The proposed amendments to the Stamp Act 1949 contained in the Stamp (Amendment) Bill 2016, which is expected to be enacted into law this year, have raised concerns among property buyers as they will likely see an increase in cost.
The Stamp (Amendment) Bill 2016 is currently being given its second reading in Parliament.
However, according to industry experts, the proposed amendments will not raise the price of properties but brings forward the payment of ad valorem stamp duty, making it more difficult for purchasers to buy properties.
For developers, they may see an increase in building cost as there will be more documents to be stamped. Under the proposed amendments, all instruments chargeable with stamp duty shall be duly stamped and there will be higher penalties for contravening the rule.