With effect from 1 January 2015, the Stamp Duties Act will be amended for the following purposes:
- Introduce an exemption from Seller’s Stamp Duty (“SSD”) for transfers of industrial properties arising from corporate restructuring. The exemption is granted to minimise the impact of the SSD on non-speculative business transactions. This change will take retrospective effect from 12 January 2013, the date the SSD on industrial properties was introduced.
- Allow the Commissioner of Stamp Duties the discretion to allow stamp duty refunds without requiring taxpayers to lodge a refund claim or surrender original instruments for cancellation of the stamp duty certificate.
- Rationalise the computation of interest in the event of a claw-back of stamp duty relief.
The Stamp Duties (Amendment) Act 2014 is available from the Singapore Statutes Online websitehttp://statutes.agc.gov.sg.