22 July 2011
IRAS has updated its website to inform taxpayers that from 1 Aug 2011, new measures will take place to safeguard conveyancing money including stamp duties.
Stamp duties for the following document types will be safeguarded:
(i) Conveyance, assignment or transfer of immovable property, i.e. buyers’ and sellers’ stamp duty [see Articles 3(a), (b), (ba), (bb) of First Schedule to Stamp Duties Act];
(ii) Exchange of immovable property [see Article 6];
(iii) Settlement involving immovable property [see Articles 3(e) and 11(a);
(iv) Transaction between trustees where the beneficial interest in immovable property passes [see Article 3(g)(i)];
(v) Distribution of immovable property in specie to shareholders in company liquidation [see Article 3(h)]; and
(vii) Gift involving immovable property [see Article 7];
(viii) Lease, licence or tenancy, or a surrender thereof [see Articles 1, 8(a), (b) or (c) or 12] where stamp duty amounts to $5,000 or more;
For registered users, stamp duty amounts for the affected documents will not be deducted from their GIRO accounts with IRAS upon e-stamping. Instead, a payment voucher will need to be generated to make stamp duty payment via cheque or cashier’s order.
Details of stamp duty payment modes can be found here.
Source: The above was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg/ for more information.