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No. S 284
Stamp Duties Act
Stamp Duties Act (Substitution of Schedules)
Notification 1998
In exercise of the powers conferred by section 78 of the Stamp Duties Act, the Minister for Finance hereby makes the following Notification:
Citation and commencement
1.  This Notification may be cited as the Stamp Duties Act (Substitution of Schedules) Notification 1998 and shall be deemed to have come into operation on 28th February 1998.
Deletion and substitution of First, Second and Third Schedules
2.  The First, Second and Third Schedules to the Stamp Duties Act are deleted and the following Schedules substituted therefor:
FIRST SCHEDULE
Sections 4 (1), 15(1) and 31(6)
Instruments Chargeable With Stamp Duty
Article No.
Description of Instrument relating to immovable property and stock or shares
Proper Stamp Duty
1
BOND, COVENANT or INSTRUMENT for securing the payment for the hire of furniture, chattels, fittings or equipment in connection with the lease of immovable property and for the provision of services or facilities or to other matters or things in connection with such lease
The same duty as a LEASE
2
CONTRACT NOTE:
 
For every $1,000 or any part thereof of the value of the stock or shares
$0.50
 
Exemption:
 
Any contract note for the sale or purchase of any foreign stock or shares issued by —
 
 
(a) any approved Asian Currency Unit or approved securities company to a person outside Singapore;
 
 
(b) any approved Asian Currency Unit or approved securities company, on or after 1st April 1996, to another approved Asian Currency Unit or approved securities company which is acting as a broker or agent for a person outside Singapore;
 
 
(c) any person to an approved Asian Currency Unit or approved securities company which is acting as a broker or agent for a person outside Singapore or is transacting in stock or shares solely for the purpose of making a market in such stock or shares; or
 
 
(d) any approved Asian Currency Unit or approved securities company to an approved fund manager where the transaction relates exclusively to non-resident funds managed by the approved fund manager.
 
 
For the purposes of this Article —
 
 
"approved Asian Currency Unit or approved securities company" means any Asian Currency Unit of a financial institution or any securities company approved under section 43A of the Income Tax Act (Chapter 134);
 
 
"approved fund manager" means a fund manager approved under section 43A of the Income Tax Act;
 
 
"foreign stock or shares" means ‐‐
 
 
(a) stock or shares of companies not incorporated and not resident in Singapore; and
 
 
(b) stock or shares listed on the Stock Exchange of Singapore and denominated in any foreign currency of companies incorporated in Singapore and approved by the Minister whose operations are substantially outside Singapore;
 
 
"person outside Singapore"‐‐
 
 
(a) in relation to an individual, means a person who is not a citizen of Singapore and who does not reside in Singapore for more than 183 days in a year;
 
 
(b) in relation to a company, means a company not incorporated in Singapore but does not include —
 
 
(i) a branch or permanent establishment of such a company in Singapore; and
 
 
(ii) a branch outside Singapore of a company incorporated in Singapore.
 
3
CONVEYANCE, ASSIGNMENT or TRANSFER:
 
 
(a) on sale of any immovable property or any interest thereof
 
 
Amount or value of consideration
 
 
(i) for every $100 or any part thereof of the first $180,000
$1
 
(ii) for every $100 or any part thereof of the next $180,000
$2
 
(iii) thereafter for every $100 or any part thereof
$3
 
(b) on sale of any residential property or any interest thereof
 
 
 
In addition to duty under paragraph (a) or (c), where the property or any share in a private company referred to in section 22A (4), is disposed of in the following periods from the date of its acquisition:
 
Amount of consideration or value of property, whichever is applicable
Within one year
Exceeding one year but not exceeding 2 years
Exceeding 2 years but not exceeding 3 years
 
(i) for every $100 or any part thereof of the first $180,000
$1
$0.67
$0.33
 
(ii) for every $100 or any part thereof of the next $180,000
$2
$1.33
$0.67
 
(iii) thereafter for every $100 or any part thereof
$3
$2
$1
 
(c) on sale of any stock or shares or any interest thereof, computed on the amount or value of consideration ‐‐ for every $100 or any part thereof
$0.20
 
(d) of any property or any interest thereof by way of security
See MORTGAGE
 
(e) of any property or any interest thereof by way of settlement
See SETTLEMENT
 
(f) of any property or any interest thereof for the purpose of effectuating the appointment of a new trustee or the retirement of a trustee although no new trustee is appointed
$10 or the same duty as paragraph (a) or (b), as the case may be, whichever is the lesser
 
(g) of any property as above where the transaction is between trustees and where ‐‐
 
 
(i) the beneficial interest in the property passes
The same duty as in paragraph (a) or (b), as the case may be
 
(ii) the beneficial interest in the property does not pass
$10 or the same duty as in paragraph (a) or (b), as the case may be, whichever is the lesser
 
(h) of any property or any interest thereof not otherwise specially charged with duty
$10
 
For the purposes of this Article, "property" means any immovable property and stock or shares
 
