Relief from ad valorem stamp duty
15.—(1)  If it is shown to the Commissioner’s satisfaction 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 is not chargeable on any instrument executed on or after 1 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
(c)the conversion of a firm to a limited liability partnership under section 26 of the Limited Liability Partnerships Act 2005.
[36/2008; 23/2011; 30/2014]
(2)  Subsection (1) does not apply to an instrument that is executed for the purpose of or in connection with the transfer, conveyance or assignment of any equity interest in an entity that is chargeable with any duty under section 23, except where it is executed for the purposes of or in connection with a matter in subsection (1)(c).
[13/2017; 37/2018]
(3)  If it is shown to the Commissioner’s satisfaction 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 is not chargeable on any instrument executed on or after 19 February 2011 for the purposes of or in connection with the conversion of a private company to a limited liability partnership under section 27 of the Limited Liability Partnerships Act 2005.
[23/2011]
(4)  If it is shown to the Commissioner’s satisfaction that the prescribed conditions have been fulfilled, then ad valorem stamp duty under Article 3(bd) and (be) in the First Schedule is not 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 26 of the Limited Liability Partnerships Act 2005; or
(d)the conversion of a private company to a limited liability partnership under section 27 of the Limited Liability Partnerships Act 2005.
[30/2014]
(5)  If it is shown to the Commissioner’s satisfaction that the prescribed conditions have been fulfilled, then ad valorem stamp duty under Article 3(bg) in the First Schedule is not chargeable on any instrument executed on or after 11 March 2017 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 26 of the Limited Liability Partnerships Act 2005; or
(d)the conversion of a private company to a limited liability partnership under section 27 of the Limited Liability Partnerships Act 2005.
[37/2018]
(6)  No instrument mentioned in this section is 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 the Commissioner 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.
(7)  Where any claim for relief from duty under this section has been allowed for an instrument 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 is deemed to have been disallowed and an amount equal to the amount of relief from duty —
(c)becomes payable by the transferee entity to the Commissioner immediately; and
(d)is recoverable from that entity as a debt due to the Government, together with interest on the amount at the rate of 6% per annum —
(i)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
(ii)in any other case —
(A)if the instrument is executed by any person in Singapore, from the date of its execution; or
(B)if the instrument is executed outside Singapore, from the date the instrument is first received in Singapore.
[28/2010; 23/2011; 30/2014]
(8)  The amount recoverable under subsection (7) is 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]
(9)  If any amount recoverable from the entity under subsection (7) is not paid within the period specified in subsection (8), the following penalties shall be imposed on the entity:
(a)where the outstanding amount is paid to the Commissioner within 3 months from the end of such period, a penalty of $10 or the outstanding amount, whichever is the greater;
(b)where the outstanding amount is not paid to the Commissioner within 3 months from the end of such period, a penalty of $25 or 4 times the outstanding amount, whichever is the greater.
[28/2010]
(10)  The Commissioner may reduce or remit any penalty imposed under this section.
[28/2010]
(11)  Sections 50 and 70AA apply to the collection and recovery by the Commissioner of the amount recoverable under subsection (7) and any penalty imposed under subsection (9) as they apply to the collection and recovery of duty and penalty required to be paid under this Act.
[28/2010]
(12)  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;
“firm” has the meaning given by section 2(1) of the Business Names Registration Act 2014;
“limited liability partnership” has the meaning given by the Limited Liability Partnerships Act 2005 and includes any similar partnership formed or incorporated outside Singapore;
“private company” has the meaning given by section 4(1) of the Companies Act 1967;
“registered business trust” has the meaning given by section 2 of the Business Trusts Act 2004;
“statutory body” means any body corporate established by any written law.
[36/2008; 23/2011; 29/2014]