Counting Act All counting acts, whether a single instrument or one of the multiple instruments constitute a counting act, are subject to stamp duty. Objections to the assessment of the obligation within 30 days of the valuation or modification date of the assessment and for the payment of the obligation and sanction imposed, a person dissatisfied with an assessment may contradict in writing the collector of Stamp Duties and indicate in detail the reasons for the objection (Section 20A Stamp Duties Act). Divisions or divisions of real estate any agreement or other document relating to the division or division of real estate in the country must be paid with stamp duty under that title. Responsibility for the obligation is not the result of the acquisition of interests in a private company in question. There must be a majority interest. A majority stake is a shareholding which, in the case of a distribution of all the company`s assets immediately after the acquisition of the interest, would give the purchaser 50% or more of the distributed property. How an interest can be “acquired” is described in section 78H and involves a change in rights and the allocation, withdrawal, surrender or cancellation of an action or unit. Bookmakers can collect the turnover tax and stamp duty on betting tickets on their subtitles. Stamp duty is a tax levied by the state government if you buy a new property. This is a confirmation fee levied to verify you as the rightful owner of the property by validating the property under your name and regularizing your property documents. Mining Information Transfer The tax on the transmission of mining information for exploration and development licences is limited to K10,000.00, which in turn aims to promote mining and oil exploration in the country.

Section 16A of the Act prevents the splitting of contracts. The main purpose of the section is to ensure that the same taxes are paid for transactions; even if customers transfer more than one contract or contract. The section achieves this by adding transactions that are really the same major transaction or a series of transactions that are really the only transaction that provides monthly rese10A of the Stamp Duties Act to pay stamp duty on a monthly basis. Subject to the authorisation of the stamp duty collector, this procedure is regularly available to subjects for a large number of instruments. Monthly return application forms are available from the Stamp Duties Office. Mandatory instruments should not be submitted to the Stamp Duties Office, but a summary is presented on a return form and an obligation assessed accordingly. Stamp duty on LNG projects Stamp duty on transfers to restructure ownership of the LNG project is limited to K5,000.00 in the following cases:- There is also a concession to citizens of Papua New Guinea who buy real estate for their personal employment and they previously owned a property in which they lived. If the value of this property is less than K210,000, the tax is only 2% and the additional concession rates apply when the property is greater than 210,000 K210,000.

The law prevents individuals from unduly splitting the sale of real estate into a series of steps in order to reduce stamp duty payable. NOTE: Your contract and transmission memorandum must be affixed by the Internal Revenue Commission before the Landesrechtsamt puts your name back on the title of the property. Under the Stamp Act, where a licensing agreement (whether established by agreement or agreement) was established in Western Australia, stamp duty on the transfer of the licence agreement was to be paid in Western Australia (the legal nature of the estate is chosen in action, the transfer of which was mandatory under the Stamp Act).