Monday, January 14, 2013

Parliament passes Stamp Duties Amendment Bill.

SINGAPORE: Parliament on Monday passed the Stamp Duties Amendment Bill.

It comprises several changes to the Stamp Duties Act.

Among them, the appeal deadline for stamp duty has been extended from 21 to 30 days to align with the deadlines for other tax types such as the Goods and Services Tax.

Also, changes clarify that stamp duty is not chargeable on a conveyance on sale of any type of property other than immovable property, stocks and shares.

In addition, the Bill incorporates a tax change announced in Budget 2012.

Josephine Teo, Minister of State for Finance and Transport, said: "In the Budget 2012 statement, the Minister for Finance announced enhancements to the Income Tax and Stamp Duty concessions under the Mergers and Acquisitions (M and A) scheme.

"These tax concessions will apply for M and As completed between February 17, 2012 and March 31, 2015 to facilitate corporate restructuring, especially amongst small and medium enterprises.

"In line with these enhancements, Clause Two of the Bill provides for stamp duty relief to be extended to acquisitions carried out through multiple tiers of entities and not just through one tier of wholly-owned subsidiaries."

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