SINGAPORE : The Inland Revenue Authority of Singapore or IRAS is
reminding all landlords and tenants to ensure their agreements are
duly stamped.
Housing Agents handling the leasing of properties are also advised
to remind clients.
IRAS says the law requires stamp duty to be payable on a lease or
agreement for a lease of any immovable property.
This means, any exchange of correspondence between the parties or
any written document confirming the lease or renewal of lease would
be subject to stamp duty.
Stamp duty is payable within 14 days from the date of the agreement
if signed in Singapore and within 30 days from date of receipt in
Singapore if signed outside Singapore.
Penalties will be imposed for late stamping.
If IRAS discovers the non-stamping of any agreement, it can impose
a penalty of up to four times the duty.
It says evasion of stamp duty is a serious offence and could lead
to a fine of up to $10,000 or imprisonment not exceeding three
years or both.
- CNA /ls