Proposed Changes To Act To Enable Stamp Duty On Electronic Contracts For Real Estate

The Government has just tabled a Bill to amend the Stamp Duties Act (Cap. 312) with the main objective of applying the Act to an electronic record that wholly or partly effects a property or share transaction, or evidences such a transaction.

In this regard, a new Part VIIIA titled "Application of Act to Electronic Instruments" has been added to the Act, comprising definition section 59 and sections 60 and 60A-H.

What is an Electronic Instrument?

An Electronic Instrument is an electronic record, or a combination of electronic record and a physical document. An electronic record has the meaning given by section 2(1) of the Electronic Transaction Act (Cap. 88) which legitimises electronic transactions. For example, anything sent by email, SMS or any internet-based messaging service is an electronic record.