No. S 164
Stamp Duties Act
(Chapter 312)
Stamp Duties Act (Substitution of Schedules) Notification 1996
In exercise of the powers conferred by section 79 of the Stamp Duties Act, the Minister for Finance hereby makes the following Notification:
1.  This Notification may be cited as the Stamp Duties Act (Substitution of Schedules) Notification 1996 and shall be deemed to have come into operation on 29th February 1996.
2.  The First, Second and Third Schedules to the Stamp Duties Act are deleted and the following Schedules substituted therefor:
“FIRST SCHEDULE
Sections 4 (1), 15(1) and 31(6)
<caption>INSTRUMENTS CHARGEABLE WITH STAMP DUTY</caption>
Article No.
Description of Instrument
Proper Stamp Duty
1
AGREEMENT for a lease
SeeLEASE
2
ANNUITY:
 
 
(a) Conveyance in consideration of, and instrument creating by way of sale or gift
SeeCONVEYANCE ON SALE
 
(b) Instrument creating by way of security
The same duty as a mortgage for the amount deemed to be secured thereby
3
ASSIGNMENT:
 
 
(a) By way of security or of any security
SeeMORTGAGE
 
(b) Upon a sale or otherwise
SeeCONVEYANCE
4
ASSURANCE
SeePOLICY OF INSURANCE
5
BILL OF SALE:
 
 
(a) Absolute
SeeCONVEYANCE
 
( b) By way of security
SeeMORTGAGE
6
BOND for securing the payment or repayment of money or the transfer or retransfer of stock
SeeMORTGAGE
7
BOND, COVENANT or INSTRUMENT of any kind other than a marketable security —
 
 
 
(a) being the only or principal or primary security for any annuity (except upon the original creation thereof by way of sale or security, and except a superannuation annuity), or for any sum or sums of money at stated periods, not being interest for any principal sum secured by a duly stamped instrument, nor rent reserved by a lease or tack —
 
 
(i) for a definite and certain period, so that the total amount to be ultimately payable can be ascertained
The same duty as a mortgage for such total amount
 
(ii) for a term of life or any other indefinite period — for every $100 or any part thereof of the annuity or sum periodically payable
$2 subject to maximum of $500
 
(b) being a collateral or auxiliary or additional or substituted security for any of the abovementioned purposes where the principal or primary instrument is duly stamped under paragraph (a)
$10
 
(c) transfer, assignment or disposition of any bond, covenant or instrument of any kind relating to a lease of any movable property by a lessor
The same duty as in Article 24 (d)
 
(d) in any other case
$10
 
Exemption:
 
 
 
(i) Any instrument executed by any person whether as principal or as surety to pay, or to guarantee the payment of, sums payable for or in relation to the execution of any building works or any works of civil engineering or the construction or installation of any machinery or plant.
 
 
 
(ii) Any instrument for or relating to the supply of goods on hire, whereby the goods in consideration of periodical payments will or may become the property of the person to whom they are supplied.
 
 
 
(iii) Any instrument containing an unconditional promise made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future time, a sum certain in money, to, or to the order of, a specified person or to bearer.
 
 
 
(iv) Any indemnity contained in a promissory note given under the Moneylenders Act (Chapter 188).
 
 
 
(v) Any instrument by which a shipowner lets an entire ship, or a part of it, to a charterer for the conveyance of goods, binding himself to transport them to a particular place for a sum of money which the charterer undertakes to pay as freight for their carriage.
 
 
8
BOND, MORTGAGE or other INSTRUMENT executed by way of INDEMNITY or of SECURITY for the due execution of an office, or for the discharge of liabilities, arising out of the execution thereof, or to account for money received by virtue thereof
$10
 
 
Exemption:
 
 
 
(a) Bond executed by an officer of the Government or his surety to secure the due execution of an office or the due accounting for money or other payments secured by virtue thereof.
 
 
 
(b) Bond for securing the refund to the Government of amounts overpaid to persons appointed by Government officers to receive their salary or allowances when absent on leave.
 
