On 16 January 2014, the Stamp Duties (Relief from Stamp Duty Upon Transfer of Assets Between Associated Permitted Entities) Rules were introduced to replace the rules under the Stamp Duties (Relief from Stamp Duty Upon Transfer of Assets Between Associated
Companies) Rules. The new rules have an retroactive effect from 18 February 2005.
What are the new changes to the Rules?
1. The new rules have introduced specified time frames for submitting a relief application. If the transfer instrument is executed in Singapore, the application must be made within 14 days of the execution of the transfer. If the transfer instrument is executed outside Singapore, the application has to be made within 30 days after the execution of the transfer. If the application is made before the execution of the transfer instrument, and an in-principle relief is granted by the Stamp Office, the transfer instrument must be executed within 4 months unless a special waiver is obtained from the Commissioner of Stamp Duties.
2 The new rules have adopted the reference to terms such as “group”, “holding entity” and “permitted entity”. Taxpayers are reminded to review the definition of these terms carefully in evaluating whether the transfer could qualify for relief from stamp duties under the new rules.
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