Exemption only for transfer between owners and dependents.
Bandar Seri Begawan - Stamp duty for land grant has been waived on the transfer of assets or shares between the owners and dependents only, the Minister of Finance II at the Prime Minister's Office, YB Pehin Orang Kaya Laila Setia Dato Seri Setia Awg Hj Abdul Rahman bin Hj Ibrahim revealed yesterday during the ongoing Legislative Council meeting.
The minister said the government is aware and concerned about the welfare of its citizens with regard to duty on land titles.
Thanks to the concern and vision of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam, besides waiving estate duty imposed under the Stamp Act, Chapter 34 as stated in the monarch's titah at the opening of the 9th Legislative Council meeting, the monarch has also consented to waive stamp duty and extended for any instrument on the transfer of assets or shares between owners and dependents only.
This is for the transfer from husband to wife, wife to husband and from mother/father to children or foster children who are registered.
This exemption takes effect beginning April 1, 2013.
However, the new regulation applies for the transfer of land grant and not TOL land. It is for the transfer of assets or shares when the owner and recipients are still alive.
The exemption would give the owner more freedom in making a decision to transfer his/her assets to his/her dependents without worrying about the stamp or estate duty.
The Minister of Finance II at the Prime Minister's Office said this in response to a proposal made by YB Hj Mohd Yusof bin Hj Dulamin Wednesday for the government to review stamp duty on the transfer of land title between immediate family members.
--Courtesy of Borneo Bulletin