Govt increases stamp duty on lease and rent agreements by 100%

The government has decided to increase the stamp duty on agreements for leasing or renting property by 100%.

According to the Ministry of Finance, the revised fees will take effect from April 1.

Currently, for lease or rental agreements, the stamp duty is charged at Rs. 10 for every Rs. 1,000 or part thereof, including any advance payments made for the entire lease period.

The ministry stated that this stamp duty will be increased to Rs. 20 from April 1. A gazette notification regarding the change has already been issued by Finance Minister Anura Kumara Dissanayake.

Notably, this is the first revision of the stamp duty since 2006.

However, the ministry clarified that the stamp duty on agreements under the Consumer Credit Act, which is charged at Rs. 10 per Rs. 1,000 or part thereof of the total value, will remain unchanged. (NewsWire) 

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