Changes in stamp duty administration and stamp duty audit framework

Changes in stamp duty administration and stamp duty audit framework

The government has made a move to change the administration of stamp duty, by introducing self-assessment system effective from 1 January 2026, which aligns with other direct taxes. 

In order to ensure enforcement and voluntary compliance, it is anticipated that stamp duty audits will be carried out more extensively in near future.  With that, the Inland Revenue Board has released its Stamp Duty Audit Framework on 1 January 2025, amongst others, to outline the rights and responsibilities of audit officers and duty payers, the types of audits, the coverage period of a stamp duty audit and concessionary penalty rates for voluntary disclosure cases.

We are pleased to set out the salient points from the Stamp Duty Audit Framework and on the self-assessment system as well as our commentary which can be accessed via the above links.