The IRB published the following guidelines on March 24, 2022:
- Guidelines on stamp duty relief under Section 15 of the Stamp Act 1949, dated March 1, 2022
- Guidelines on stamp duty relief under Section 15A of the Stamp Act 1949, dated March 1, 2022
The Guidelines take the place of the previous Guidelines, which were issued on February 26, 2019.
These guidelines were issued to explain the procedures involved in applying for stamp duty relief in the reconstruction or amalgamation of companies provided under Section 15 of the Stamp Act 1949 (“SA”) and the transfer of property between associated companies provided under Section 15A of the Stamp Act 1949.
Guidelines on Stamp Duty relief under Section 15 of the Stamp Act 1949 dated March 1, 2022
Some of the most significant changes to the Guideline are as follows:
- A late payment penalty, as outlined in Section 47A of the SA, may be levied if it is determined that the exemption should be terminated as outlined in the revised Guidelines.
- In the new guidelines, the documents required to be provided in support of the application by the “transferee company” and the “existing company” are specified more clearly and concisely. In addition, a Company Secretary is required to provide certification for specific supporting documents, such as the company’s constitution and a board decision on the increase in share capital (the previous Guidelines stated that the documents were to be certified by the Deputy Collector of Stamp Duty).
- The new Guidelines make it clear that the Stamp Duty Assessment and Payment System (STAMPS) is the method through which applicants will be informed of the outcome of their requests. If the application is approved, the applicant must go to the appropriate State Director’s Office to pick up a consent letter and certificate of exemption.
- When clearance for a stamp duty exemption has been given, the new guideline explains the obligations each party is responsible for.
- Include an up-to-date list of the supporting documents that must be submitted with the application for exemption.
Guidelines on stamp duty relief under Section 15A of the Stamp Act 1949 dated March 1, 2022
Some of the most significant changes to the Guideline are as follows:
- Transactions such as the transfer of shares, real property, and company assets are generally eligible (before, only the transfer of shares and real property qualified for relief).
- The Section 15A stamp duty relief will not apply to the transfer of a business.
- The property transferred must be transferred directly from the transferor to the transferee.
- To explain the process that is followed for approving or rejecting applications.
- A late payment penalty, as outlined in Section 47A of the SA, may be levied if it is determined that the exemption should be terminated as outlined in the revised Guidelines.
- Outline the responsibilities of the parties concerned in situations where authorisation has been given for an exemption from paying stamp duty. In addition, a Company Secretary is required to provide certification for specific supporting documents, such as the company’s constitution and a board decision on the increase in share capital (the previous Guidelines stated that the documents were to be certified by the Deputy Collector of Stamp Duty).
Summary
- Paragraph 1 of S.15A Guidelines – Scope of coverage;
- Paragraph 3.2(a) of S.15 Guidelines & Paragraph 3.2(c) of S.15A Guidelines – Duly stamped document to support an application for relief under S.15 and S.15A of the Stamp Act 1949;
- Paragraph 4.3 and Paragraph 5.1(c) of S.15 Guidelines – “termasuk pemegang syer”;
- Paragraph 4.6 of S.15 Guidelines & Paragraph 4.2 of S.15A Guidelines – Late payment penalty;
- Paragraph 5.3 of S.15 Guidelines – Annual returns; and
- Paragraph 5.3 of S.15A Guidelines – Audited financial statements.
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