Comparison View

Formal Consolidation |  2006 RevEd
Relief from ad valorem stamp duty
15.—(1)  If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, ad valorem stamp duty under Articles 3(a) and (c) and 9(c) in the First Schedule shall not be chargeable on any instrument made on or after 1st July 2000 for the purposes of or in connection with —
(a)the transfer of the undertaking or shares in respect of a scheme for the reconstruction of any company or companies, or the amalgamation of companies;
(b)the transfer, conveyance or assignment of any beneficial interest in any asset between —
(i)companies which are associated in such manner as may be prescribed;
(ii)registered business trusts which are associated in such manner as may be prescribed; or
(iii)companies and registered business trusts which are associated in such manner as may be prescribed; or
(c)the conversion of a firm to a limited liability partnership under section 20 of the Limited Liability Partnerships Act 2005 (Act 5 of 2005).
[32/2000; 6/2005; 39/2005]
(2)  No instrument referred to in this section shall be deemed to be duly stamped unless —
(a)it is stamped with the duty to which it would but for this section be liable; or
(b)it has been brought to the Commissioner under section 37 and he has certified under section 38 that the full duty with which it is chargeable has been paid or that it is not chargeable with duty.
[32/2000]
(3)  Where any claim for relief from duty under this section has been allowed and it is subsequently found that —
(a)any declaration or other evidence furnished in support of the claim was untrue in any material particular; or
(b)any prescribed matter which the Commissioner was satisfied would not occur in allowing the relief, does occur,
the claim shall be deemed to have been disallowed and an amount equal to the duty remitted shall —
(i)become payable immediately; and
(ii)be recoverable from the transferee company as a debt due to the Government, together with interest thereon at the rate of 6% per annum, from the date on which the duty would have become chargeable if this section had not been enacted.
[32/2000]
(4)  In this section —
“firm” has the same meaning as in section 2(1) of the Business Registration Act (Cap. 32);
“registered business trust” has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A).
[6/2005; 39/2005]
Informal Consolidation | Amended Act 1 of 2013
Relief from ad valorem stamp duty
15.—(1)  If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, ad valorem stamp duty under Articles 3(a), (b), (ba), (bb) and (c) and 9(c) in the First Schedule shall not be chargeable on any instrument made on or after 1st July 2000 for the purposes of or in connection with —
(a)the transfer of the undertaking or shares in respect of a scheme for the reconstruction of any company or companies, or the amalgamation of companies;
(b)the transfer, conveyance or assignment of any beneficial interest in any asset between such entities that are associated in such manner as may be prescribed; or
[36/2008 wef 15/02/2007]
(c)the conversion of a firm to a limited liability partnership under section 20 of the Limited Liability Partnerships Act 2005 (Act 5 of 2005).
[32/2000; 6/2005; 39/2005]
(2)  No instrument referred to in this section shall be deemed to be duly stamped unless —
(a)it is stamped with the duty to which it would but for this section be liable; or
(b)it has been brought to the Commissioner under section 37 and he has certified under section 38 that the full duty with which it is chargeable has been paid or that it is not chargeable with duty.
[32/2000]
(3)  Where any claim for relief from duty under this section has been allowed and it is subsequently found that —
(a)any declaration or other evidence furnished in support of the claim was untrue in any material particular; or
(b)any prescribed matter which the Commissioner was satisfied would not occur in allowing the relief, does occur,
the claim shall be deemed to have been disallowed and an amount equal to the duty remitted shall —
(i)become payable immediately; and
(ii)be recoverable from the transferee company as a debt due to the Government, together with interest thereon at the rate of 6% per annum, from the date on which the duty would have become chargeable if this section had not been enacted.
[32/2000]
(4)  In this section —
“entity” means any of the following:
(a)a company;
(b)a registered business trust;
(c)a statutory body;
(d)a limited liability partnership;
[36/2008 wef 15/02/2007]
“firm” has the same meaning as in section 2(1) of the Business Registration Act (Cap. 32);
“limited liability partnership” has the same meaning as in the Limited Liability Partnerships Act (Cap. 163A) and includes any similar partnership formed or incorporated outside Singapore;
[36/2008 wef 15/02/2007]
“registered business trust” has the same meaning as in section 2 of the Business Trusts Act (Cap. 31A);
“statutory body” means any body corporate established by any written law.
[36/2008 wef 15/02/2007]
[6/2005; 39/2005]