Stamp duty is a tax levied on certain documents and transactions in Singapore. One of these transactions is a tenancy agreement. In this article, we’ll discuss where you can pay stamp duty on a tenancy agreement in Singapore.
First and foremost, it’s important to note that stamp duty on tenancy agreements is paid to the Inland Revenue Authority of Singapore (IRAS). The stamp duty payable is based on the annual rent and the lease period of the tenancy agreement.
If the annual rent is less than S$240,000 and the lease period is less than or equal to 4 years, the stamp duty payable is as follows:
• 1% of the total rent for the lease period, if the lease period is less than or equal to 1 year
• 2% of the total rent for the lease period, if the lease period is more than 1 year but less than or equal to 2 years
• 3% of the total rent for the lease period, if the lease period is more than 2 years but less than or equal to 3 years
• 4% of the total rent for the lease period, if the lease period is more than 3 years but less than or equal to 4 years
If the annual rent is more than S$240,000 or the lease period is more than 4 years, the stamp duty payable is 4% of the total rent for the entire lease period.
Now that you know how much stamp duty you need to pay, the question is where do you pay it? There are two ways to pay stamp duty on a tenancy agreement in Singapore: online or in person.
To pay online, simply log in to the IRAS website using your SingPass or CorpPass account and follow the step-by-step instructions. You’ll need to provide your personal and tenancy agreement details, as well as make payment using a credit or debit card. Once payment is made, you’ll receive an electronic stamp certificate via email.
Alternatively, you can pay stamp duty in person at any of the following IRAS service centres:
• Revenue House
• Bukit Batok Revenue Centre
• Tampines Revenue Centre
• Newton Revenue Centre
• Jurong Gateway Revenue Centre
You’ll need to bring along your tenancy agreement, identification documents, and payment in the form of cash, NETS, or cash card.
In conclusion, paying stamp duty on a tenancy agreement in Singapore is a straightforward process. Just remember to pay the correct amount based on the annual rent and lease period, and choose whether to pay online or in person at an IRAS service centre. By doing so, you’ll ensure that your tenancy agreement is legally binding and avoid any potential fines or penalties.