Public Consultation on Draft Stamp Duties (Amendment) Bill 2008
1. The Ministry of Finance is seeking comments and views on the draft Stamp Duties (Amendment) Bill 2008 which sets out the legislative amendments to the Stamp Duties Act. We invite you to contribute comments on the amendments that have an impact on you. Your views are important as they would help improve the drafting of the legislation.
2. The draft Stamp Duties (Amendment) Bill 2008 incorporates the following tax changes:
Budget 2007 tax change. This was announced in the Budget 2007 Statement. The change allows for stamp duty relief to be extended for intra-group transfer of assets to unlimited companies, Statutory Boards and Limited Liability Partnerships where partners are companies, registered business trusts, Statutory Boards and other qualifying LLPs.
Other tax changes. These are the refinements to existing tax policies and administration resulting from on-going reviews of the stamp duty system.
i) The removal of mandatory adjudication for transfer of shares and property by way of gift; and
ii) Provision for the appointment of a “public officer” of Government as agent to pay over any monies that Government holds for the taxpayer who owes any tax or penalty under the Stamp Duties Act.
3. The summary table lists all the tax changes and explains the amendments to the Stamp Duties Act.
SCOPE OF THE CONSULTATION EXERCISE
4. For the Budget 2007 tax change, it is adopted following feedback from the public and businesses, and debate of the Budget Statement in Parliament. We are seeking feedback on the drafting of the proposed legislative amendment for this Budget 2007 tax change. For the other tax changes, we welcome comments on both the policy and drafting aspects of the proposed legislative amendments.
5. We seek your full support to ensure that the consultation exercise is productive and focused.
Respondents are requested to follow these guidelines:
Please identify yourself as well as the organisation you represent (if any) so that we may follow up to clarify any issues, if necessary.
Make your comments clear and concise.
Please use the prescribed template provided to help us understand your feedback better.
Your comments should focus on how the legislative amendments can be better written to make them clearer and to make compliance easier.
Please explain your points with illustrations, examples, data or alternative formulations of the amendments as far as possible.
6. This draft legislation is released only for the purpose of consultation and should therefore not be used for individual or business decisions as it does not represent the final legislation or regulations. All comments received during the consultation exercise will be reviewed thoroughly and, if accepted, will be incorporated in the Bill for introduction in Parliament.
PERIOD OF CONSULTATION
7. The draft Stamp Duties (Amendment) Bill 2008 is available for public consultation from 28 August 2008 to 19 September 2008. All comments are to reach the Ministry by 19 September 2008 for timely consideration and incorporation into the final Bill.
8. Please send us your comments, using the prescribed template, by:
a) email to email@example.com; or
b) fax to 6337 4134; or
c) post to: Ministry of Finance
100 High Street, #10-01
SUMMARY OF RESPONSE
9. We regret that we will not be able to separately address or acknowledge every comment we receive. However, we will publish on this website a summary of the key comments we receive together with our responses by 28 Nov 2008. The summary will not disclose the identity of persons who give us the feedback.
DOCUMENTS TO DOWNLOAD
10. For your convenience, the relevant documents relating to this public consultation exercise can be downloaded for further reference. Please click here
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