 
 
(c) Bond required to be executed under the Criminal Procedure Code (Chapter 68).
 
 
9
CONTRACT NOTE:
 
 
 
For every $1,000 or any part thereof of the value of the stocks or shares
$0.50
 
 
Exemption:
 
 
 
Any contract note for the sale or purchase of any non-Singapore dollar stock or shares issued by —
 
 
 
(a) any approved Asian Currency Unit or approved securities company to a person outside Singapore;
 
 
 
(b) any approved Asian Currency Unit or approved securities company, on or after 1st April 1996, to another approved Asian Currency Unit or approved securities company which is acting as a broker or agent for a person outside Singapore;
 
 
 
(c) any person to an approved Asian Currency Unit or approved securities company which is acting as a broker or agent for a person outside Singapore or is transacting in stock or shares solely for the purpose of making a market in such stock or shares; or
 
 
 
(d) any approved Asian Currency Unit or approved securities company to an approved fund manager where the transaction relates exclusively to non-resident funds managed by the approved fund manager.
 
 
 
For the purposes of this Article —
 
 
 
“approved Asian Currency Unit or approved securities company” means any Asian Currency Unit of a financial institution or any securities company approved under section 43A of the Income Tax Act (Chapter 134);
 
 
 
“approved fund manager” means a fund manager approved under section 43A of the Income Tax Act;
 
 
 
“non-Singapore dollar stock or shares” means stock or shares denominated in any foreign currency of companies not incorporated and not resident in Singapore, but excludes such stock or shares of companies incorporated in Malaysia which are listed on the Stock Exchange of Singapore or on the Kuala Lumpur Stock Exchange;
 
 
 
“person outside Singapore” —
 
 
 
(a) in relation to an individual, means a person who is not a citizen of Singapore and who does not reside in Singapore for more than 183 days in a year;
 
 
 
(b) in relation to a company, means a company not incorporated in Singapore but does not include —
 
 
 
(i) a branch or permanent establishment of such a company in Singapore; and
 
 
 
(ii) a branch outside Singapore of a company incorporated in Singapore.
 
 
10
CONVEYANCE, ASSIGNMENT or TRANSFER:
 
 
 
(a) on sale of any property (except stock and marketable securities) —
 
 
 
Amount or value of consideration
 
 
 
(i) for every $100 or any part thereof of the first $180,000
$1
 
 
(ii) for every $100 or any part thereof of the next $180,000
$2
 
 
(iii) thereafter for every $100 or any part thereof
$3
 
 
( b)on sale of any stock or shares to be computed on the amount or value of consideration —
 
 
 
for every $100 or any part thereof
$0.20
 
 
(c) of any property by way of security
SeeMORTGAGE
 
(d) of any property by way of settlement
SeeSETTLEMENT
 
(e) of any property for the purpose of effectuating the appointment of a new trustee or the retirement of a trustee although no new trustee is appointed
$10 or the same duty as paragraph (a) or (b), as the case may be, whichever is the lesser
 
(f) of any property as above where the transaction is between trustees and where —
 
 
(i) the beneficial interest in the property passes
The same duty as in paragraph (a) or (b), as the case may be
 
(ii) the beneficial interest in the property does not pass
$10 or the same duty as in paragraph (a) or (b), as the case may be, whichever is the lesser
 
(g) of any kind not otherwise specially charged with duty
$10
 
Exemption:
 
 
Transfers by endorsement —
 
 
( a) of a bill of exchange, cheque or promissory note;
 
 
( b) of a bill of lading, warrant for goods or other mercantile document of title to goods; or
 
 
( c) of a policy of insurance other than a policy of life assurance.
 
