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History. 1892 Straits Settlements stamp. A postal service had been available in Singapore since the contemporary city was founded by Stamford Raffles in 1819. Postal services were first directly organised in Singapore in 1826, and from 1829 rectangular postmarks began to be used on local correspondence.
The Budget 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]
Revenue. 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.
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.
On 1 September 1992, the Inland Revenue Authority of Singapore (IRAS) was established by legislation as a statutory board [ 3] under the Ministry of Finance. With this conversion, IRAS was incorporated by the Inland Revenue Authority of Singapore Act to take over the functions previously performed by the Inland Revenue Department.
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v. t. e. A transfer tax is a tax on the passing of title to property from one person (or entity) to another. In a narrow legal sense, a transfer tax is essentially a transaction fee imposed on the transfer of title to property from one entity to another. This kind of tax is typically imposed where there is a legal requirement for registration ...
Stamp duty was first introduced in England on 28 June 1694, during the reign of William III and Mary II, under "An act for granting to their Majesties several duties upon vellum, parchment and paper, for four years, towards carrying on the war against France". [3] In the 1702/03 financial year 3,932,933 stamps were embossed in England for a ...