Sars scraps stamp duty

first_imgClaiming refunds Procedures for the claiming of refunds were published on 27 March 2009 in the Government Gazette: see Sars’ stamp duty web page. 2 April 2009 Revenue franking machines will also be finally scrapped on 1 November 2009, and any value remaining on these machines can be refunded at any Sars branch until 31 October 2010. Outstanding duties “This is now done away with from 1 April 2009.” Holders of existing stocks of revenue stamps have until 31 October 2010 to claim a refund for the stamps from their nearest Sars branch. “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,” Sars said in a statement this week. The scrapping of the Act is not retrospective, however, and taxpayers remain liable for stamp duties due up to 31 march 2009, and any outstanding stamp duties must still be paid. The abolition forms part of ongoing efforts to reduce the administrative burden on taxpayers and simplify South Africa’s tax system. “Adhesive revenue stamps will only be demonetorised from 1 November 2009, to allow time for other government departments which utilise these to introduce alternative measures,” Sars said. “After that date they may not be used for any purpose.” The South African Revenue Service (Sars) has abolished the Stamp Duty Act (77 of 1968) with effect from midnight on 31 March 2009. SAinfo reporterWould you like to use this article in your publication or on your website? See: Using SAinfo materiallast_img

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