Case Study
A foreigner (eg Hong Kong resident) who buys a residential property in Singapore would be required to sign a form called “Additional Buyer’s Stamp Duty (ABSD) Declaration Form (Private Residential Properties)’’ in front of a Hong Kong Notary Public.
The buyer’s Singapore conveyancing lawyer would give you the ABSD Declaration Form for signing.
The ABSD form serves to help the Commissioner of Stamp Duties and the conveyancing lawyers in Singapore to ascertain the liability of the buyer in paying Additional Buyer's Stamp Duty (ABSD) on the purchase / acquisition of private residential properties.
The completed ABSD Declaration Form needs not be submitted to the Inland Revenue Authority of Singapore (IRAS). However, law firms and the buyer are advised to retain the original form for at least 5 years from the date of purchase / acquisition of the property for audit purposes of IRAS (if any).
ABSD is payable within 14 days after the date of purchase / acquisition of the property. IRAS takes a very serious view on non-payment of stamp duty. Penalties of up to 4 times the stamp duty owed will be imposed on the buyer if the stamp duty is not fully paid or not paid on time.
Any person who furnishes information in the ABSD Declaration Form which is false or misleading shall be guilty of an offence under Section 65 of the Stamp Duties Act, laws of Singapore.
The buyer will need to appear in person and sign the ABSD Declaration Form in front of the Hong Kong Notary Public for the Hong Kong Notary Public to verify his identity and for taking and receiving the declaration.
Please call or email us to make an appointment.
For the appointment, the buyer is required to bring the following to the appointment :
For Hong Kong Solicitor, Notary Public & China Certification or Attestation services, please contact Chow & Cheung, Hong Kong Solicitors, Notary Public & China Appointed Attesting Officers.
Tel: + 852 2856 3799 Email: cac@ccsn.hk
www.ccsn.hk
The above contents do not constitute legal advice. Transmission of this information is not intended to create and receipt does not constitute a lawyer-client relationship between Chow & Cheung and the user or browser and/or any third party. Chow & Cheung is not responsible for any third party content which can be accessed through the website.