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STAMP DUTY AND ITS EFFECT ON TRANSACTIONS

Stamp Duty is a tax that is levied on certain documents and transactions inclusive of, inter alia, conveyances, mortgages, cheques, marriage licences, memorandum and articles of association and on the sale of shares/change in beneficial ownership in a company/business.

The rates of stamp duty vary as to the nature of the instrument or transaction. In The Bahamas, stamp taxes are administered by the Public Treasury, a department in the Ministry of Finance, in accordance with a series of Stamp Duty Acts. Certain exemptions are however afforded by the relevant legislation. More…