Public Consultation Outcome on Draft Stamp Duties (Amendment) Bill 201429 Aug 2014
Date: 29 August 2014
The Ministry of Finance (MOF) received two submissions during a public consultation on the draft Stamp Duties (Amendment) Bill 2014 held from 7 July 2014 to 25 July 2014. The suggestions which relate to requests for the waiver of the Additional Buyer’s Stamp Duty (ABSD) on the purchase of a second property, are not directly related to the Bill.
2. The draft Stamp Duties (Amendment) Bill 2014 contains proposed legislation to put into effect a consequential amendment arising from the implementation of the Seller’s Stamp Duty (SSD) for industrial properties in 2013, as well as two changes arising from the periodic review of the stamp duty tax system to improve stamp duty administration. Details of the tax changes are as follows:
To grant SSD relief for transfers of industrial properties arising from business restructuring;
To 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duty is refunded instead of the earlier date of document execution, in the event the stamp duty relief is subsequently withdrawn; and
To grant the Commissioner of Stamp Duties (COSD) the discretion to dispense with taxpayers’ lodgement for stamp duty refund and submission of original instruments.
4. MOF would like to thank the respondents for their suggestions.