stamp duty for absolute assignment malaysia

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Basis of taxation

Stamp duty is chargeable on instruments and not on transactions.

An unstamped or insufficiently stamped instrument is not admissible as evidence in a court of law, nor will it be acted upon by a public officer.

Assessment and payment of stamp duty can be made electronically via the Stamp Assessment and Payment System.

Rates of duty

The rates of duty vary according to the nature of the instruments and transacted values. Generally, transfer of properties can give rise to significant stamp duty:

a. Properties (other than shares, stock or marketable securities)

1. Other than foreign companies, non-citizens and non-permanent residents

2. Foreign companies, non-citizens and non-permanent residents

Flat rate stamp duty of RM4 per RM100 or part thereof (w.e.f 1 January 2024)

b. Non-listed shares, stock or marketable securities

RM3 for every RM1,000 or any fraction thereof based on consideration or value, whichever is greater. The Stamp Office generally adopts one of the 2 methods for valuation of unlisted ordinary shares for purposes of stamp duty:

-    net tangible assets; or -    sale consideration.

c. Shares or stock listed on Bursa Malaysia

RM1.50 for every RM1,000 or any fraction thereof based on the transaction value.  However, stamp duty in excess of 0.1% is remitted for instruments of contract notes executed on or before 13 July 2023 until 12 July 2028, with maximum stamp duty payable of RM1,000 per contract note.

d. Listed marketable securities

RM1 for every RM1,000 or any fraction thereof based on the transaction value, with maximum stamp duty payable of RM200 per contract note.

e. Service Agreements and Loan Agreements

Stamp duty of 0.5% on the value of the services / loans. However, stamp duty may be remitted in excess of 0.1% for the following instruments:

1.   Service agreement

2.   Loan agreement / loan instrument

Malaysian Ringgit loan agreements generally attract stamp duty at 0.5% However, a reduced stamp duty liability of 0.1% is available for Malaysian Ringgit loan agreements or instruments without security and repayable on demand or in single bullet repayment.

Stamp duty on foreign currency loan agreements is generally capped at RM2,000.  W.e.f 1 January 2024, this cap is removed.

Instruments executed in Malaysia which are chargeable with duty must be stamped within 30 days from the date of execution. When the instruments are executed outside Malaysia, they must be stamped within 30 days after they have first been received in Malaysia.

The penalty imposed for late stamping varies based on the period of delay. The maximum penalty is RM100 or 20% of the deficient duty, whichever is higher.

Relief / Exemption / Remission from stamp duty

Examples of the exemptions, remissions or reliefs of stamp duty available are as follows:

1.  Merger and acquisition

Relief on the transfer of the undertakings or shares under a scheme of reconstruction or amalgamation of companies (conditions apply).

• Relief on the transfer of property (excludes transfer of business) or shares between associated companies , where either company owns 90% or more of the other company, or where a third company owns 90% or more of both associated companies (conditions apply).

2.   Financing instrument

• Stamp duty exemption on loan / financing agreements executed from 1 January 2022 to 31 December 2026 between MSMEs and investors for funds raised on a peer-to-peer platform registered and recognised by the Securities Commission (SC). 
• Stamp duty exemption on instrument of agreement for a loan or financing in relation to a Micro Financing Scheme (approved by the National Small and Medium Enterprise Development Council) between a borrower and a participating bank or financial institution.
• Stamp duty exemption on all loan or financing instruments in relation to the Professional Service Fund for an amount up to RM50,000 between a borrower and Bank Simpanan Nasional.
• Stamp duty exemption on all instruments of an Asset Sale Agreement & Asset Lease Agreement executed between a customer and a financier made under Syariah law principles for renewing any Islamic overdraft/revolving financing facility , provided the instrument for existing facility is duly stamped.
• Stamp duty on any instruments of an Asset Lease Agreement executed between a customer and a financier made under the Syariah principles for rescheduling or restructuring any existing Islamic financing facility is remitted to the extent of the duty that would be payable on the balance of the principal amount of the existing Islamic financing facility, provided the instrument for existing Islamic financing facility has been duly stamped.
• Stamp duty exemption on all instruments relating to the purchase of property by any financier for the purpose of leaseback under the principles of Syariah or any instrument by which the financier shall assume the contractual obligations of a customer under a principal sale and purchase agreement.
• Stamp duty exemption on loan or financing agreements executed from 1 July 2021 to 31 December 2024 in relation to restructuring or rescheduling of business loans due to the inability of the borrower to comply with existing repayment schedule consequent to deteriorating financial conditions.

