Who pays stamp duty in Ghana?

Who is responsible stamp duty?

The accountable person pays the Stamp Duty. In most cases, the accountable person is the person receiving the property. However, if the property is transferred, for example, as a gift, all parties to the instrument (written document) are accountable persons.

What is the stamp duty rate in Ghana?

Stamp taxes

Stamp duty is paid, at rates ranging between 0.25% to 1% and GHS 0.05 to GHS 25, depending on the type of transaction and the instrument. A stamp duty of 0.5% applies on the initial stated capital and any subsequent increase in the stated capital.

Who pays stamp duty on bill of exchange?

In case of bills of exchange drawn on the importer, stamp duty is payable for usance period beyond 90 days. It is not payable on bills of exchange with usance period of up to 90 days. Under a letter of credit, the bill of exchange is drawn on the issuing bank and not on the importer.

Why is stamp duty required?

The role of the department is to value when a property is transferred, a transferee is required to pay a stamp duty. As provided for under the First Schedule of the Stamp Act 1949, this duty is based on the money value of the consideration or the market value of the property, whichever is greater.

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Who pays stamp duty landlord or tenant?

Generally, tenants are responsible for making the stamp duty payment, unless otherwise agreed by the landlord, and can check the amount payable via IRAS’ website. The party paying the stamp duty should also check that the duty is fully paid by requesting the stamp duty certificate.

Do companies have to pay stamp duty?

Stamp Duty Land Tax – Just like property bought by an individual, your limited company must pay Stamp Duty Land Tax and the 3% second home surcharge. Conveyancing and legal fees – You will need to pay a conveyancer to undertake the legal work of transferring ownership to your limited company.

Who is a taxable person in Ghana?

Taxable Person is a person who is registered for the purposes of the VAT Act or is required to register under sections 6 to 16 of the VAT Act 2013, (Act 870).

What is stamp duty paid?

Stamp Duty Land Tax (SDLT) is a tax paid by the buyer of a UK residential property. The stamp duty rate ranges from 2% to 12% of the purchase price, depending upon the value of the property bought, the purchase date and whether you are a first time buyer or multiple home owner.

What is the percentage of stamp duty paid?

The rates are still 10% and 12% for the last two bands (£925,001 to £1.5 million and above £1.5 million). If you’re buying a second home you will pay 3% on the first £250,000 of the purchase price, then 8% from £250,001 to £925,000. The usual rates of 13% and 15% apply for the last two bands.

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What happens if you don’t pay stamp duty?

Late payment

You are liable to a penalty if you fail to pay us by the payment due date. The tax due is £20,000 and your payment is 16 months late. … then a further £1,000 because your payment is 12 months after the penalty date, (5% of the unpaid tax)

Is stamp required for bill of exchange?

Bill of Exchange drawn on Indian importers and foreign buyers in the case of exports beyond 90 days usance, attracts stamp duty. If the Bill of Exchange is drawn on bank even for usance period beyond 90 days, no stamp duty is payable.

How can you avoid stamp duty?

Six ways to legitimately avoid stamp duty

  1. Haggle on the property price.
  2. Transfer a property.
  3. Buy out your ex.
  4. Pay for fixtures and fittings separately.
  5. Build your own.

How is stamp duty penalty calculated?

Stamp duty is payable before the execution of transactions. one can also pay the stamp duty on the next working day of the date of execution of the transaction. Any further delay in the payment of stamp duty will attract a penalty at 2% per month upto a maximum of 200% of the remaining amount.