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.