Section 4 Stamp Duties Act

Section 4 of Stamp Duties Act 1939 is about Stamping and collection of duties on corporate instruments. It provides as follows:

(1) The Federal Government shall be the only competent authority to impose, charge and collect duties upon instruments specified in the Schedule to this Act if such instrument related to matters executed between a company and an individual, group or body of individuals.

(2) The State Governments shall collect duties in respect of instruments executed between persons or individuals at such rates to be imposed or charged as may be agreed with the Federal Government.

(3) In this section, “company” includes banks and other financial institutions.