Singapore Stamp Duty FAQ
Table of Contents
What is Stamp Duty?
Stamp duty is a tax levied on documents related to the transfer of interests in assets such as immovable property (“property”) and stocks or shares in Singapore.
Who Should Pay Stamp Duty?
Check the terms of the contract (e.g., sale and purchase agreement, lease agreement) to determine which party is responsible for paying the stamp duty. If the terms do not specify which party is liable, the party responsible for payment is determined according to the provisions in the Third Schedule of the Stamp Duties Act.
When Do I Need to Pay Stamp Duty?
Generally, you need to e-Stamp your document before signing it. However, you will not be penalized if you sign and e-Stamp the document within the following timeframes:
• Within 14 days after signing the document in Singapore;
• Within 30 days after receiving the document in Singapore if it was signed overseas.
How Do I E-Stamp My Documents?
You can easily e-Stamp your documents in any of the following ways:
• e-Stamping portal;
• Service Bureaus (designated Singapore Post offices);
• e-Terminals at the Inland Revenue Authority of Singapore (IRAS) Taxpayer and Business Service (TBSC).
How Do I Pay Stamp Duty?
Stamp duty can be paid through the following methods:
• e-Nets (via the e-Stamping portal);
• Cheque (in the cheque collection box or with a payment slip and cheque at Service Bureaus);
• Nets (at the IRAS Taxpayer and Business Service);
• CashCard (at the IRAS Taxpayer and Business Service);
• Cashier’s Order (at Service Bureaus);
• Electronic funds transfer.
What Happens If I Stamp Late?
If you e-Stamp after the deadline but before an IRAS audit check:
• For documents stamped within 3 months after the due date, a penalty of at least S$10 or 5% per annum of the stamp duty, calculated daily, whichever is greater, will be imposed.
• For documents stamped more than 3 months after the due date, a penalty of at least S$25 or 5% per annum of the stamp duty payable, calculated daily, whichever is greater, will be imposed.
Can Contracting Parties Change the Date of the Instrument to Avoid Higher Taxes?
Under Section 62 of the Stamp Duties Act, it is an offence to sign an instrument where the facts and circumstances are not fully and truly set forth to evade or underpay stamp duty. Any person found guilty of such an offence shall be liable on conviction to a fine not exceeding S$10,000 or to imprisonment for a term not exceeding 3 years or to both.
Can I Apply for a Waiver of Late Stamping Penalties?
Penalties for late stamping cannot be waived.
Is It Necessary to Pay Nominal Duties?
For documents subject to full stamp duty, nominal duties and fixed duties are applicable. Following the 2011 Budget, all nominal and fixed duties, except for Declaration of Trust, have been abolished.
Where Can I Find the Stamp Duties Act?
You can view the electronic version of the Stamp Duties Act on the Singapore Statutes Online website.
How Do I Apply for a Stamp Duty Refund?
You can apply for a tax refund through the e-Stamping portal:
1. Log in with your SingPass or CorpPass ID
2. Click on “Request”
3. Select “Apply for Refund”
4. Complete the electronic form
5. Click “Submit”
Most refund applications will be processed within 1 month.
When Calculating Stamp Duty, Do I Need to Include Goods and Services Tax (GST)?
GST should be excluded when calculating stamp duty.
If I Want to Pay in a Foreign Currency, Which Currency Should I Use for Calculation?
The calculation of stamp duty is based on the Singapore dollar equivalent of the foreign currency on the date the agreement is signed. You can refer to the exchange rates from the Monetary Authority of Singapore (MAS).
Are Foreign Embassies Exempt from Stamp Duty?
Please apply directly to the Ministry of Foreign Affairs (MFA) for exemption of stamp duty for foreign embassies.
Are Documents Signed by the Government Exempt from Stamp Duty?
Only documents signed by the Government of Singapore are exempt from stamp duty, provided that the government is liable to pay the stamp duty. Government agencies refer only to Government Ministries and do not include Statutory Boards.
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