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No. S 192

Stamp Duties Act

(Chapter 312)

Stamp Duties Act (Amendment of First and Third Schedules) Notification 2003

In exercise of the powers conferred by section 78 of the Stamp Duties Act, the Minister for Finance hereby makes the following Notification:

Citation and application

1.—(1) This Notification may be cited as the Stamp Duties Act (Amendment of First and Third Schedules) Notification 2003.

(2) Paragraphs 2(a), (b) and (c) and 3 shall have effect in respect of instruments executed on or after 1st March 2003.

Amendment of First Schedule

2. The First Schedule to the Stamp Duties Act is amended —

(a)

by deleting Article 3(b);

(b)

by deleting sub-paragraph (i) of Article 3(g) and substituting the following sub-paragraph:

(i) the beneficial interest in the property passes

The same duty as in paragraph (a) or (c), as the case may be

(c)

by deleting sub-paragraph (i) of Article 3(h) and substituting the following sub-paragraph:

(i) where the shareholder became a shareholder of the company only after the winding up proceedings had commenced

The same duty as in paragraph (a) or (c), as the case may be

(d)

by deleting paragraph (a\) of Article 8 and substituting the following paragraph:

(a) without premium and executed on or after 1st April 2003, for every $250 or any part thereof of the average rent and other consideration calculated for a whole year

(e)

by inserting, immediately below Article 8 under the heading “Description of Instrument relating to immovable property and stock or shares”, the following words:

Exemption: Any lease or agreement for a lease referred to in paragraph (a) or (c) executed on or after 1st April 2003 where the average rent and other consideration calculated for a whole year does not exceed $1,000.

Amendment of Third Schedule

3. Article 2 of the Third Schedule to the Stamp Duties Act is deleted and the following Article substituted therefor:

2. CONVEYANCE

—

Article No. 3 (a), (c) to (i)

The grantee, transferee or lessee

Made this 4th day of April 2003.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF(R) R54.1.001 Vol. 17; AG/LEG/SL/312/2002/1 Vol. 1]