Government to Double Stamp Duty on Rent and Lease Agreements for Properties from April 1

COLOMBO (News 1st) - The government has decided to increase the stamp duty applicable to Rent and Lease agreements for properties by 100%, effective from April 1.

The Ministry of Finance said that the revised fee structure will come into effect at the beginning of next month, as per a gazette notification issued by President Anura Kumara Dissanayake in his capacity as Finance Minister.

Accordingly, the stamp duty will be increased to Rs. 20 from the current Rs. 10 for every Rs. 1,000 or part thereof of the total lease or rental agreement, including the surcharge, for the full rental period.

This is the first revision of this category of stamp duty since 2006.

However, the Ministry noted that the stamp duty charged under the Consumer Credit Act for hire purchase agreements will remain unchanged.