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HOME  /  NEWS  /  THE TAX DEPARTMENT HAD RECENTLY ANNOUNCED VARIOUS AMENDMENTS TO THE PROCEDURE FOR AFFIXING STAMP DUTIES ON AGREEMENTS, BASED ON THEIR VALUE, EFFECTIVE FROM 27.07.20 ONWARDS

BRIEFINGS

The Tax Department had recently announced various amendments to the procedure for affixing stamp duties on agreements, based on their value, effective from 27.07.20 onwards

The Tax Department had recently announced various amendments to the procedure for affixing stamp duties on agreements, based on their value, effective from 27.07.20 onwards in relation to rental, employment agreements and SPAs. The new procedure applies strictly to the initial agreement and not to any addendum or additional agreement, whilst it provides that the person who wishes to have an agreement stamped shall follow a series of steps that the Tax Department has published online and which are briefly set out below.

The procedure

The Tax Department has published a manual which provides information on the accurate calculation of the required stamp duties.

Stamp duties not exceeding €100

Timely affixation of stamp duties – within 30 days from the execution or drafting of the document

The interested party shall:

  1. Calculate the stamp duties payable according to the aforesaid manual.
  2. Send to the Tax Department, via email, the relevant ‘Calculation of Stamp duties’ form.
  3. Purchase the stamp duties from approved representatives (who are listed on the Tax Department’s site).
  4. Affix and cancel the stamp duties with the same procedure that applies to fixed stamp duties – further information can be found on the Tax Department’s website.

Details relating to the procedure of affixation of stamp duties in the case where the deadline of 30 days has lapsed, as well as for the issue of true copies are also available on the Tax Department’s website.

Stamp duties exceeding €100

The interested party shall:

  1. Calculate the stamp duties payable according to the relevant manual published by the Tax Department.
  2. Print out the relevant ‘Calculation of Stamp duties’ form and submit it to the authorities for the payment of stamp duties.
  3. Present before the authorities the receipt of payment together with the agreement/document upon which the stamp duties will be affixed so that they are cancelled.

For any assistance on the above, contact us at info@pirilides.com or at info@multilysis.com.