 
11
COUNTERPART or DUPLICATE of any instrument chargeable with duty, and in respect of which the proper duty has been paid
$2 or the same duty payable on the original, whichever is the lesser
12
COVENANT:
 
 
Any separate deed of covenant (not being a deed chargeable with ad valorem duty as a conveyance or mortgage) made on the sale or mortgage of any property, or of any right or interest therein, and relating solely to the conveyance or enjoyment of or the title to the property sold or mortgaged, or to the production of the documents of title relating thereto, or to all or any of the matters aforesaid
$10
13
DEBENTURE
SeeMORTGAGE
14
DECLARATION of any trust or concerning any property by any writing, not being a will, or an instrument chargeable with duty as a settlement
$10
 
15
DISSOLUTION OF PARTNERSHIP
$10
 
16
DUPLICATE
SeeCOUNTERPART
17
EQUITABLE MORTGAGE
SeeMORTGAGE
18
EXCHANGE:
 
 
 
Any instrument whereby an exchange of any property is effected
The same duty as a conveyance on sale for a consideration equal to the value of the property of greater value
19
FURTHER CHARGE
SeeMORTGAGE
20
GIFT
Seesection 16 (1)
21
INDEMNITY BOND
SeeBOND
22
INSURANCE
SeePOLICY OF INSURANCE
23
LEASE or AGREEMENT for a lease of any land, house or other immovable property granted or made —
When the Lease is for a period
 
 
Not Exceeding one year
Exceeding one year but not exceeding 3 years
Exceeding 3 years or for any indefinite term
 
( a) without fine or premium when the average rent calculated for a whole year —
 
 
 
(i) does not exceed $500
$2
$4
$8
 
(ii) exceeds $500, for every $250 or any part thereof
$1
$2
$4
 
(b) in consideration of a fine or premium and without rent
The same duty as for a conveyance for a sum equal to the amount of such consideration
 
(c) in consideration of a fine or premium and reserving a rent
The same duty as for a conveyance on sale in consideration of the fine or premium and a lease for the rent
 
(d) lease executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2
 
 
(e) lease of any other kind whatsoever not hereinbefore described
$10
 
24
MORTGAGE, AGREEMENT FOR A MORTGAGE, BOND, COVENANT AND DEBENTURE (not being a marketable security) —
 
 
 
(a) being the only or principal or primary security (other than an equitable mortgage) for the payment or repayment of money —
 
 
 
for every $1,000 or any part thereof
$4 subject to a maximum of $500
 
(b) being a collateral or auxiliary or additional or substituted security (other than an equitable mortgage) or by way of further assurance for the abovementioned purpose where the principal or primary security is duly stamped under paragraph (a) or is exempted from duty
$10
 
 
(c) being an equitable mortgage —
 
 
 
for every $1,000 or any part thereof
$2 subject to a maximum of $500
 
(d) transfer, assignment or disposition of any mortgage, bond, covenant or debenture (not being a marketable security) or of any money or stock secured by any such instrument or of any judgment —
 
 
 
(i) for every $1,000 of the amount transferred, assigned or disponed, inclusive of interest which is in arrear; and
$2 subject to a maximum of $500
 
(ii) where any further money is added to the money already secured
The same duty as a principal security for such further money
 
(e) mortgage executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2
 
 
(f) in any other case
$10
 
 
Exemption:
 
 
 
(i) Any mortgage of stock or marketable security under hand only.
 
 
 
(ii) Any bond or covenant by any person whether as principal or as surety to pay, or to guarantee the payment of, money payable for or in relation to the execution of any building works or any works of civil engineering or the construction or installation of any machinery or plant.
 
 
 
(iii) Any bond or covenant relating to the supply of goods on hire, whereby the goods in consideration of periodical payments will or may become the property of the person to whom they are supplied.
 
 
 
(iv) Any bond or covenant containing an unconditional promise, made by one person to another signed by the maker, engaging to pay, on demand or at a fixed or determinable future, a sum certain in money, to, or to the order of, a specified person or to bearer.
 
 
 
(v) Any indemnity contained in a promissory note given under the Moneylenders Act (Chapter 188).
 
