Press briefing of Cabinet Decision taken on 2019-10-15

Amendment to the Stamp Duty (Special Provisions) Act, No.12 of 2006 and the Provincial Councils (Transfer of Stamp Duty) Act, No.13 of 2011

- In terms of section 7 of the Stamp Duty (Special Provisions) Act, No.12 of 2006 as amended by the Stamp Duty (Special Provisions) Act, No.10 of 2008, the stamp duty collected by persons authorized to compound such duty, is remitted to the Commissioner General of Inland Revenue and there are instances where requests are made to the Commissioner General of Inland Revenue for refund, from the persons who have made such stamp duty payment in excess or erroneously of the required amount. Although the Commissioner General of Inland Revenue is satisfied that such claims are genuine and legitimate, no refunds could be made since there is no legal provision available in the Stamp Duty (Special Provisions) Act, No.12 of 2006 or the Provincial Councils (Transfer of Stamp Duty) Act, No.13 of 2011 therein, for such refunds. As such, the proposal made by the Minister of Finance to instruct the Legal Draftsman to draft the Stamp Duty (Special Provisions) Act, No.12 of 2006 and the Provincial Councils (Transfer of Stamp Duty) Act, No.13 of 2011 incorporating provisions to enable such refunds to be made, was approved by the Cabinet.