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Louis Ng on Stamp Duties (Amendment) Bill

02:25 Min

The Stamp Duties (Amendment) Bill will harmonise the stamp duty treatment for equity interests held in trust, help raise tax revenues and stabilise the property market, said MP Louis Ng. Speaking in Parliament on Tuesday (Jul 5), he also sought clarifications on the Bill. He wanted to know under what circumstances will the Inland Revenue Authority of Singapore (IRAS) undertake the process to determine the existence of any oral or implied agreement or arrangement relating to guidance on who is to be deemed an associate. He said determining the existence of an oral or implied agreement or arrangement is a fact-specific exercise that can be very time and resource consuming, and it does not seem practical for IRAS to do this for every transaction. 

The Stamp Duties (Amendment) Bill will harmonise the stamp duty treatment for equity interests held in trust, help raise tax revenues and stabilise the property market, said MP Louis Ng. Speaking in Parliament on Tuesday (Jul 5), he also sought clarifications on the Bill. He wanted to know under what circumstances will the Inland Revenue Authority of Singapore (IRAS) undertake the process to determine the existence of any oral or implied agreement or arrangement relating to guidance on who is to be deemed an associate. He said determining the existence of an oral or implied agreement or arrangement is a fact-specific exercise that can be very time and resource consuming, and it does not seem practical for IRAS to do this for every transaction. 

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