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SINGAPORE: More businesses look set to benefit from changes to the Stamp Duties Act, which were passed in Parliament on Tuesday.
A stamp duty is a tax on commercial and legal documents and is payable on documents relating to immovable property.
Among the amendments is one that will allow other types of businesses to qualify for stamp duty relief as long as both parties are associated.
The change will benefit limited partnerships, unlimited companies and statutory boards.
Currently, only transfer of assets between associated companies and registered business trusts is eligible for such relief.
Senior Minister of State Lim Hwee Hua said another change to the Act means it will no longer be compulsory for taxpayers to go through mandatory adjudication for transfer of shares and immovable property by way of gift.
- CNA/ir
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