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Currently, stamp duty is levied
on a variety of instruments specified in the First
Schedule of the Stamp Duties Act. In the 1996
Budget, stamp duty was abolished on 13 types of
instruments. To further reduce costs and inconvenience
to businesses and members of the public, stamp
duty will be abolished on all instruments, except
for those which relate to stock and shares, and
immovable properties. The estimated revenue loss
from these changes is $33 million. The changes
will take effect from 28 February 1998. Details
are set forth in Annex III. |
