Proposed new amendment makes ad valorem stamp duty payable upon signing of the Sale & Purchase Agreement unlike currently where it’s only payable at point of transfer when the title is issued.
There are several significant changes to the Malaysian Stamp Act 1949 proposed by the Stamp (Amendment) Bill 2016. This article will focus on the implications to the sale and purchase of immoveable property / real property only.
What instruments are chargeable with stamp duty for the sale of property?
The sale and purchase agreement (“SPA”) for the sale of property will now be charged with ad valorem duty (based on value of the property). The stamp duty will be payable within a shorter timeframe of 14 days from the date of assessment or date the self-assessment return is furnished, whichever is applicable.