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Shoura Council issued Law 9 of 2013 amending Law 111 of 1980 concerning Stamp Duty. Pursuantto these amendments, Law 104 of 2012 amending the Stamp Duty Law is now made effective as of April 30, 2013. A stamp duty tax of 1 per mille every quarter is now imposed on credit facilities and loans to be divided by the bank and its customer. The stam duty on advertisements of any kind is set at 20%. A new stamp duty tax is also imposed on the sale and purchase of shares of 2 per mille to be divided equally between buyers and sellers.
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