You are required to stamp documents within:-
- 14 days from the date of execution if the document was signed in Singapore;
- 30 days of its receipt in Singapore if the document was signed overseas.
A penalty of up to 4 times may be imposed if documents are stamped late or insufficiently stamped.
Examples on when you are required to stamp your document:
i. The document was signed in Singapore on 01/02/2009. You are required to stamp your document by 15/02/2009. Stamping done on or after 16/02/2009 is late.
ii. The document was signed overseas on 01/02/2009 and was first received in Singapore on 10/06/2009. You are required to stamp your document by 10/07/2009. Stamping done on or after 11/07/2009 is late.
Informing IRAS voluntarily on omission or underpayment of stamp duty
If you come forward voluntarily to fully disclose on the omission or underpayment, IRAS is prepared to accord a reduced penalty of 5% per annum calculated on a daily basis on the stamp duty payable. The voluntary disclosure must be made before the initiation of an audit review or query from IRAS.
The reduced penalty is also subject to the following:-
- A minimum penalty of $10 is imposed on a document that is stamped within 3 months from the due date;
- A minimum penalty of $25 is imposed on a document that is stamped after 3 months from the due date.
How to inform IRAS
A voluntary disclosure relating to an omission can be made by stamping the document via the e-Stamping system, at our service bureau or at Revenue House.