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TaXavvy Stamp Act (Amendment) Bill

Inside this issue:

Key highlights

  • Properties and Shares Sale and Purchase Agreements subjec to ad valorem stamp duty
  • Reduction of stamp duty rates for unquoted shares
  • Requirement to submit return
  • Instruments chargeable with duty
  • Relief in respect of error or mistake
  • Adjudication and assessment as to proper stamp/Introduction to self assessment
  • Powers of the Collector of Stamp Duties
  • Power to appoint agents
  • Recovery of duty from executor 
  • Definition of "small and medium enterprise"

Stamp duty relief

  • Stamp duty relief in case of reconstructions or amalgamations of companies
  • Stamp duty relief in case of transfer of property between associated companies

Stamp duty administration

  • Requirement to keep records
  • Loss of stamp certificate
  • Allowance for spoiled stamps

Offences and penalties

  • Increase in penalties
  • Recovery of duties, penalties and other sums
  • Compoundable offences

Savings and transitional provisions

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TaXavvy is a newsletter issued by PricewaterhouseCoopers Taxation Services Sdn Bhd. While every care has been taken in compiling this newsletter, we make no representations or warranty (expressed or implied) about the accuracy, suitability, reliability or completeness of the information for any purpose. PricewaterhouseCoopers Taxation Services Sdn Bhd, its employees and agents accept no liability, and disclaim all responsibility, for the consequences of anyone acting, or refraining to act, in reliance on the information contained in this publication or for any decision based on it. Recipients should not act upon it without seeking specific professional advice tailored to your circumstances, requirements or needs.

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For earlier issues of TaXavvy, click here.

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