Stamp Duty needs to be paid once the document is signed:
If stamp duty is not paid on the document within the 14 or 30 days (whichever is applicable), there will be penalties payable in addition to the Stamp Duty amount.
You are required to stamp documents within:-
A penalty of up to 4 times may be imposed if documents are stamped late or insufficiently stamped.
Examples on when you are required to stamp your document:
i. The document was signed in Singapore on 01/02/2009. You are required to stamp your document by 15/02/2009. Stamping done on or after 16/02/2009 is late.
ii. The document was signed overseas on 01/02/2009 and was first received in Singapore on 10/06/2009. You are required to stamp your document by 10/07/2009. Stamping done on or after 11/07/2009 is late.
If you come forward voluntarily to fully disclose on the omission or underpayment, IRAS is prepared to accord a reduced penalty of 5% per annum calculated on a daily basis on the stamp duty payable. The voluntary disclosure must be made before the initiation of an audit review or query from IRAS.
The reduced penalty is also subject to the following:-
Cooling Measures for the Residential Property Market
The Government has announced a comprehensive set of measures to cool the residential property market. Below are some of the measures introduced, that take effect on 12 Jan 2013.
a) Additional Buyer’s Stamp Duty will be imposed on SPRs buying their first residential property
b) The Mortgage Servicing Ratio will be capped at 30% and 35% of borrower’s gross income for bank loans and HDB loans, respectively
c) SPR flat owners will not be allowed to sublet whole flat
d) SPR flat owners must sell their HDB flats after buying a private residential property.
These measures are calibrated to be tighter on property ownership for investment. Financing conditions for housing have also been tightened to discourage over-borrowing and instil greater financial prudence among buyers.
Changes to Additional Buyer’s Stamp Duty (ABSD)
|Rate on 1st purchase||2nd purchase||3rd & subsequent purchase|
|Singapore citizens||No change||7%||10%|
|Foreigners and non-individuals||15%||15%||15%|
Additional Housing Measures for Permanent Residents (PRs)
PRs owning HDB Flats Must Sell their Flat after Purchase of Private Residential Property in Singapore
From 12 January 2013, PR households must dispose of their HDB flats within six months of purchasing a private residential property in Singapore. PR households who had earlier been allowed by HDB to own a private residential property in Singapore prior to 12 January 2013 will not be required to sell their HDB flats. However, if they buy another private property in Singapore on or after 12 January 2013, they must sell their HDB flats. Please see Table A.
|Table A: Disposal of existing HDB flat upon purchase of private property in Singapore by PR households Type of Private Residential Property in Singapore||Treatment|
|Completed||PR flat owners must dispose their HDB flat within six months of completion of purchase of the private property.|
|Uncompleted||PR flat owners must dispose their HDB flat within six months of granting of Temporary Occupation Permit or Certificate of Statutory Completion, whichever is earlier2.|
2 This applies even if the PR flat owner had disposed of the uncompleted private residential property before the granting of Temporary Occupation Permit or Certificate of Statutory Completion.
|Please refer to the MAS or IRAS website for the details about the changes to ABSD, including the conditions for remission.|