 
 
(vi) Any instrument by which a shipowner lets an entire ship, or a part of it, to a charterer for the conveyance of goods, binding himself to transport them to a particular place for a sum of money which the charterer undertakes to pay as freight for their carriage.
 
 
25
PARTNERSHIP — Instrument relating to formation of
$10
 
26
PARTITION — for each instrument
$10
 
 
Exemption:
 
 
 
Where duty has been paid under any order of court or award directing a partition, no further duty shall be payable in respect of any instrument carrying such partition into effect.
 
 
27
POLICY OF INSURANCE — for all policies and renewals irrespective of the sum insured or the term
$1
 
28
RECONVEYANCE OF MORTGAGED PROPERTY, REASSIGNMENT, RELEASE, DISCHARGE, SURRENDER or RENUNCIATION of any security or of the benefit thereof or of the money thereby secured
$10
 
29
RELEASE, that is to say, any instrument whereby a person releases any property —
 
 
 
(a) if on a sale
The same duty as a conveyance on sale
 
(b) if by way of security
The same duty as a mortgage
 
(c) if by way of gift
The same duty as a conveyance by way of gift
 
(d) in any other case not otherwise specially charged with duty
$10
 
30
SETTLEMENT:
 
 
 
(a) Instrument of Settlement or Agreement for a Settlement
The same duty as for conveyance, assignment or transfer
 
(b) Settlement executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2 or the same duty payable on the agreement, whichever is the lesser
31
SURRENDER OF LEASE
$10 or the same duty payable on the lease, whichever is the lesser
32
TRANSFER
SeeCONVEYANCE
SECOND SCHEDULE
Sections 7 (1), (6) and 8(1)
<caption>INSTRUMENTS WHICH MAY BE STAMPED WITH IMPRESSED OR ADHESIVE STAMPS</caption>
Article No.
Nature of the instrument and the reference number thereto in the First Schedule
Person required to cancel the adhesive stamp
1
BOND, MORTGAGE or other INSTRUMENT executed by way of INDEMNITY or of SECURITY for the due execution of an office, or for the discharge of liabilities, arising out of the execution thereof, or to account for money received by virtue thereof — Article No. 8
The obligor or other person giving the security
2
CONTRACT NOTE — Article No. 9
The person by whom the note is executed
3
GUARANTEE for the issue of an Exit Permit under sections 29 (5) and 31 of the Enlistment Act (Chapter 93) — Article Nos. 7 (d) and 24 (f)
The person by whom the guarantee is executed
4
POLICY OF INSURANCE when issued outside Singapore — Article No. 27
The first holder in Singapore
5
SECURITY BOND furnished to the Controller of Immigration in connection with the grant of Social Visit Pass, Work Permit Pass and Professional Visit Pass for Artiste — Article Nos. 7 (d) and 24 (f)
The person by whom the bond is executed
THIRD SCHEDULE
Section 34 (a)
<caption>STAMP DUTY BY WHOM PAYABLE</caption>
Article No.
Nature of the instrument and the reference number thereto in the First Schedule
Person liable to pay stamp duty
1
BOND — Article Nos. 6, 7 and 8
The obligor or other person giving the security
2
CONVEYANCE — Article No. 10
The grantee or transferee.
3
EXCHANGE — Article No. 18
The parties in equal shares.
4
LEASE or AGREEMENT for a lease — Article No. 23
 
 
(a) Lease or Agreement
The lessee
 
(b) Counterpart or Duplicate
The lessor
5
MORTGAGE — Article No. 24.
The mortgagor or obligor
6
PARTITION — Article No. 26.
The parties thereto, in proportion to their respective shares in the whole property partitioned, unless the partition is made in execution of an order made by a civil court or arbitrator, when it shall be paid in such proportion as the court or arbitrator directs.
7
RECONVEYANCE — Article No. 28.
The transferee or assignee or the person redeeming the security.
”
Made this 29th day of March 1996.
NGIAM TONG DOW
Ministry of Finance,
Permanent Secretary,
Singapore
[SP 500/2; AG/SL/42/95]
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