- What is stamp duty?
Stamp duty is a tax on executed documents relating to properties or interest in properties and shares or interest in shares. These documents include a lease, sale and purchase, gift or mortgage of property.
- What is the amount of stamp duty that I have to pay?
Different rates are charged for purchase, gift, lease, transfer and mortgage of immovable property, stocks and shares. The stamp duty payable will depend on the type and value of the transaction, and in some cases, the holding period. For details of the stamp duty rates applicable and the stamp duty calculator, refer to the IRAS website.
- Who has to pay the stamp duty?
It is normally stated in the document the persons liable to pay stamp duty. Should the terms be silent, the persons liable will be in accordance to the Third Schedule to the Stamp Duties Act. The Act is available on the Singapore Government Statutes Online website.
- When do documents have to be stamped?
Documents are required to be stamped within 14 days from the date of execution if the document was signed in Singapore or within 30 days of its receipt in Singapore if the document was signed overseas.
- What are the stamp duty reliefs available?
Application can be made to the Commissioner of Stamp Duties for relief from ad valorem stamp duty where it relates to:
– Conversion of firm to limited liability partnership
– Conversion of company to limited liability partnership
– Reconstruction or amalgamation of companies
– Transfer of assets between associated companies.
- What are the types of documents that are exempt from stamp duty?
– Any documents signed by or on behalf of or in favour of the government (not applicable to statutory boards and government-owned companies) and where the government is liable to pay the stamp duty on the document.
– Any document relating to the transfer, lease or mortgage of properties situated outside Singapore.
– Any document relating to the transfer of shares in a company incorporated outside Singapore (foreign company) and where the transfer document is lodged for registration in a share register kept outside Singapore.
– Any document signed by, on behalf of or in favour of a co-operative society registered under the Co-operative Societies Act and relating solely to the business of the co-operative society, where the co-operative society is liable to pay the stamp duty on the document.
– Any document whereby any security is assigned, transferred or negotiated through the Monetary Authority of Singapore under the Exchange Control Act (Cap 99).
– Any instrument made by the Collector of Land Revenue under Land Acquisition Act.
– Any transfer lodged under sections 125 and 126 to Land Strata Titles Act (This is applicable to a transfer relating to the application for the issue of subsidiary strata certificates of titles).
– Any document made in favour of the estate of any bankrupt.
– A lease or an agreement for lease executed on or after 1 June 2012 for the renting of a flat directly from Housing & Development Board (HDB) under the Public Rental Scheme.