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The central government requires stamp duty to be paid on several classes of transaction documents, primarily focused on securities, under the Indian Stamp Act, 1899. [5] In addition, stamp duty may be charged by the state government for other transactions depending on state-specific legislation.
A state tax commonly called "stamp duty" is assessed when property is purchased or transferred. It is typically around 5% of the purchase price, payable by the purchaser. Other transfer charges may also apply, including special fees for investors from overseas. [7] "Land tax" – also a state tax – is assessed every year on a property's value.
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
A separate Board of Stamps was created by the Stamps Act 1694.During the 18th and early 19th centuries at various times (as financial strains on the economy demanded, and Parliament allowed) stamp duties were extended above a certain threshold of sale value to cover newspapers, pamphlets, lottery tickets, apprentices' indentures, advertisements, playing cards, dice, hats, gloves, patent ...
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The first revenue stamps in the United States were used briefly during colonial times, among the most notable usage involved the Stamp Act.Long after independence, the first revenue stamps printed by the United States government were issued in the midst of the American Civil War, prompted by the urgent need to raise revenue to pay for the great costs it incurred.
The reason for not referring to these documentary taxes as stamp duty was that under the old International Business Companies Act (Cap 291), companies incorporated under that Act were exempt from stamp duty, and so to retain the payment obligations for those companies, they were referred to as 'cheque duty' and 'trust duty' respectively.
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