MOF Accepts Changes to Draft Stamp Duties Bill14 Oct 2004
1. The Ministry of Finance (MOF) has accepted all suggested amendments to the draft Stamp Duties Amendment Bill 2004. The amendments concern the stamp duty treatment for Limited Liability Partnerships ("LLPs").
2. The consultation exercise on how the drafting could be improved for greater clarity and easier compliance, ran from 15 July to 11 August 2004. It is part of the series of public consultation exercises on the different tax legislative changes planned for the year.
3. A total of 4 comments were received from 2 respondents. The comments were on the following:
- To clarify that stamp duty on transfers of LLP interest applies only to cases where the LLP owns immovable properties or stocks or shares in Singapore; and
- To not impose stamp duty on transfers of interest (or changes in interests) in LLPs where the LLP owns immovable properties or stocks or shares. Amendments would be made to the Bill, and the implementation details would be released by IRAS by December 2004.
4. MOF thanks all respondents in this consultation exercise. MOF's responses to all the comments received are summarised on MOF's website.
MINISTRY OF FINANCE