Friday, July 23, 2010

IRAS set to launch new e-Stamping website

Starting July 27, 2010 businesses and individuals in Singapore can e-Stamp their documents and pay stamp duty at IRAS’ new e-Stamping website.
With the new e-Stamping website, any individual can stamp his document electronically, from his home or office without the hassle of physically moving his legal/commercial documents to the stamp duty counters.

The new e-Stamping website is free of charge for anyone who wishes to stamp his document and pay stamp duty via the Internet.  All that one has to do is key in the details of the document on which stamp duty is payable and the system will automatically compute the amount of stamp duty he needs to pay. Once payment is made, he can print the “Certificate of Stamp Duty” immediately. The new e-Stamping website also allows registered users to view their past e-Stamping transactions or apply for stamp duty refund.

Under the Stamp Duties Act, documents relating to property and shares must be stamped and these include lease, sale and purchase, gift or mortgage of property. Currently, individuals have to go to the stamp duty counter at IRAS’ Taxpayer Service  Centre or Chinatown service bureau (operated by CrimsonLogic Pte Ltd) to have their documents stamped manually. The existing e-Stamping website is only available to law firms, secretariat firms and estate agencies and they have to pay a monthly subscription fee and transaction fee for every document stamped.

With the introduction of the new e-Stamping website on Tuesday, the existing e-Stamping website will shut down on 23 July 2010 (Friday).   In view of the switch over, the due date for all documents that must be stamped by 23, 24, 25 or 26 July 2010 will be extended to 2 August 2010.

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