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Chee Hong Tat on Stamp Duties (Amendment) Bill

11:04 Min

The transfer of stakes in a property-holding entity (PHE) into living trusts with non-identifiable owners will be subject to additional conveyance duties (ACD) of up to 44 per cent under a Bill debated in Parliament on Tuesday (Jul 5). This will apply when the significant ownership threshold has been reached. The aim is to address the difference in stamp duty rate between direct acquisition and disposal of residential property and doing this indirectly through transfer of equity interest in a PHE, said Senior Minister of State for Finance Chee Hong Tat in Parliament on Tuesday (Jul 5). The Bill also proposes imposing stamp duty when a beneficial owner renounces interest in a residential property held on trust.

The transfer of stakes in a property-holding entity (PHE) into living trusts with non-identifiable owners will be subject to additional conveyance duties (ACD) of up to 44 per cent under a Bill debated in Parliament on Tuesday (Jul 5). This will apply when the significant ownership threshold has been reached. The aim is to address the difference in stamp duty rate between direct acquisition and disposal of residential property and doing this indirectly through transfer of equity interest in a PHE, said Senior Minister of State for Finance Chee Hong Tat in Parliament on Tuesday (Jul 5). The Bill also proposes imposing stamp duty when a beneficial owner renounces interest in a residential property held on trust.

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