RevenueSA has issued Information Circular No 63 which notes the replacement of the Stamp Duties Regulations 2002 (SA) with the Stamp Duties Regulations 2013 (SA) with effect from 1 September 2013. Among other things, the Information Circular states the 2013 Regulations had removed a sub-regulation which had provided that where ad valorem stamp duty had been paid on an instrument in respect of a transaction that had subsequently been frustrated, avoided, miscarried or annulled, a deduction of 5% or any lesser amount could be made from a refund. As a result of the sub-regulation’s removal, the Information Circular says RevenueSA will no longer deduct an administrative fee for processing refunds.
[LTN 175, 10/9/13]