Stamp duty is computed on the consideration or total value of the shares transferred, whichever is higher.
Newly incorporated companies are those companies incorporated less than 18 months from the transfer date. The following points must be noted :
If the newly incorporated company does not own any properties, the allotment price can be used.
If the newly incorporated company owns properties, management account has to be prepared to determine the NAV of the shares. This must be certified by the director or secretary of the company and accompanied by the last audited accounts.
Stamp Duty Computation
An example on the computation of stamp duty on the transfer of ordinary shares in newly incorporated companies is as follows:
What is the stamp duty payable?
Number of shares to be transferred
50,000
Value per share
$1.00
Consideration
$45,000
Transfer of ordinary shares in newly incorporated companies
(1)
Determine whether Total Value or Consideration is higher
Total Value
= 50,000 x $1
= $50,000 (This value is higher than the consideration of $45,000)
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