SINGAPORE : The Inland Revenue Authority of Singapore or IRAS is reminding all landlords and tenants to ensure their agreements are duly stamped.
Housing Agents handling the leasing of properties are also advised to remind clients.
IRAS says the law requires stamp duty to be payable on a lease or agreement for a lease of any immovable property.
This means, any exchange of correspondence between the parties or any written document confirming the lease or renewal of lease would be subject to stamp duty.
Stamp duty is payable within 14 days from the date of the agreement if signed in Singapore and within 30 days from date of receipt in Singapore if signed outside Singapore.
Penalties will be imposed for late stamping.
If IRAS discovers the non-stamping of any agreement, it can impose a penalty of up to four times the duty.
It says evasion of stamp duty is a serious offence and could lead to a fine of up to $10,000 or imprisonment not exceeding three years or both.
- CNA /ls