The Stamp Duties Act (Amendment) Bill, 2017 was recently introduced to the House of Representatives and undergoing legislative process. The Bill seeks to expand the scope of the Stamp Duties Act and address the current ambiguities in the law.
The definition and scope of a "stamp" under the Bill has been expanded to include electronic, internet and Point of Sale (POS) transactions. The Bill will also legalise the controversial imposition of stamp duty on bank deposits. Other proposed changes include:
- Compulsory use of postage stamp instead of adhesive stamp
- Imposition of stamp duty on all forms of agreements
- Increase in threshold for receipts
- Substantial increase in applicable penalties under the Bill
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