Singapore legislation
Regulation 4
of Stamp Duties (Agreements for Sale of Equity Interests) (Remission) Rules 2018
Regulation 4
Remission of duty on aborted agreements
Subregulation 1
This rule applies to a contract or agreement for the sale of equity interests in an entity executed on or after 11 March 2017, where —
the contract or agreement is rescinded or annulled; and
the purchaser did not procure the rescission or annulment with a view to facilitating the disposition of the equity interests by the vendor to another person.
Subregulation 2
Subject to rules 2 and 3, the amount in excess of $50 of each of the following duties that is chargeable on the contract or agreement is remitted:
the duty chargeable under Article 3(c) of the First Schedule to the Act by reason of section 22(1) of the Act;
the duty chargeable under section 23 (read with section 23B) of the Act.
Subregulation 3
Paragraph (2) only applies if —
the person who paid or is liable to pay the duty provides such evidence of the rescission or annulment as may be required by the Commissioner —
within 6 months starting on the date of the rescission or annulment; or
within such longer period as the Commissioner considers reasonable, if the evidence cannot be provided within the period in sub‑paragraph (i) because of unavoidable circumstances; and
the contract or agreement is surrendered for cancellation within the period mentioned in sub‑paragraph (a), unless the Commissioner dispenses with the surrender in a particular case or the instrument has already been surrendered for cancellation in relation to an earlier remission under this rule.
Subregulation 4
In this rule, “entity” and “equity interest”, in relation to an entity, have the meanings given by section 23(21) of the Act.