Transfers of industrial properties due to corporate restructuring will now be exempted from Seller’s Stamp Duty, after the Stamp Duties Amendment Bill was passed in Parliament on Wednesday (Oct 8).
Senior Minister of State for Finance and Transport Josephine Teo said the exemption is granted to minimise the impact of the Seller’s Stamp Duty on non-speculative business transactions.
These include transfers of industrial properties due to restructuring or amalgamation of companies, conversion of an ordinary partnership or private company to a limited liability partnership and transfers of industrial properties between associated companies.
The Bill includes other changes following the periodic review of the stamp duty system. It provides for stamp duty relief for transfers of assets arising from business restructuring and mergers and acquisitions.
It also gives 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.
Source : Channel NewsAsia – 1 Oct 2014