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Stamp (Amendment) (No. 2) Act, 2008
Application for Stamp Duty Exemption by first time homeowners. This form is reserved for persons seeking Stamp Duty Exemption on their Conveyance and Mortgage Instruments relative to the acquisition of their first time dwelling home.
Letter of application;
A recent appraisl report for the home;
Stamp Duty Exemption Affidavit;
Stamp Duty Application Form;
Copy of your National Insurance Card and relavant pages of passport;
Copy of the first, signature and backing pages of Conveyance and/or Mortgage Instruments;
Proof of legal status to reside in the country if non-Bahamian.
Any other document and/or information that may be requested by the Stamp Exemption Unit.
Copy of Sales Agreement
The Ministry of Finance brings to the attention of the public the recent amendment to Section 17 of the Stamp Act which came into effect on 25th May 2005.
This Section now provides for increased penalty where stamp duty remains unpaid for a period of up to 6 months from the dated of the transaction. A surcharge of 10% of the stamp duty is levied.
Where the time exceeds six months, then the surcharge is 15% of the stamp duty.
The public is encouraged to present all unstamped documents to the Public Treasury for stamping, so as to avoid the levy of a surcharge.
The public is also advised that documents will be stamped with the rates in effect at the time of execution of the instruments.
The Ministry of Finance advises the general public that all applications for exemption under the Stamp (Amendment) (No. 2) Act, 2008 which provides for exemption from the payment of stamp duty on certain financial transactions involving licensed lending institutions should be made directly to The Treasurer, Stamp Exemption Unit, Public Treasury, Marlborough Street and not at the Ministry of Finance.
This move is intended to reduce the time required to complete the exemption process.
Complete all sections of these forms online (electronically);
Print and sign appropriately;and
Return forms and all supporting documents to the Revenue Section, Ministry of Finance.