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ARTICLE · 16 AUGUST 2018

Proposed Law Changes To Stamp Electronic Records

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In Singapore, stamp duty emanates from the Stamp Ordinance 1929, a piece of tax legislation that pre-dates even income tax.

SingaporeTax
Yee Hoong Chua
Yee Hoong Chua
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A Bill to amend the Stamp Duties Act has been proposed by the Ministry of Finance (MOF) on 6 August 2018 in Parliament to introduce the stamping of electronic records that effect certain real estate and company shares transaction.

Despite being a legislation of moderate length, the Stamp Duties Act has wide-reaching implications, and often times require complex technical analyses that interact with other branches of law. If the Parliament passes the law to stamp electronic records, the already sprawling effect of the Stamp Duties Act is likely to be felt further and will need to be considered even more carefully than before.

Background

In Singapore, stamp duty emanates from the Stamp Ordinance 1929, a piece of tax legislation that pre-dates even income tax. Almost 90 years later, 2 key concepts are still the cornerstone of stamp duty:

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