Changes to Stamp Duties Act

Singapore

THE Ministry of Finance (MOF) introduced the Stamp Duties (Amendment) Bill 2018 in Parliament on Monday, with key amendments providing for stamp duty to be levied on electronic records that enable a transfer of interest in properties and shares. Presently, transfers of immovable properties and shares are typically done through physical records, and stamp duty is levied.

MOF said in a release: "With the more pervasive use of digital technology, there is potential for more of such transactions to be effected electronically, bringing greater convenience to citizens and businesses. To ensure that our laws keep pace with digitalisation, the key amendments provide for stamp duty to be levied on electronic records that effect a transfer of interest in immovable properties and shares."