Budget 2014: Streamlining the Stamp Duty Rate Structure
28 February 2014
IRAS informs that the Minister for Finance has introduced changes to the rate of structure for the following types of stamp duty from a dollar-based to a percentage-based rate structure, in his 2014 Budget Statement:
i. Buyer’s stamp duty
ii. Share transfer duty
iii. Lease duty
iv. Mortgage duty
For lease duty, please be informed that there are also changes to the basis of calculation to ensure consistency in stamp duty treatment across leases of different lease periods. The changes are applicable to instruments executed on or after 22 February 2014.
A new stamp duty calculator is also available. Please refer to the e-Tax Guide at the IRAS website at http://www.iras.gov.sg, or the e-Stamping website at https://estamping.iras.gov.sg for more information.
Info courtesy – Law Society of Singapore