30 December 2011
With 1 January 2012, the Singapore Land Authority’s Electronic Payment Instruction (ePI) service will allow lawyers to electronically notify banks of the details of conveyancing money paid into conveyancing accounts, instead of using hard copy forms. The Inland Revenue Authority of Singapore will also accept electronic stamp duty payments via the ePI service.
This is in addition to the measures implemented by the Ministry of Law on 1 August 2011 to protect conveyancing money held by holding them with appointed financial institutions or through the Singapore Academy of Law’s convenyancing money service. Withdrawal can only be made by authorised lawyers of both parties.
Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit http://www.iras.gov.sg/ for more information.