{"id":95569,"date":"2018-08-07T10:07:26","date_gmt":"2018-08-07T03:07:26","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-buyers-and-sellers-to-pay-stamp-duty-on-digital-records\/"},"modified":"2018-08-07T18:02:52","modified_gmt":"2018-08-07T11:02:52","slug":"home-buyers-and-sellers-to-pay-stamp-duty-on-digital-records","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/home-buyers-and-sellers-to-pay-stamp-duty-on-digital-records\/","title":{"rendered":"Home buyers and sellers to pay stamp duty on digital records"},"content":{"rendered":"


\nStamp duty will be imposed on electronic records that effect the transfer of ownership over immovable properties as well as stocks.
\nTo ensure that Singapore\u2019s tax rules keep pace with the rapidly changing technology, the Ministry of Finance (MOF) introduced several amendments to the Stamp Duties Act on Monday (6 Aug).
\nUnder the proposed revisions, stamp duty will be imposed on electronic records that effect the transfer of ownership over immovable properties as well as stocks, said the Ministry.
\nMore: Singapore\u2019s Luxury Home Market Will Bear Brunt Of New Curbs
\n\u201cCurrently, transfers of immovable properties and shares are typically done via physical records, and stamp duty is levied where applicable.\u201d
\nAside from ensuring that the Singapore government is capable of continuously obtaining revenue from different sources such as asset transfer, the proposed amendments are expected to bring greater convenience.
\nFor instance, one of the amendments will allow for the \u201cE-Stamping system\u201d, whereby the stamp duty and any penalty on an instrument can be paid via electronics fund transfer.
\nThe other changes are technical amendments that aim to enhance tax policy and administration. These include making clear that the Finance Minister can recover interest from taxpayers who fail to fulfil the required terms for stamp duty remission.
\nAside from that, there will be no change to the tax rates for property buyers and sellers. A copy of the proposed amendments can be viewed in this link
\nHome buyers looking for\u00a0Singapore Properties\u00a0may like to visit our\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nRomesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0romesh@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Home buyers and sellers to pay stamp duty on digital records<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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Singapore\u2019s biggest developer CapitaLand also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":47413,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/govt-tweaks-property-cooling-measures-for-ssd-and-tdsr\/","url_meta":{"origin":95569,"position":1},"title":"Govt tweaks property cooling measures for SSD and TDSR","date":"March 10, 2017","format":false,"excerpt":"\r The government will now reduce the holding period for imposing the Seller\u2019s Stamp Duty from the current four years to three years. 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