ACC213: Introduction to Income Tax
Stamp duty collected in FY2016/2017 was $3.3 billion, which amounted to around 7% of total tax revenue in the same year. Explain what is Stamp duty, and discuss its rationale and relevance to IRAS and Singapore, making references to the objectives of taxation whenever necessary. (12 marks)
Stamp duty is the tax levied on the property documents during the time of sale or transfer of the property. The tax rate is not the same across the state, and tax amount differs for the different type of documents, it may be a share, property, bonds etc. and it is charged a value during transactions.if duties aren't paid with deadline penalty has to be paid
IRAS stands for Inland Revenue Authority of Singapore, which is governed by the statutory authority of singapore. and they are intended to collect personal income tax, GST tax, property tax, stamp duty etc. The stamp duties are collected by IRAS
Singapore is one of the low tax rates imposing country in the world, for individuals and for the corporates as well. so the other countries firms and job searching personnels are attracted to invest or work in the country and the rate of stamp duty of share or property is very less than any other countries. Once the documents are signed, stamp duty need to be paid by the IRAS system
ACC213: Introduction to Income Tax Stamp duty collected in FY2016/2017 was $3.3 billion, which amounted to...
ACC213: Introduction to Income tax Explain what Stamp duty is under Section 4(1) of the Stamp Duties Act (Cap 312) and examine whether Stamp duty is applicable for the instruments tabulated below. Your assessments must include the reasons or appropriate references to the Stamp Duties Act (Cap 312) in Singapore. 1 A mortgage agreement executed outside Singapore for a residential property in Singapore. 2 A mortgage agreement for a non-residential property in Singapore. 3 A sale and lease-back agreement for...