3.   Instrument of transfer

• Remission of 50% of stamp duty chargeable on the instrument of transfer of immovable property operating as voluntary disposition between parent(s) and child and vice versa, executed before 1 April 2023 and   provided that the recipient(s) is a Malaysian citizen. 
• Stamp duty exemption on the instrument of transfer of property (executed from 1 April 2023) by way of love and affection between parents and children, grandparents and grandchildren, limited to the first RM1 million of the property’s value, provided the recipients are Malaysian citizens. The balance of the property’s value is given 50% remission on the ad valorem stamp duty imposed. 
• Exemption for instruments of transfer of immovable property operating as voluntary disposition between husband and wife.
• Stamp duty exemption on all instruments of transfer of land, business, asset and share in relation to the conversion of a conventional partnership or a private company to be a limited liability partnership .
• RM10 fixed duty for instrument of transfer of any property by way of release or renunciation by a beneficiary of a deceased estate to another beneficiary entitled under the same estate (w.e.f 1 January 2024).

4.  Purchase of first residential property

• Stamp duty exemption on the instrument of transfer and loan agreement for purchase of first residential property through the Malaysian Home Ownership Initiative (i-Miliki) under the Home Ownership Programme 2022/2023.

Note 1: Purchaser or co-purchasers are Malaysian citizens

5.  Abandoned housing projects

•  Stamp duty exemption on instruments executed by a rescuing contractor or a developer approved by the Minister of Housing and Local Government to carry on rehabilitation works for an abandoned project . The instruments are loan agreements approved by the approved financier and instruments of transfer for the purpose of transferring revived residential property in relation to the abandoned project which are executed by 31 December 2025.
• Stamp duty exemption on instruments executed by an original purchaser , whose name is stated in the Sale and Purchase Agreement in relation to an abandoned project , or his beneficiary. The instruments are loan agreements approved by the approved financier and instruments of transfer which are executed by 31 December 2025.

6.   Capital market

• Stamp duty exemption on specified instruments for the purpose of a securitisation transaction.
• Stamp duty exemption on all instruments relating to the issue of, offer for subscription or purchase of, or invitation to subscribe for or purchase debentures or Islamic securities approved by the SC and the transfer of such debentures or Islamic securities.
• Stamp duty in excess of RM200 is remitted for instruments of contract notes relating to the sale of shares, stocks or marketable securities  in companies incorporated in Malaysia or elsewhere between a local broker and an authorised nominee on behalf of a foreign broker.
• Stamp duty exemption on contract notes for sale and purchase transaction of structured warrant or exchange-traded fund approved by the SC, executed by 31 December 2025.

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LHDN: Application, stamping fees for individual documents can be made via stamps from April 27

Saturday, 23 Apr 2022

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KUALA LUMPUR: Applications as well as stamping fees for individual agreement documents can be submitted fully online via the Stamp Assessment And Payment System (Stamps) from April 27.

The Inland Revenue Board (LHDN) said in a statement that Malaysians and permanent residents with income tax numbers can register an account or user ID on the portal, including application for assessment and payment of stamp duty, at https://stamps.hasil.gov.my without having to be present at the counter.

"The stamp certificate must be downloaded and printed after payment has been made for attachment to the original agreement as proof that stamp duty has been paid," the statement added.

According to the LHDN, those without income tax numbers as well as non-Malaysians and non-permanent residents must be present at the stamp duty counters after filling up the stamping information on the Stamps portal under the 'Penyeteman Dokumen Peribadi Di Kaunter' (Personal Document Stamping at the Counter) option.

"Registration of individual income tax numbers can be made through e-Daftar at https://edaftar.hasil.gov.my," it added.

Any queries and feedback regarding this matter can be directed to the IRB via 03-8911 1000 or 603-8911 1100 for overseas; HASIL Live chat; email to [email protected]; as well as via the LHDN feedback form at https://maklumbalaspelanggan.hasil.gov.my/MaklumBalas/ms-my/. - Bernama

Tags / Keywords: LHDN , Stamps , Income Tax , Portal , Stamp Duty

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PROPERTY & PROBATE LAWYER MALAYSIA: TAM YUEN HUNG & CO.

