stamp duty
31 March 2009
Abolition of stamp duty from 1 April 2009
Pretoria: The South African Revenue Service is pleased to announce the
abolition of the Stamp Duty Act (77 of 1968) with effect from midnight on 31
March 2009.
The abolition forms part of the ongoing efforts to reduce the administrative
burden on taxpayers and to simplify the tax system.
The scrapping of the Act follows the whittling down of the scope of stamp
duties over the past few years until only property leases of over five years
required stamp duties to be paid. This is now done away with from 1 April
2009.
The scrapping of the Act is, however, not retrospective and taxpayers remain
liable for stamp duties due up to 31 March 2009 and any outstanding stamp
duties must still be paid.
Adhesive revenue stamps will only be demonetarised from 1 November 2009 to
allow time for other government departments which utilise these to introduce
alternative measures. After that date they may not be used for any purpose.
Holders of existing stocks of revenue stamps have until 31 October 2010 to
claim a refund for the stamps from their nearest SARS branch. Revenue franking
machines will also be finally scrapped on 1 November 2009 and any value
remaining on these machines can be refunded until 31 October 2010 at a SARS
branch.
Procedures for the claiming of refunds were published in a Government
Gazette on 27 March 2009 which is available on the Stamp Duty Page.
Issued by: South African Revenue Service
31 March 2009
Source: South African Revenue Service (http://www.sars.gov.za)
