Q.
Can you predict what question is going to come out on Stamp Act this year 2015?
(Series D04 Tax 3/5 - Question 3; Stamp Act)
A.
Based on the past 4 years:
2011 Q6 ad valorem and fixed stamp duty
2012 Q3 2 types of stamp duties and date of stamping for property transaction
2013 Q - none
2014 Q4 timing to register a transaction, penalty if late stamping
This is a standard question on Stamp Act 1949. Usually it is about ad valorem and fixed duty and their differences. I would predict the old question of ad valorem and fixed will still be asked in small part, and something new on Stamp Duty will be added.
1. Briefly explain ad valorem and fixed stamp duties. As ad valorem duty is calculated based on market value or actual consideration paid whichever is the greater, many a time market value is enormously high and speculative. How can a dissatisfied party appeal to High Court for an objection to such conditions?
Ref:
Earlier posts in past year question bank.