On 8 September 2014, the Stamp Duties (Amendment) Bill 2014 (the “Bill”) was introduced in Parliament for first reading.
The Bill seeks to amend the Stamp Duties Act (the “Act”) for the following purposes:
- Extend the Seller’s Stamp Duty (SSD) relief to the disposal of industrial property for the purposes of transactions relating to the reconstruction or amalgamation of companies, the transfer of assets between associated entities, the conversion of a firm to a limited liability partnership, or the conversion of a private company to a limited liability partnership.
- Impose interest from the date that the stamp duty is refunded instead of the earlier date of document execution, in the event the stamp duty relief is subsequently withdrawn; and
- Grant the Commissioner of Stamp Duties the discretion to dispense with taxpayers’ lodgement for stamp duty refund and submission of original instruments.
The introduction of the Bill follows a public consultation by the Ministry of Finance from 7 to 25 July 2014 on a draft version of the Bill.