The Stamp Duties (Amendment) Bill 2014 (the “Bill”) has been read the second time and passed in Parliament on 8 October 2014. The Bill is not yet in force. When in force, it will amend the Stamp Duties Act 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 interest computation in the event of a claw-back of stamp duty relief.