The Ministry of Finance is currently reviewing the Stamp Act 1949 and the Institute was invited to attend a briefing by the Inland Revenue Board on 2 November 2011. The purpose of the briefing was to engage the stakeholders for input so that the updated legislation will be user friendly and remove any practical difficulties faced in the application of the legislation.
The main objectives of the review are -
i. to revamp the legislation to be in line with the country’s current economic development;
ii. to simplify the Act for ease of understanding and application;
iii. to expedite the process to reduce costs; and
iv. to simplify the procedures to improve compliance
One of the proposed changes is to replace the current instrument-based assessment of stamp duty to a transaction-based assessment. The other area of focus is the relief and exemption from stamp duty. Some form of self-assessment is also being considered to improve compliance with the objective of enhancing revenue collection.
The Institute is setting up a Task Force to look into the matter. Members are encouraged to provide their feedback, comments and suggestions in the following format to the Institute by 2 December 2011 for the deliberation of the Task Force:
1.Title of proposal
2.Issues
3.Provision under the legislation
4.Proposal
5.Justification for the proposal
You may submit your proposals via email to Mr K. S. Lim or Ms Lim Gim Kim at kslim@ctim.org.my and kim@ctim.org.my respectively or fax 03 2162 8990 or 03 21613207.
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