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Johannesburg - Stamp duties will be abolished on Tuesday at midnight.
Stamp duty is a tax charged on legal documents and has been levied in South Africa since 1911.
The SA Revenue Service said the abolition of the Stamp Duty Act forms part of 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 the tax only needed to be paid on property leases of over five years. This is now done away with from April 1 2009.
In the past, stamp duty of 0.5% of the property lease was payable.
The scrapping of the legislation is, however, not retrospective and taxpayers remain liable for stamp duties due up to the end of March. The South African Revenue Service (Sars) has warned that any outstanding stamp duties must still be paid.
Holders of existing stocks of revenue stamps have until the end of October 2010 to claim a refund for the stamps from a Sars branch.
- Fin24.com