Stamp Duties (Aborted Sale and Purchase Agreements) (Remission) Rules 2005

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No. S 445

Stamp Duties Act

(Chapter 312)

Stamp Duties (Aborted Sale and Purchase Agreements) (Remission) Rules 2005

In exercise of the powers conferred by sections 74 and 77 of the Stamp Duties Act, the Minister for Finance hereby makes the following Rules:

Citation

1. These Rules may be cited as the Stamp Duties (Aborted Sale and Purchase Agreements) (Remission) Rules 2005.

Remission of stamp duties chargeable under section 22 (1) of Act

2. There shall be remitted such amount of duty chargeable under section 22 (1) of the Act that is in excess of $50 on every contract or agreement for the sale between a vendor and a purchaser of any estate or interest in any immovable property where —

(a)	the contract or agreement is rescinded or annulled on or after 18th February 2005 on any ground not specified in section 22 (6) of the Act; and
(b)	the purchaser has not procured the rescission or annulment of the contract or agreement for sale with a view to facilitating the disposition of the property by the vendor to another person.

Conditions for remission

3. The remission under rule 2 shall be made if and only if —

(a)

the application for remission is made by the person by whom the instrument was executed —

(i)	within 6 months from the date of the annulment or rescission of the contract or agreement; or
(ii)	within such further time as the Commissioner may deem reasonable when, in unavoidable circumstances, the instrument cannot be produced within that period; and

(b)

the instrument is given up to be cancelled.

Made this 5th day of July 2005.

LIM SIONG GUAN

Permanent Secretary,
Ministry of Finance,
Singapore.

[MF R54.001.00001 V18; AG/LEG/SL/312/2002/1 Vol. 1]

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