Professional & Affordable Property and Probate Lawyer in Kuala Lumpur & Selangor, Malaysia. Contact Our Property And Probate Lawyers Today At 011-2644 4268 for free Legal consultation now.

Stamp Duty Imposed For Transfer Of Properties In Malaysia

Stamp duty is one of the unavoidable costs in property purchase in Malaysia.

Under the Stamp Act, stamp duty is tax payable on the written documents during the sale and/or transfer of a real property. At least two documents will attract stamp duty in a conveyancing transaction:

i. the Sale and Purchase Agreement; and ii. the Memorandum of Transfer (if the individual title/strata title of the Property has been issued) or the Deed of Assignment by way of transfer (if the strata title of the Property has yet to be issued).

In a conveyancing transaction, the Purchaser has to pay ad-valorem stamp duty on the written instrument being the conveyance of sale, ie. the Memorandum of Transfer or the Deed of Assignment by way of Transfer and a nominal stamp duty at on every copy of the Sale and Purchase Agreement.

The ad-valorem stamp duty is variable cost payable on the Memorandum of Transfer or the Deed of Assignment by way of Transfer will be calculated based on either the purchase price of the Property or the market value of the Property, whichever is higher, whereas the nominal stamp duty are charged at a set price of RM10.00 on every copy of the document.

In a conveyancing transaction, the Memorandum of Transfer or the Deed of Assignment by way of Transfer has to be submitted to the Collector of Stamp Duty for assessment of such ad-valorem stamp duty payable. Take note that the amount of purchase price stated in the Memorandum of Transfer or the Deed of Assignment by way of Transfer by the parties is not binding on the Collector of Stamp Duty and they have discretion to call upon a valuation expert to obtain the market value of the Property.

From 1st July 2019 onwards, the calculation of the ad-valorem stamp duty of transfer pursuant to normal sub-sale Sale and Purchase Agreement is as follows:-

In cases where the transfer is done pursuant to Sale and Purchase Agreement entered into with a developer, two situations can arise:-

i. When the individual title is available at the time of entering into the Sale and Purchase Agreement, the stamp duty assessed will be based on the purchase price stated in the Memorandum of Transfer and Sale and Purchase Agreement OR the market value of the Property;

ii. When the individual title is not issued during the signing the Sale and Purchase Agreement, the Sale and Purchase Agreement and the Deed of Assignment will carry only the nominal stamp duty of RM10.00 on every copy of the documents. When the individual title is issued subsequently, the stamp duty assessed will be based on the market value of the Property on the date of the Sale and Purchase Agreement entered into with the developer and not the date of the Memorandum of Transfer which is drawn up substantially later.

In circumstances where the transfer is done pursuant to a Deed of Assignment which has already been duly stamped (because the Property was bought when the individual title was not issued), then the stamp duty payable on the transfer is a nominal sum of RM10.00 pursuant to section 11 of the Stamp Act subject to production of the original Deed of Assignment which has already been stamped. Upon issuance of individual title of the Property, an application has to be made for endorsement on the Memorandum of Transfer to evidence that an ad-valorem stamp duty has been paid on the Deed of Assignment prior to the issuance of the individual title.

Further, transfer of property pursuant to grant of probate or letters of administrators will carry a nominal duty of RM10.00.

Many transfers are made between families or close relatives for love and affection without any Sale and Purchase Agreement. Take note that the ad-valorem stamp duty for some transfers for love and affection between families can be exempted either fully or partially.

Get free quotation (for legal fees and stamp duty applicable) by filling in the form below and our property and conveyancing lawyers will send you the quotation in less than 2 working hours via WhatsApp/SMS .

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Stamp duty waiver for individual and msmes insurance policies.

Dear Valued Customers,

Under Budget 2022, the Government has announced enhanced social protection measures to assist the low-income group (B40) and Micro, Small and Medium Enterprises (MSMEs) segments. These include several incentives to promote financial resilience through higher take up of insurance policies. You may click here to check out the Budget 2022 Speech.

The Government in its efforts to enhance accessibility to insurance protections for the B40 and MSMEs segments, has implemented the following measures:-

i.  stamp duty exemption be given to individuals on the purchase of other insurance policies with an annual premium or contribution value not exceeding RM150; and

ii. stamp duty exemption be given to MSMEs on the purchase of insurance policies with an annual premium or contribution value not exceeding RM250.

