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As the Singapore Government's principal revenue collection body, IRAS collects Income Tax, Goods and Services Tax (GST), [4] Property Tax, Estate Duty, Betting and Sweepstakes Duties, Stamp Duties and Casino Tax.
From the nineteenth century Singapore used revenues of the Straits Settlements. In 1948, the first revenue stamps exclusively for use in Singapore were issued. Three values were issued - $25, $50 and $100 - and the stamps portrayed King George VI. The $25 and $100 were reprinted in 1951 and 1953 respectively using a different perforation.
Purchases of Singapore property or shares traded on the Singapore Exchange, are subject to stamp duty. The Inland Revenue Authority of Singapore (IRAS) mandates stamp duty payment within 14 days from signing of the document if done in Singapore and 30 days if the document is signed overseas.
Singapore charges a 0.2% stamp duty on all instruments that give effect to transactions in stocks and shares. [59] However, this duty only applies to actual physical documents, and is not levied on computerized transactions performed through securities accounts. Stamp duty is not levied on derivative instruments.
Stamp Duty Land Tax (SDLT) is a progressive tax which applies when purchasing "a residential property or a piece of land in England or Northern Ireland". [66] As of 2023, the purchase of a primary residence worth up to £250,000, by a UK resident, is tax-free with respect to SDLT. [ 66 ]
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Examples of such taxes include some forms of stamp duty, real estate transfer tax, and levies for the formal registration of a transfer. In some jurisdictions, transfers of certain forms of property require confirmation by a notary. While notarial fees may add to the cost of the transaction, they are not a transfer tax in the strict sense of ...
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