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 30 of 2014
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 executed 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]
[23/2011 wef 19/02/2011]
[23/2011 wef 20/02/2010]
[Act 30 of 2014 wef 01/01/2015]
(1A)  If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, then 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 executed on or after 19th February 2011 for the purposes of or in connection with the conversion of a private company to a limited liability partnership under section 21 of the Limited Liability Partnerships Act (Cap. 163A).
[23/2011 wef 19/02/2011]
(1B)  If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, then ad valorem stamp duty under Article 3(bd) and (be) in the First Schedule shall not be chargeable on any instrument executed on or after 12 January 2013 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;
(c)the conversion of a firm to a limited liability partnership under section 20 of the Limited Liability Partnerships Act (Cap. 163A); or
(d)the conversion of a private company to a limited liability partnership under section 21 of the Limited Liability Partnerships Act.
[Act 30 of 2014 wef 01/01/2015]
(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 has occurred,
the claim shall be deemed to have been disallowed and an amount equal to the duty remitted shall —
(i)become payable by the transferee entity to the Commissioner immediately; and
[28/2010 wef 09/12/2010]
(ii)be recoverable from that entity as a debt due to the Government, together with interest on the amount at the rate of 6% per annum —
(A)in a case where duty was paid on the instrument and then refunded after a claim for relief was allowed under this section, from the date on which the refund was made; or
(B)in any other case —
(BA)if the instrument is executed by any person in Singapore, from the date of its execution; or
(BB)if the instrument is executed outside Singapore, from the date the instrument is first received in Singapore.
[Act 30 of 2014 wef 01/01/2015]
(3A)  The amount recoverable under subsection (3) shall be payable at the place stated in a notice served by the Commissioner on the entity, within one month after the service of the notice by the Commissioner on that entity.
[28/2010 wef 09/12/2010]
(3B)  If any amount recoverable from the entity under subsection (3) is not paid within the period specified in subsection (3A), the following penalties shall be imposed on the entity:
(a)where the outstanding amount is paid to the Commissioner within 3 months from the expiration of such period, a penalty of $10 or the outstanding amount, whichever is the greater; and
(b)where the outstanding amount is not paid to the Commissioner within 3 months from the expiration of such period, a penalty of $25 or 4 times the outstanding amount, whichever is the greater.
[28/2010 wef 09/12/2010]
(3C)  The Commissioner may reduce or remit any penalty imposed under this section.
[28/2010 wef 09/12/2010]
(3D)  Sections 50 and 70AA shall apply to the collection and recovery by the Commissioner of the amount recoverable under subsection (3) and any penalty imposed under subsection (3B) as they apply to the collection and recovery of duty and penalty required to be paid under this Act.
[28/2010 wef 09/12/2010]
(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]
“private company” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
[23/2011 wef 19/02/2011]
“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]