Stamp Duty Amendment Act 2022

What this bill does

This bill increases stamp duty fees across the board by 5% on various government documents and transactions. It updates the fees listed in Bermuda's Stamp Duties Act 1976, which covers charges for things like property transfers, legal documents, and business transactions.

If passed (voted YES)

• All stamp duty fees will cost 5% more - for example, a $25 fee becomes $27, and a $100 fee becomes $105
• Property buyers, businesses filing documents, and anyone requiring stamped legal papers will pay higher fees
• The government will collect more revenue from these administrative charges starting April 1, 2023

If rejected (voted NO)

• All current stamp duty fees remain at their existing amounts
• Citizens and businesses continue paying the same rates they do now for government document processing
• Government revenue from stamp duties stays at current levels

Who it affects

This affects anyone who needs to pay stamp duties in Bermuda, including property buyers, businesses registering documents, and people requiring various legal papers stamped by the government. The impact will be felt most by those making large transactions or frequently dealing with official documentation.