RM3 for each RM1,000 or a fraction of them depending on the consideration or higher value. The Office generally applies one of the 3 methods of valuation of ordinary shares for stamp duty purposes: 300,001 – 500,000 – Out of the 300,000 to 300,001 up to 500,000 (transfer and loan contract) (note 1) IMMINENT CHANGE REGARDING THE MODERNIZATION OF STAMP DUTIES ON SHARES: the government is asking for opinions on the principles and development of a new framework for stamp duty and stamp duty reserve duty (TDRS), a longer-term modernisation of the stamp duty framework on shares (STS). The call expresses views on what should be a priority for modernization, including issues related to the merger of stamp duty with TDS, the scope of stamp duty and TDRS, the notification and collection of STS, and the application and payment of STS. The appeal follows a review and report by the Tax Simplification Office in 2017. The government expects it to continue its discussions on specific policy and legislative changes until the 2021-22 finance law at the earliest, without there being any major overhaul of the legislation. The deadline for submission of comments is 13 October 2020. For more information, see News Analysis: HMRC launches Call for Evidence to create a new framework for stamp taxes. Stamp duty is applied to instruments and not to transactions. If a transaction can be made without creating a transfer instrument, no tax is payable. The Stamp Duties (Equity Interest Sale Agreements) (Remission) Rules 2018 (Remission Rules) came into force on April 11, 2018.
It rewrites the stamp duty on the agreement to sell shares or any interest in shares in the following circumstances: the words “and shares and shares” in Section 22(I)(b) of the SDA having been removed, effectively means that the sale of shares and shares is now subject to the duty obligation. The imposition and payment of stamp duty can be made electronically through the Stamp Assessment and Payment System (STAMPS) of the tax office. Exemption from stamp tax on instruments executed by a life-saving contractor or developer, i.e. a contractor or developer designated or approved by the Minister of Housing and Local Government to carry out renovation work on an abandoned project. Instruments are loan agreements and transfer instruments approved by the approved financier for the purpose of transferring resuscitated housing in relation to the abandoned project. . . .