Inland Revenue Division: To Business And Tenants

CHIEF COLLECTOR OF STAMP DUTIES REMINDERS PERSONS TO PAY STAMP DUTY ON LEASE OR TENANCY DOCUMENTS IN RESPECT OF LEASED PROPERTIES

The Chief Collector of Stamp Duties ,today reminded lessees and tenants that lease or tenancy documents must be presented to his office for stamping within two months of the execution (signing) of the documents ,otherwise penalties are payable. 

The rates set out in the Schedule to the Stamp Duties Act are: Where the annual rental, or estimated annual rental value is not expressed in monetary terms-

(Noted : Correct Rates of Stamp Duties Act are:)

1. Exceeds $200 but does not exceed $1,000              1.75%
2. Exceeds $1,000 but does not exceed $10,000         2.25%
3. Over $ 10,000                                                                2.75%

The chief Collector of Stamp Duties said it is important that documents are properly stamped as the law provides that a documents that is not properly stamped is inadmissible in any Court action that may be taken. This means that if a tenant or lessee or landlord wishes to bring a Court action in respect of any breach of the agreement, the correct stamp duty must have been paid, otherwise the agreement cannot be given as evidence in the Court action. Mr Dokekana recommended that businesses should check any agreements they have sign to make sure they have been stamped and at the correct rate.

If you have any queries feel free to call or email:

1. Hitchen Dauara

Phone: 21552

Email: HDauara@mof.gov.sb  or

2.  Melanie Wate       Phone: 24624

Email: mwate@mof.gov.sb

3. Joseph Dokekana , Chief Collector of Stamp Duties

Inland Revenue Division, PO Box G9, Honiara, Solomon Islands

Phone: 28224, Fax 22369 www.ird.gov.sb

IRD is a Division of Ministry of Finance and Treasury.