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Singapore Issues Draft Stamp Duties Bill for Consultation

08 July 2014

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Proposed Changes

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Singapore

On 7 July 2014, the Singapore Ministry of Finance issued the draft Stamp Duties (Amendment) Bill 2014 for public consultation. The draft bill  includes 3 main changes: Granting the Commissioner of Stamp Duties (COSD) the following discretionary power so as to provide more convenience to taxpayers: Allow stamp duty refunds to taxpayers when the COSD is able to ascertain that there is an overpayment of stamp duty, without the taxpayer having to lodge a refund claim Remove the requirement to surrender original instruments for refund claims Rationalizing interest computation in the event of a claw-back of the stamp duty relief Extending...