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Stamp Duty

What is stamp duty?

Stamp Duty is a duty levied on documents, which is listed in Schedule 1 of the Stamp Act (Chapter 34), before the document can be legally effective.

Give examples of types of instrument or document which are charged with Stamp Duty?

The documents are:

 

i.         Tenancy or Lease Agreement,

ii.        Share Certificate,

iii.       Transfer of Share,

iv.       Assignment of Monies, Bill of Exchange,

v.        Conveyance,

vi.       Covenant,

vii.       Declaration of Trust.

 

The list of instruments chargeable with duty is stipulated in FIRST SCHEDULE of the Stamp Act, Cap 34.

 

What is the due date for stamping an instrument?

Stamp duty is payable any time before executing the document. However, once it is executed in Brunei Darussalam, it must be stamped within 14 days after notice of assessment, and if executed out of Brunei Darussalam; it must be stamped within 30 days after it has been first received.

Is there a penalty on late stamping?

Applicable to instruments or documents done/issued/signed in Brunei Darussalam.

In a case where an instrument or a document is submitted to be stamped, 14 days after it has been executed or first received in Brunei Darussalam, the penalty is double the amount of deficient duty or a penalty of $10, whichever sum is higher.

In a case where an instrument or a document is submitted 30 days after it has been executed, a penalty four times the amount of deficient duty or a penalty of $25, whichever sum is greater, is charged.

If a company requires the Revenue Division’s advice on the amount to be paid, an Adjudication fee of $25 is charged.

Where can I get my document stamped and paid?

Document/s can be stamped during office hours at the Revenue Division's Counter, and if the document is from overseas, it must be inclusive of payment and postal charges to return the document/s.

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