Insurance policies products which are exempt from stamp duty as per items (i) and (ii) are as follows:

Fire Insurance;

Fire Business Interruption Insurance;

Personal Accident Insurance;

Travel Insurance;

Liability Insurance; and

Engineering Insurance.

The above will be applicable for insurance policies issued from 1 Jan 2022 to 31 Dec 2025. For more information, please WhatsApp us at 012-6031978 . Thank you.

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Stamp duty exemptions

Ey malaysia tax.

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Tax alert vol. 24 - no. 25_27 december 2021.

In Budget 2022, to enhance the accessibility to insurance and takaful products by the B40 group and Micro, Small and Medium Enterprises (MSMEs), the Government proposed the following:

• Stamp duty exemption for any insurance policies or takaful certificates for Perlindungan Tenang products, with an annual premium or takaful contribution not exceeding RM150 (previously RM100).
• For individuals: RM150
• For MSMEs: RM250 

To legislate the above proposals, the following Orders have been gazetted:

• Stamp Duty (Exemption) (No. 5) 2018 (Amendment) Order 2021
• Stamp Duty (Exemption) (No. 15) Order 2021
• Stamp Duty (Exemption) (No. 16) Order 2021 

The Orders / Amendment Order all come into operation on 1 January 2022. 

Stamp duty exemption on Tenang Insurance products

The Stamp Duty (Exemption) (No. 5) Order 2018 was gazetted on 31 December 2018 to provide a stamp duty exemption on any insurance policies or takaful certificates for Perlindungan Tenang products, issued by a licensed insurer or a licensed takaful operator (from 1 January 2019 to 31 December 2020), with an annual premium or takaful contribution not exceeding RM100 (see Tax Alert No. 1/2019 ).

Thereafter, the Stamp Duty (Exemption) (No. 5) 2018 (Amendment) Order 2020 was gazetted on 31 December 2020 to extend the stamp duty waiver for another five years, until 31 December 2025 (see Tax Alert No. 1/2021 ).

Following the above, the Stamp Duty (Exemption) (No. 5) 2018 (Amendment) Order 2021 [P.U.(A) 462/2021] was gazetted on 21 December 2021. The Amendment Order provides that the exemption will now apply to any insurance policies or takaful certificates for Perlindungan Tenang products, with an annual premium or takaful contribution not exceeding RM150 (previously RM100).

Stamp duty exemption for the purchase of insurance policies or takaful certificates by MSMEs

The Stamp Duty (Exemption) (No. 15) Order 2021 [P.U.(A) 464/2021] was gazetted on 22 December 2021. The Order provides a stamp duty exemption for any insurance policies or takaful certificates for products issued by a licensed insurer or licensed takaful operator to micro enterprises or small and medium enterprises (SMEs), with an annual premium or takaful contribution not exceeding RM250.

The exemption will apply to insurance policies or takaful certificates issued between 1 January 2022 and 31 December 2025.

The following terms are defined in the Order:

(i)    Licensed insurer

Same meaning assigned to it in Section 2(1) of the Financial Services Act 2013 (FSA)

(ii)   Licensed takaful operator

Same meaning assigned to it in Section 2(1) of the Islamic FSA

(iii) Micro enterprises or SMEs

As determined by the National Entrepreneur and Small and Medium Enterprises Development Council established under Section 2A of the Small and Medium Industries Development Corporation Act 1995

(iv) Products

Insurance or takaful products which have been approved by the Central Bank of Malaysia to be offered by a licensed insurer or takaful operator as follows: (a) Fire insurance or takaful (b) Fire business interruption insurance or takaful (c) Personal accident insurance or takaful (d) Travel insurance or takaful (e) Liability insurance or takaful (f) Engineering insurance or takaful

Stamp duty exemption for the purchase of insurance policies or takaful certificates by individuals

The Stamp Duty (Exemption) (No. 16) Order 2021 [P.U.(A) 465/2021] was gazetted on 22 December 2021. The Order provides a stamp duty exemption on any insurance policies or takaful certificates for products issued by a licensed insurer or licensed takaful operator to an individual, with an annual premium or takaful contribution not exceeding RM150.

The definition of “licensed insurer”, “licensed takaful operator” and “products” are the same as defined under P.U.(A) 464/2021 (refer above).

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