20 October 2011
The Stamp Duties (Amendment) Bill No 15/2011 was published in the Government Gazette on 17 October, 2011.
This Bill amends the Stamp Duties Act (Cap. 312) mainly for the following purposes:
- to remove most fixed and nominal stamp duties currently imposed by the Act
- to fine-tune the procedure for granting stamp duty relief for share acquisitions made in the course of mergers and acquisitions
- to provide for stamp duty relief for instruments relating to the conversion of a private company to a limited liability partnership, as well as relief from seller’s stamp duty for instruments relating to an amalgamation, reconstruction, transfer of assets between associated entities, or conversion to a limited liability partnership, and
- to amend various provisions dealing with the administration and enforcement of the Act.
For a copy of the Bill, please click here.
To know more about the changes proposed in the Bill, please click here.