Singapore Issues Draft Stamp Duties Bill for Consultation

On 7 July 2014, the Singapore Ministry of Finance issued the draft Stamp Duties (Amendment) Bill 2014 for public consultation. The draft bill  includes 3 main changes:

• Granting the Commissioner of Stamp Duties (COSD) the following discretionary power so as to provide more convenience to taxpayers:
  • Allow stamp duty refunds to taxpayers when the COSD is able to ascertain that there is an overpayment of stamp duty, without the taxpayer having to lodge a refund claim
  • Remove the require…