Stamp tax examples
- Stamp tax examples
- What is the national stamp tax?
- How much is the stamp tax 2021?
- When is stamp tax due?
- Stamp tax on lease contract
- How is the stamp tax calculated?
- What is the national stamp tax rate for the taxable year 2020?
- Who must pay the Stamp Tax?
- How much is the stamp tax 2021
- Which documents are subject to stamp tax?
- How much is the credit tax?
- When was the stamp tax created in Colombia?
- The stamp tax consisted of
The Stamp Tax is regulated by Decree Law No. 3,475, of 1980, and is a tax that is levied mainly on documents or acts that show a money credit operation. Its taxable base corresponds to the amount of capital specified in each document.
There are fixed rates and variable rates. Bills of exchange, promissory notes, simple or documentary credits, delivery of invoices or accounts receivable, bank discount of bills, loans and any other document, including those issued in dematerialized form, containing a money credit operation, are subject to a rate of 0.066% on their amount for each month or fraction of a month between their date of issue and maturity, with a maximum of 0.8%.
By virtue of Supreme Decree No. 537 Exempt of the Ministry of Finance, published in the Official Gazette of January 4, 2016, the fixed rates of the Stamp Tax established in Articles 1°, No. 1, and 4°, were readjusted by 2.7% as from January 1, 2016, leaving its amount at $3,565.
What is the national stamp tax?
What is stamp tax? It is a documentary tax levied on different titles and private and public documents that have been granted within the country or abroad, as long as it is evidenced that they have been constituted in the national territory.
How much is the stamp tax 2021?
Date of Update: 10/26/2021
As of January 1, 2016, in accordance with Law No. 20,780 of 2014, these rates will be 0.066% and 0.8%, respectively.
When is stamp tax due?
The national stamp tax is a tax levied on public or private documents that create, modify or extinguish obligations, and which generally involve the transfer of wealth from one subject to another by means of securities, contracts, etc.
Stamp tax on lease contract
As Oficio N°710 (04/14/2008) indicates, the stamp tax is a “documentary tax”, which means that “the taxable event in this case is not the contract entered into, but the document itself, which shows a money credit operation and, by the mere fact of issuing or granting the document, the tax must be paid, since it is accrued at that moment”.
On the other hand, Article 2206 indicates that “Conventional interest has no limits other than those designated by special law; unless, not limited by law, it exceeds by one half that which is proven to have been current interest at the time of the agreement, in which case it shall be reduced by the judge to such current interest”.
Suppose that a money loan is issued with a value of $ 50,000,000 (Deposited in the bank). Chilean lender. The term of maturity of this document is 14 months, and the term to pay the ITE is from the 5th following business day starting on 04.30.2021, that is, on 05.06.2021.
How is the stamp tax calculated?
The rate is equal to 0.033% on its amount for each month or fraction thereof between the issuance of the document and its maturity date. The cap rate may not exceed 0.4%.
What is the national stamp tax rate for the taxable year 2020?
* – Amended – The national stamp tax shall be levied at the rate of one point five percent (1.5%) on public instruments and private documents, including securities, which are granted or accepted in the country, or which are granted outside the country but executed in the national territory or …
Who must pay the Stamp Tax?
When a bill of exchange is issued, the beneficiary or creditor must pay the Stamp Tax, since he is the subject of the tax, which does not prevent him from recovering such tax from the acceptor, as provided in Article 9 of the Stamp Law.
How much is the stamp tax 2021
It is important to note that, in general, the law establishes a reduction of the rate to 0% for taxes under this law, which are accrued in the indicated period. As it is not an exemption or suppression of the tax, the formal obligations established in the LITE remain intact.
– The extensions or renewals of credits made between April 1, 2020 and September 30, 2020, both included, are affected with 0% rate. If they are extended or renewed again at a later date, they will be affected at the rate in effect at that time.
– The purpose of the foregoing is to ensure that such operations or original documents maintain, with respect to the original principal, the corresponding reduced rate, even if they are subject to renegotiation in the future.
– The obligation to send to the Internal Revenue Service, on a semi-annual basis, all taxable and exempt operations with the tax, in the same manner as if a rate other than zero were applicable, including within the taxable operations the operations subject to a 0% rate, is maintained.
Which documents are subject to stamp tax?
Pursuant to Article 1 No. 3 of DL No. 3,475, the Stamp Tax is levied on bills of exchange, drafts and promissory notes and all documents evidencing a money credit operation, in the terms set forth in Article 1 of Law No. 18,010.
How much is the credit tax?
In accordance with Law No. 20,780 of 2014, it is applied on the effective amount of the loan with a rate ranging between 0.066 % for each month or fraction of a month between the issuance of the document and the maturity date; without such rate being able to exceed 0.8%.
When was the stamp tax created in Colombia?
In order to strengthen tax revenues, in 1880, through the enactment of Law 46 of that year, the National Stamp Duty was established and organized.
The stamp tax consisted of
A revenue, tax or fiscal stamp (from the French, timbre, stamp) is a sticker commonly used to collect taxes or costs on documents, tobacco, alcoholic beverages, drugs and medicines, playing cards, hunting licenses, firearms licenses, and many other things. Typically businesses purchase the stamps from the government, and attach them to taxed items as part of the process of offering the items for sale, or in the case of documents, as part of filling out forms.
In the Ottoman Empire, Damga resmi (the Stamp law) was already in force in the 16th century. Tax stamp records of seals made of silk provide evidence on changes in silk production over time. There are many types of tax stamps.
There are many types of tax stamps in the world, and many may probably go unrecorded. Both national and local entities have issued them. Governments have sometimes combined franking and fiscal functions. In the former British Empire, such stamps were “postage and revenue” to reflect their dual function. Other countries have simply discontinued their use in favor of postage or vice versa. A revenue stamp subsequently authorized for postal use is known as “postage/fiscal”. Bhutan authorized the use of fiscal stamps for postal purposes from 1955 until the first franking of the country’s own stamps in 1962. In the Stanley Gibbons catalog, this type of stamp has the prefix “F.” In the Stanley Gibbons catalog, this type of stamp is prefixed “F.”[3