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Malaysia issued its first general duty revenue stamps in 1975, inscribed Hasil Malaysia (Revenue Malaysia) and depicting the country's coat of arms. Three values of $25, $100 and $250 were issued. In 1982, the coat of arms was changed slightly so the set was reissued with the new version. This time $500 and $1000 values were added.
The same applied at state level where each state in Malaysia were led by a Director of Customs. In addition, the department also had a station in Singapore administered by a Federation Customs Tax Collector. In 1983, history was made when, for the first time ever, the Royal Malaysian Customs and Excise Department celebrated World Customs Day.
Singapore also issued various entertainments duty stamps to pay the tax on cinema tickets between 1955 and 1965. Singapore left Malaysia in 1965 and continued to issue its own revenue stamps independently until they were withdrawn in 1999. [1]
These excise duties imposed on foreign manufactured cars have made them very expensive for consumers in Malaysia. These taxes are also one of the highest in the world. [ 3 ] This makes most foreign cars extremely expensive for buyers, although cheaper in other countries.
The term is often used to describe a tax on certain items purchased abroad. [1] A duty is levied on specific commodities, financial transactions, estates, etc. rather than being a direct imposition on individuals or corporations such income or property taxes. Examples include customs duty, excise duty, stamp duty, estate duty, and gift duty.
The Budget in 2017 abolished stamp duty for first-time home buyers in England and Wales purchasing homes up to £300,000, saving first-time buyers up to £5,000. Additionally, first-time buyers spending up to £500,000 will only pay stamp duty at 5% on the amount in excess of £300,000. Those spending over £500,000 will pay full stamp duty. [17]
In 1985 six values from 10c to $5 were issued in a horizontal format inscribed REVENUE SINGAPORE. These were replaced around 1990 with a set of four values inscribed STAMP DUTY INLAND REVENUE SINGAPORE. [1] The last set of low values as well as the high values were withdrawn by the IRAS in 1999, as from that year e-stamps were used. As an ...
The Singapore Customs is a law enforcement government agency under the Ministry of Finance of the Government of Singapore. Singapore Customs was reconstituted on 1 April 2003, after the Customs and Excise Department and the Trade Facilitation Division and Statistics Audit Unit of International Enterprise Singapore (IE Singapore) were merged. [ 1 ]