Stamp Duties Act: Rules on Remission of Additional Buyer’s Stamp Duty

On By taxsgIn e-Gazette, Legislative Updates, Stamp Duty

12 April 2013

Additional Buyer’s Stamp Duty (ABSD) is remitted or refunded for buyers under certain scenarios. The following Rules relating to the remission of ABSD have been introduced under the Stamp Duties Act (Chapter 312):

1. Stamp Duties (Free Trade Agreements) (Remission of ABSD) Rules 2013

The Rules are deemed to come into operation from 12th January 2013 and cover:

  • Citation and commencement
  • Definitions
  • Remission of ABSD where buyer or any joint buyer is qualifying foreigner
  • Rules subject to other Rules

2. Stamp Duties (HDB Flats, HUDC Flats and Executive Condominium Units) (Remission of ABSD) Rules 2013

The Rules are deemed to come into operation on 12th January 2013 and cover:

  • Citation and commencement
  • Definitions
  • Remission of ABSD for instruments relating to HDB flats and HUDC flats
  • Remission of ABSD for instruments relating to executive condominium units
  • Prescribed amount of ABSD

3. Stamp Duties (Spouses) (Remission of ABSD) Rules 2013

The Rules are deemed to come into operation on 12th January 2013 and cover:

  • Citation and commencement
  • Definitions
  • Remission of ABSD where joint parties are spouses both of whom do not own property
  • Remission of ABSD where joint parties are spouses either of whom owns one property

4. Stamp Duties (Transfer of Interest in Property which Buyer has Interest) (Remission of ABSD) Rules 2013

The Rules are deemed to come into operation on 12th January 2013 and cover:

  • Citation and commencement
  • Definitions
  • Remission of ABSD
  • Circumstances where rule 3 is inapplicable
  • Rules subject to other Rules

The above Rules were made on 3 April 2013 and first published in the Government Gazette, Electronic Edition, on 10 April 2013.

Source: e-Gazette