Stamp Duties (Amendment) Bill

by deleting the words “made on or after” in subsection (1) and substituting the words “executed on or after”; (b)by inserting, immediately after subsection (1A), the following subsection:“(1B) If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, then ad valorem stamp duty under Article 3(bd) and (be) in the First Schedule shall not be chargeable on any instrument executed on or after 12 January 2013 for the purposes of or in connection with —

the transfer of the undertaking or shares in respect of a scheme for the reconstruction of any company or companies, or the amalgamation of companies;

the transfer, conveyance or assignment of any beneficial interest in any asset between such entities that are associated in such manner as may be prescribed; (c)the conversion of a firm to a limited liability partnership under section 20 of the Limited Liability Partnerships Act (Cap. 163A); or

the conversion of a private company to a limited liability partnership under section 21 of the Limited Liability Partnerships Act.”; and

by deleting paragraph (ii) of subsection (3) and substituting the following paragraph:“(ii)be recoverable from that entity as a debt due to the Government, together with interest on the amount at the rate of 6% per annum —

in a case where duty was paid on the instrument and then refunded after a claim for relief was allowed under this section, from the date on which the refund was made; or

in any other case —

by deleting the words “section 75(2)” in subsection (11)(a), (b) and (c) and substituting in each case the words “section 75(1)(a)”;

by deleting the words “subsection (13)” in subsection (12)(i)(B) and (ii)(B) and substituting in each case the words “subsection (13A)”; and

by deleting subsection (13) and substituting the following subsections:“(13) Interest referred to in subsection (11A) shall accrue on the amount of duty referred to in that subsection at the rate of 6% per annum after the expiry of the period in which the duty must be paid to the Commissioner.(13A) Interest referred to in subsection (12) shall accrue on the amount of relief referred to in that subsection at the rate of 6% per annum —

in a case where duty was paid on the instrument and then refunded after a claim for relief was allowed under this section, from the date on which the refund was made; or

in any other case —

if the instrument is executed by any person in Singapore, from the date of its execution; or

if the instrument is executed outside Singapore, from the date the instrument is first received in Singapore.”.

by inserting, immediately after the words “if the instrument is not dated,” in subsection (1)(ii), the words “on an application made”; (b)by inserting, immediately after subsection (2), the following subsection:“(3) Notwithstanding subsection (1), where the Commissioner has reasonable cause to believe that a person —

has inadvertently paid duty of a greater value than was necessary; or

has inadvertently paid duty in respect of an instrument not liable to any duty,the Commissioner may, on his own initiative, make an allowance for the duty overpaid or paid (as the case may be).”; and (c)by deleting the words “for misused stamp certificates” in the section heading.

the Commissioner has reasonable cause to believe in any particular case that the amount of money has been overpaid as duty under this Act.”.