Sri Lanka Gazettes Order on Stamp Duty Rates for Property Lease, Hire Agreements

The Sri Lankan Official Gazette March 27 published an order amending stamp duty rates on agreements for the lease or hire of any property. The order includes measures: 1) setting the stamp duty rate at 20 Sri Lankan rupees (US$0.06) for every 1,000 rupees (US$3.32), or part thereof, of the aggregate lease or hire, including any premium, payable for the whole term in the agreement, excluding hire purchase agreements; 2) specifying that for lease terms for such agreements exceeding 20 years, the aggregate hire or lease payable for the entire term is considered the aggregate of the hire or lease ...