Singapore legislation
Regulation 9
of Stamp Duties (Relief from Stamp Duty upon Reconstruction or Amalgamation of Companies) Rules
Regulation 9
Refund of stamp duty paid
Notwithstanding rule 3(1)(a), if, in the case of any scheme of reconstruction or amalgamation, the Commissioner is satisfied that a claim for relief under section 15(1) of the Act could have been made but for the fact that less than 90% of the reckonable share capital of the particular existing company was acquired by the transferee company, the Commissioner may make a refund of the amount of ad valorem duty that would not have been chargeable under section 15(1) of the Act if rule 3(1)(a) had been originally fulfilled —
where it is proved to the satisfaction of the Commissioner that not less than 90% of the reckonable share capital of the particular existing company has under the scheme been acquired within a period of 6 months from the earlier of the following 2 dates:
the last day of the period of one month after the first allotment of shares made for the purposes of the acquisition; or
the date on which an invitation was issued to the shareholders of the existing company to accept shares in the transferee company; and
on production to the Commissioner of the instrument on which the ad valorem duty has been paid.