4
DECLARATION of any trust or concerning any immovable property, stock or shares by any writing, not being a will, or an instrument chargeable with duty as a conveyance on sale, gift or settlement
$10
5
DUPLICATE or COUNTERPART of any instrument chargeable with duty, and in respect of which the proper duty has been paid
$2 or the same duty payable on the original, whichever is the lesser
6
EXCHANGE:
 
Any instrument whereby an exchange of immovable property is effected
The same duty as for a conveyance on sale for a consideration equal to the value of the immovable property of greater value
7
GIFT
The same duty as for a conveyance on sale
8
LEASE or AGREEMENT for a lease of any immovable property including any furniture, chattels, fittings or equipment and for securing the payment for the provision of services or facilities or to other matters or things in connection with such lease —
When the Lease is for a period
 
 
Not exceeding one year
Exceeding one year but not exceeding 3 years
Exceeding 3 years or for any indefinite term
 
(a) without premium when the average rent and other consideration calculated for a whole year —
 
 
(i) does not exceed $500
$2
$4
$8
 
(ii) exceeds $500, for every $250 or any part thereof
$1
$2
$4
 
(b) in consideration of a premium only
The same duty as for a conveyance for a sum equal to the amount of such consideration
 
(c) in consideration of a premium and reserving a rent or other consideration
The same duty as for a conveyance on sale in consideration of the premium and a lease for the rent and other consideration
 
(d) lease executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2
 
(e) lease of any other kind whatsoever not otherwise specially charged with duty
$10
9
MORTGAGE, AGREEMENT FOR A MORTGAGE and DEBENTURE of immovable property and stock or shares
 
 
(a) being a security (other than an equitable mortgage) for the payment or repayment of money – for every $1000 or any part thereof
$4 subject to a maximum of $500
 
(b) being an equitable mortgage for the payment or repayment of money — for every $1000 or any part thereof
$2 subject to a maximum of $500
 
(c) transfer assignment or disposition of any mortgage or debenture —
 
 
(i) for every $1,000 of the amount transferred, assigned or disponed, inclusive of interest which is in arrear; and
$2 subject to a maximum of $500
 
(ii) where any further money is added to the money already secured
The same duty as in paragraph (a) for such further money
 
(d) mortgage executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2
 
(f) any security executed in conjunction with the security which is duly stamped under paragraph (a)
$10
 
Exemption:
 
 
Any mortgage of stock or shares under hand only.
 
10
PARTITION of immovable property — for each instrument
$10
 
Exemption:
 
 
Where duty has been paid under any order of court or award directing a partition, no further duty shall be payable in respect of any instrument carrying such partition into effect.
 
11
SETTLEMENT of immovable property and stock or shares:
 
 
(a) Instrument of Settlement or Agreement for a Settlement
The same duty as for conveyance, assignment or transfer
 
(b) Settlement executed in pursuance of a duly stamped agreement for the same on production of the agreement to the Commissioner
$2 or the same duty payable on the agreement, whichever is the lesser
12
SURRENDER OF LEASE of immovable property:
 
 
(a) for consideration
The same duty as for a conveyance on sale for a consideration equal to the amount of such consideration
 
(b) in any other case
$10
SECOND SCHEDULE
Sections 7(1) and (6) and 8(1)
Instruments Which May be Stamped With Impressed or Adhesive Stamps
Article No.
Nature of the instrument and the reference number thereto in the First Schedule
Person required to cancel the adhesive stamp
1
CONTRACT NOTE — Article No. 2
The person by whom the note is executed
THIRD SCHEDULE
Section 34 (a)
Stamp Duty Payable by Whom
Article No.
Nature of the instrument and the reference number thereto in the First Schedule
Person liable to pay stamp duty
1
BOND, COVENANT or INSTRUMENT — Article No. 1
 
 
(a) Bond, Covenant or Instrument
The lessee
 
(b) Duplicate or Counterpart
The lessor
2
CONVEYANCE — Article No. 3
 
 
(a) Paragraphs (a), (c) to (h)
The grantee or transferee
 
(b) Paragraph (b)
 
 
(i) instrument effecting exchange
The parties in equal shares unless only one party is disposing of his property under the instrument before the expiration of 3 years from the date on which it was acquired, whereupon duty shall be paid only by that party
 
(ii) in any other case
The grantor, transferor or lessor
3
EXCHANGE — Article No. 6 The parties in equal shares
 
4
LEASE or AGREEMENT for a lease — Article No. 8
 
 
(a) Lease or Agreement
The lessee
 
(b) Counterpart or Duplicate
The lessor
5
MORTGAGE — Article No. 9
The mortgagor or obligor
6
PARTITION — Article No. 10
The parties thereto, in proportion to their respective shares in the whole property partitioned, unless the partition is made in execution of an order made by a civil court or arbitrator, when it shall be paid in such proportion as the court or arbitrator directs”.
[MF(R) R54.1.001 Vol. 9; AG/LEG/SL/312/97/1 Vol.1]