||subject to tax under Title VII of this Code shall file a<br>tax return and pay the tax in accordance with the<br>rules and regulations to be prescribed by the<br>Secretary of Finance, upon recommendation of the<br>Commissioner<sup>.1)</sup>||||
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|**Singapore**|**Stamp Duty Rates on Major Documents:**<br>**On sale and purchase or gift of immovable**<br>**property (effective 29 February 1996):**<br>Purchase price or market value, whichever is higher:<br>•Every $100 or part thereof of the first $180,000=<br>$1<br>•Every $100 or part thereof of the next $180,000 =<br>$2<br>•Thereafter, every $100 or part thereof = $3<br>**On mortgage of immovable property or stocks &**<br>**shares (effective 29 February 1996):**<br>Amount of facilities granted= $4 for every $1,000 or<br>part thereof (maximum $500)<br>**On tenancy/lease of immovable property**<br>**(effective 1 April 2003):**<br>Contractual rent or market rent, whichever is higher:<br>**For annual rent & other consideration calculated**<br>**for a whole year exceeds $1,000:**<br>Less than 1 year = $1 for every $250 or part thereof.<br>1 to 3 years = $2 for every $250 or part thereof.<br>More than 3 years= $4 for every $250 or part<br>thereof.<br>Exemption: if average annual rent and other<br>consideration calculated for a whole year does not<br>exceed $1,000<br>**On transfer or gift of share (effective 1 April**<br>**1980):**<br>Purchase price or net assets value of the share,<br>whichever is higher = $0.20 for every $100 or part<br>thereof.<sup>1)</sup>|**Old rate:**<br>**On tenancy/lease of**<br>**immovable property (effective**<br>**29 February 1996 to 31 March**<br>**2003):**<br>For annual rent & other<br>consideration calculated for a<br>whole year does not exceed<br>$500:<br>Lease less than 1 year = $2<br>1 to 3 years = $4<br>more than 3 years= $8<br>For annual rent & other<br>consideration calculated for a<br>whole year exceeds $500:<br>Less than 1 year = $1 for every<br>$250 or part thereof.<br>1 to 3 years = $2 for every $250<br>or part thereof.<br>more than 3 years= $4 for every<br>$250 or part thereof.<sup>1)</sup><br>Temporarily reduction in rates<br>of stamp duty (October 2001):<br>The rates of stamp duty on all<br>chargeable instruments<br>executed from 13 October 2001<br>through 31 December 2002<br>have been reduced by 30%.<br>They were offered to tackle the<br>Singapore’s economic<br>downturn.<sup>2)</sup>|Comment on temporary<br>reduction in rates of stamp duty<br>(October 2001):<br>The reduction in the stamp duty<br>and petrol excise duty has<br>attracted a similar response from<br>the business community. Many<br>businessmen like the cuts and<br>think that the measures will<br>reduce business costs<br>somewhat. Some still maintain,<br>however, that all these measures<br>are not adequate as they do nit<br>really address the underlying<br>problem of small and medium-<br>sized enterprises.<sup>2)</sup>|_1)https://concorde.asianconnect.com_<br>_/esp/image/SD_RATES.pdf_<br>2) Lee Fook Hong, Singapore’s<br>Second Off-Budget Measures to<br>Tackle the Economic Downturn,<br>IBFD, December 2001.|
|**South**<br>**Africa**|Stamp duty of between 0.5% and 1.5% is applied on<br>certain documents.|||http://www.bkrlewbarr.com/taxfacts/s<br>outh_africa.htm|
|**South**<br>**Korea**|**1. Taxpayer**<br>Stamp tax is levied on a person who prepares a<br>document certifying establishment, transfer, or<br>change of rights to property.<br>**2. Tax Base**<br>The tax base of stamp tax is as follows:<br>a. Bracketed fixed amount tax - Amount stated on<br>the deed;<br>b. Fixed amount tax - Per copy of deeds and per|||<br>1)http://english.mofe.go.kr/library/l_b<br>ook_list.php?t=eh_book_a&d=158<br>2)http://www.korealaw.com/content/i<br>mmigration/immigration01_07.asp?id<br>x=186&cate=28|

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