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Reforms that were done post-colonial era include introduction of sales tax in 1969, enacting of new income tax legislation in 1973, amendment of the existing tax legislation to revise the tax bases and rates, abolition of some excise duty in 1979 and export duty in 1985/86, re-introduction of previously abolished excise duty in 1989.
Stamp duty was formerly a graduated progressive tax with the more expensive the house bought the greater the stamp duty rate. The top rate slowly increased from 0.5% in 1882 to 3% in 1947, 5% in 1973, 6% in 1975, reaching its peak at 9% in 1997. [7]
It was introduced by the Howard Government on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out the various state and territory taxes such as banking taxes, stamp duty and land value tax. While this was the stated intent at the time, the States still charge duty on a various transactions, including ...
The Tanzania Revenue Authority (TRA) is a semi-autonomous government agency of the United Republic of Tanzania. It was established by the Tanzania Revenue Authority Act, CAP. 339 [2] in 1995 and started its operations on the 1st of July 1996. It is headed by the Commissioner General.
In economics, a duty is a target-specific form of tax levied by a state or other political entity. It is often associated with customs , in which context they are also known as tariffs or dues . The term is often used to describe a tax on certain items purchased abroad.
A government report [83] in 1986 for Brisbane, Queensland advocated an LVT. The Henry Tax Review of 2010 commissioned by the federal government recommended that state governments replace stamp duty with LVT. The review proposed multiple marginal rates and that most agricultural land would be in the lowest band with a rate of zero.
The duty ran from 75 cents on the $100 to $5 on the $100, if the legacy or share in question did not exceed $25,000. On those over that value, the rate was multiplied 1.5 times on estates up to $100,000, twofold on those from $100,000 to $500,000, 2.5 times on those from $500,000 to a $1 million, and threefold for those exceeding a million. [75]
Stamp duty was introduced as an ad valorem tax on share purchases in 1808, [40] preceding by over 150 years the Tobin tax on currency transactions. Changes were made in 1963. [41] In 1963 the rate of the UK Stamp Duty was 2%, subsequently fluctuating between 1% and 2%, until a process of its gradual reduction started in 1984, when the rate was ...