{"id":683,"date":"2018-08-08T09:20:23","date_gmt":"2018-08-08T01:20:23","guid":{"rendered":"http:\/\/ehluar.com\/main\/?p=683"},"modified":"2018-09-08T07:34:01","modified_gmt":"2018-09-07T23:34:01","slug":"mof-proposes-changes-to-stamp-duties-act","status":"publish","type":"post","link":"http:\/\/ehluar.com\/main\/2018\/08\/08\/mof-proposes-changes-to-stamp-duties-act\/","title":{"rendered":"MOF tabled the Stamp Duties (Amendment) Bill 2018"},"content":{"rendered":"<p><span style=\"color: #000000;\">On 6 August 2018, the Ministry of Finance (MOF) has tabled the Stamp Duties (Amendment) Bill 2018 with key amendments providing for stamp duty to be levied on electronic records that enable a transfer of interest in properties and shares.<\/span><\/p>\n<p><span style=\"color: #000000;\">Currently, stamp duty is chargeable under the Stamp Duties Act on instruments to transfers of immoveable properties and shares that are done through physical records. MOF said in a release: \u201cWith the more pervasive use of digital technology, there is potential for more of such transactions to be effected electronically, bringing greater convenience to citizens and businesses. To ensure that our laws keep pace with digitalisation, the key amendments provide for stamp duty to be levied on electronic records that effect a transfer of interest in immovable properties and shares.\u201d<\/span><\/p>\n<p><span style=\"color: #000000;\">Proposed new section 60A states essentially that a reference to an instrument that effects a transaction includes \u2013<\/span><\/p>\n<p><span style=\"color: #000000;\">(a)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 an electronic record that effects, or an electronic record and a physical document that together effect, the same transaction, and<\/span><\/p>\n<p><span style=\"color: #000000;\">(b)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 an electronic record that concludes the same transaction which is effected by a verbal communication and electronic record.<\/span><\/p>\n<p><span style=\"color: #000000;\">It went on to highlight that there will be no change to tax rates or rules on property buyers and sellers.\u00a0 These proposed new provisions of the Stamp Duties Act are not expected to have any immediate impact in the real estate industry and there is no change in stamp duty rates or the principles.They do set the stage for electronic contracts for real estate transactions which is widely viewed as a necessary stage in the move towards the total digitisation of the real estate industry.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">It will come into effect on a date that the Minister appoints by notification in the Electronic Gazette.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">Other changes included in the bill are technical amendments to improve tax policy and administration.<\/span><\/p>\n<p class=\"hP\"><span style=\"color: #000000;\">Source: <i>Ministry of Finance<\/i>, 8 August 2018<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On 6 August 2018, the Ministry of Finance (MOF) has tabled the Stamp Duties (Amendment) Bill 2018 with key amendments providing for stamp duty to be levied on electronic records that enable a transfer of interest in properties and shares. Currently, stamp duty is chargeable under the Stamp Duties Act on instruments to transfers of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[14,6],"tags":[],"class_list":["post-683","post","type-post","status-publish","format-standard","hentry","category-stamp-duties","category-techupdates"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/683","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/comments?post=683"}],"version-history":[{"count":4,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/683\/revisions"}],"predecessor-version":[{"id":689,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/posts\/683\/revisions\/689"}],"wp:attachment":[{"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/media?parent=683"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/categories?post=683"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/ehluar.com\/main\/wp-json\/wp\/v2\/tags?post=683"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}