Holders of these authorisations must now file their documents with the Stamp Duty Office for the purpose of setting the fee or, alternatively, apply for payment of the stamp duty under the Article 10A return system. As of February 1, 2006, Post PNG Limited no longer sells adhesive stamps. Section 10A of the Monthly References of the Stamp Duty Act provides for the payment of stamp duty on a monthly basis. Subject to the authorisation of the stamp duty collector, this procedure is regularly available to taxable persons for a large number of instruments. Monthly return submission application forms are available from the Stamp Tax Office. Customs documents do not have to be submitted to the Stamp Office, but a summary is provided on a return form and the fee is calculated accordingly. People who buy real estate (houses, land, land and improvements or commercial premises) in Papua New Guinea must pay taxes on this purchase. Compliance obligations/requirements If the instrument has been exported to Papua New Guinea, buyers or their legal representatives are required to submit the contract or transfer and pay tax within 60 days from the date of first performance of the instrument. If a duplicate is required, each duplicate is calculated with K5. A duplicate is a second or subordinate copy of an instrument with the shape and face of the original. There is also a special reduced tax rate for citizens of Papua New Guinea for the purchase of a second property for their personal profession, and they will also live in their first property.
If the value of the property is less than K210,000, the tax is only 2% and other reduced rates apply if the property is greater than K210,000. This reduced rate would apply to people who have to live in two houses, for example.B. a businessman can have a business in two provinces and must live part of the year in one province and part of the year in another province. All comparators, whether a single instrument or one instrument among others, if combined, would be a comparator, subject to stamp duty. Many types of instruments can be treated in this way, such as for example. B the leasing of land or property. However, these agreements do not apply to the transfer of shares or immovable property and the transfer of leases. These instruments must be submitted to the Stamp Stamp Office. All transfers and assignments of leases of real estate in the country are subject to stamp tax under this point The transaction is outside the net GST only if the activity relates exclusively to the transfer of ownership or the transfer of ownership of real estate. . .