REPUBLIC OF SINGAPORE
Published by Authority
|NO. 36]||Friday, December 22||[2000|
The following Act was passed by Parliament on 22nd November 2000 and assented to by the President on 28th November 2000:—
Stamp Duties (Amendment) Act 2000
(No. 32 of 2000)
S R NATHAN,
28th November 2000.
Date of Commencement: 1st July 2000
An Act to amend the Stamp Duties Act (Chapter 312 of the 1997 Revised Edition).
Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows:
1. This Act may be cited as the Stamp Duties (Amendment) Act 2000 and shall be deemed to have come into operation on 1st July 2000.
2. Section 15 of the Stamp Duties Act is repealed and the following section substituted therefor:
“Relief from ad valorem stamp duty upon reconstruction or amalgamation of companies and transfer of assets between associated companies
—(1) If it is shown to the satisfaction of the Commissioner that the prescribed conditions have been fulfilled, ad valorem stamp duty under Article 3(a), (b) and (c) in the First Schedule shall not be chargeable on any instrument made on or after 1st July 2000 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 any companies; or
the transfer, conveyance or assignment of any beneficial interest in any asset between associated companies.
(2) No instrument referred to in this section shall be deemed to be duly stamped unless —
it is stamped with the duty to which it would but for this section be liable; or
(3) Where any claim for relief from duty under this section has been allowed and it is subsequently found that —
any declaration or other evidence furnished in support of the claim was untrue in any material particular; or
any prescribed matter which the Commissioner was satisfied would not occur in allowing the relief, does occur,
the claim shall be deemed to have been disallowed and an amount equal to the duty remitted shall —
become payable forthwith; and
be recoverable from the transferee company as a debt due to the Government, together with interest thereon at the rate of 6% per annum, from the date on which the duty would have become chargeable if this section had not been enacted.”.