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by pltm
(PLTM) - The Inland Revenue Department collected over $4M in revenues from stamp duty last year; however, the department is forced to rely on the media to know when property sales occur. Mr. Orris Thomas, Deputy Commissioner of Inland Revenue told legislators that the department is responsible for stamp duty and in 2016, they collected $4,838,430.00 for stamp duty. Hon. Julian Fraser, Third District Representative enquired what kind of transactions stamp duty is based on. Thomas, in response, said all instruments that require stamping. He went on to explain, for example, transfers, bill of sale, charges, affidavits and any other instruments that would require stamping, but primarily the bulk of the stamp duty revenue comes in from instruments of transfer. Hon. Fraser then asked who is responsible for policing and ensuring that payments of stamp duty are made. Thomas said that the instrument is not a legally binding instrument until it is stamped by Inland Revenue and registered with the Land Registry. He was then asked if the instrument for stamp duty is brought to the department or if they know when a sale takes place. The DCIR was also asked if action is taken if stamp duty is not paid into the department. Thomas explained that they would not know unless there is a media report about a sale, then the department could probably do some investigative work. Ordinarily, the department would not know that a sale had taken place unless it was in the media. Hon. Dr. Hubert O'Neal, Ninth District Representative asked if within the department and in the DCIR’s estimation, they have the resources or the capability to collect the monies or if they need help to do so. Financial Secretary, Mr. Neil Smith stated that they had some outstanding issues in the Inland Revenue Department, and they know that there were receivables and record keeping that need to be improved. He stated that a lot of work is to be done to have a mandate starting this year.
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