22. Do I have to pay stamp duty on my transactions?

Stamp duty is levied on certain written documents and transactions and some oral transactions, including:

  • Motor vehicle registrations and transfers;
  • Insurance policies;
  • Leases;
  • Mortgages;
  • Hire purchase agreements;
  • Property transfers such as transfer of businesses, real estate, and some share or trust units.

Merely because an agreement is not in writing does not mean it can avoid stamp duty.

The stamp duty rate varies according to the type of transaction and its value. Depending on the nature of the transaction, certain concessions and exemptions may be available.

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