STAMP DUTY Meaning and
Definition
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Stamp duty is a tax imposed on certain documents or transactions, usually legal in nature, as a way to validate or authenticate them. It is a form of indirect tax collected by the government when certain transactions or documents are created, executed, or transferred. Generally, stamp duty is payable on agreements, deeds, contracts, loans, and other legal instruments.
The amount of stamp duty payable is calculated either as a fixed fee or a percentage of the value or consideration of the transaction or document. The specific rate depends on the nature of the transaction as well as the jurisdiction in which it takes place. Stamp duty can be applicable to both physical documents and electronic transactions, depending on the legislation in effect.
The primary purpose of stamp duty is to ensure that transactions or documents are legally recognized and appropriately recorded. The payment of stamp duty serves as proof that the transaction or document has been duly executed and registered with the relevant authorities. Failure to pay the required stamp duty can render the document invalid or unenforceable.
Stamp duty is a significant source of revenue for governments and is often used to fund public services and projects. It is commonly levied in countries around the world, with the rates and regulations varying from jurisdiction to jurisdiction. Stamp duty can have an impact on the costs associated with various transactions and can influence business decisions and real estate transactions.
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A tax imposed on paper or parchments when used to contain certain writings.
Etymological and pronouncing dictionary of the English language. By Stormonth, James, Phelp, P. H. Published 1874.
Common Misspellings for STAMP DUTY
- atamp duty
- ztamp duty
- xtamp duty
- dtamp duty
- etamp duty
- wtamp duty
- sramp duty
- sfamp duty
- sgamp duty
- syamp duty
- s6amp duty
- s5amp duty
- stzmp duty
- stsmp duty
- stwmp duty
- stqmp duty
- stanp duty
- stakp duty
- stajp duty
Etymology of STAMP DUTY
The word "stamp duty" originated in the 17th century. The term "stamp" refers to an official mark or seal, often made with ink, that was used to validate legal documents. "Duty" refers to a tax or fee imposed by the government on various transactions. Therefore, "stamp duty" refers to the tax or fee levied on certain documents when they are stamped or sealed, indicating their legal authenticity and compliance.
Similar spelling words for STAMP DUTY
- stamp battery,
- stamp tax,
- stamp down,
- stamp dealer,
- stamp mill,
- stamp pad,
- stamp out,
- Stamp Act,
- stamped,
- stamp album,
- stampley.
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