Resident and all Foreign Taxpayers

In the COVID-19 Response Budget, stamp duty levied on mortgages for resident taxpayers was reduced from 1.75 per cent to zero, and stamp duty levied for foreign taxpayers was reduced from 5 per cent to zero.

That reduction –– set to expire on 31 December 2020 –– is now permanent.

Minister for Economy and Attorney-General Aiyaz Sayed-Khaiyum said: “But we’re going much further, all stamp duties are hereby abolished; making transactions faster and cheaper for everyone. “That broad-based change means there are no longer any stamp duties on any government document –– from buying a house, a car or any hire purchases, that financial burden has been eliminated for good.

“Mr Speaker, when it comes to customs duties, we are building an entirely new tariff structure; one centred around simplicity and liberal trade, with a special focus on cutting costs for the tourism sector and making life more affordable for ordinary people.”