The Stamp Duty (Amendment) Decree 2012 is now in effect with a few significant increases.
Prime Minister and Minister for Finance Commodore Voreqe Bainimarama had announced a review of stamp duty rate in the 2013 National Budget Address and these changes have now been enacted in the Stamp Duty (Amendment) Decree 2012.
The Decree shows that a number of rates and amounts of Stamp Duty have increased.
However any person who buys a house for the first time shall be conditionally exempted from paying stamp duty.
Under the Decree, upon every power or letter of attorney whether executed in or out of Fiji will now cost $100.
Duty rates for policies of general insurance over property such as land and buildings have increased from 5 cents per $100 of cover to 18 cents per $100 of cover, except for residential properties where the value of the property is $150,000 or less, then 6 cents per $100 of cover will be charged.
Increases in nominal stamp duties include Duty on a deed of settlement increased to $50 from the previous $10 applying to a deed.
A copy or duplicate of any document will now cost duty of $5 instead of $1. A discharge of a mortgage, mortgage debenture or bill of sale will attract stamp duty of $10 instead of $1 while Stamp duty on a guarantee will be $100 which was $10 previously.
The lease or agreement for a lease or any written document for the tenancy or occupancy of any land for agricultural purpose including dairy will cost $100 stamp duty, $1000 for commercial purposes while for residential purposes, the stamp duty charge will be $100 where Housing Authority is a lessee, for residential leases not issued by the Housing Authority stamp duty is $500 and $1500 for tourism or Audio visual purposes.
Story by: Sneh Chaudhry
