| 4.33 We will also change the rules
to provide a greater scope of relief from stamp duties.
Currently, prospective property buyers are generally
required to pay for stamp duties even when their sale
and purchase agreements are subsequently aborted. To
provide relief to bona fide aborted transactions, the
Government will now remit the stamp duties paid except
for a charge of $50 to cover administrative costs. In
addition, I have also decided to remove the requirement
for transferee companies to be tax residents in order
to qualify for stamp duty relief, and to extend the
relief to include the transfers of mortgages. These
new measures will take effect immediately.
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