Rs.1,000 or part thereof (maximum of Rs.1,000)	1.00

06	Others		Rs.
	a.	Transfer or conveyance of any immovble property, without Consideration, by an executor or administrator of an estate of a deceased to person beneficially entitled to such property or to a trustee appointed under the will of the deceased, or by a trustee to a beneficiary or an order of court in matrimonial proceedings**	10.00
	b.	Transfer or conveyance of any immovble property, without Consideration,by a trustee or the executor or administrator of a deceased trustee to a surviving trustee or to a new trustee	10.00

Gazette

01	644/29- 1991.01.12 - Turnover Tax-Rates & Exempt, Stamp Duty-Revenue Stamp & Rates
02	648/05-1991.02.05-Stamp Duty - Bank Certificate
03	670/04-1991-07-01-Stamp Duty - Bank Certificate Form
04	698/05-1992-01-22-Stamp Duty - Rates
05	704/04-1992.03.03-Stamp Duty - Bank Certificate Form
06	1478/16-2007-01-04-Turnover Tax-Rates, Revenue Stamp Cancel
07	1735/24-2011-12-07-Stamp Duty - Bank Certificate Form

Valuation for stamp duty (immovable property)

01.

To any property (other than immovable property which is gifted) and to any date, means the prize which in the opinion of the Assessor, property would have fetched in the open market on that day;

02.	To any immoverble property which is gifted, being immoverble property which was acquired by donor on or before march 31, 1977 means -
	a.	The price which in the opinion of the Assessor that property would have fetched if sold in the open market on march 31,1977 increased by an amount equal to the cost of the improvements, alterations and additions, if any, made to such property after march 31, 1977 and prior to the date of the instrument by which such property is gifted; or
	b.	The price,which, in the opinion of the Assessor, that property whould have fetched if sold in the open market on the date of the instrument by which such property is gifted;
	Whichever price is the lower

03.	Any immoveable property which is gifted, being immoveable property which was acquired by the donor after March 31, 1977 means -
	a.	The price which, in the opinion of the Assessor, such property would have fetched if sold in the open market on the date on which such property was acquired by the donor, increased by and amount equal to the cost of the improvement, alterations and additions, if any, made to such property after the date on which the property was acquired by the donor, and prior to date of the instrument by which such property is gifted; or
	b.	The price which, in the opinion of the Assessor, that property would have fetched ,if sold in the open market on the date of
	Whichever price is the lower

	Payment
	*	Duty is payable at the time of execution of the instrument
	*	Stamp duty payable on an instrument relating to a transfer of immovable property may be paid to a prescribed bank which shall issue a Certificate in the prescribed from payment of the amount of stamp duty paid and the date of payment of such duty and such instrument shall have affixed on it the Certificate of payment issued by the bank.
	*	These Bank Certificate Could be Purchesed from any branch of People's Bank or Bank Of Ceylon
	Revenue

Year

Target

Actual

441

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