Government approves amendment to Stamp Duty Bill 2025, increasing the maximum property value subject to $100 stamp duty from $3 million to $4 million.
This article was generated using SAMS, an AI technology by Timothy Loh LLP.
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The Government has announced the passage of the Stamp Duty (Amendment) Bill 2025 by the Legislative Council, effective today, May 7. The amendment aims to align with the 2025-26 Budget proposals by increasing the maximum value of properties subject to $100 stamp duty from $3 million to $4 million.
The objective is to mitigate the burden on buyers of lower-priced properties. According to a government spokesperson, this change will positively impact around 15% of property transactions based on 2024-25 transaction data.
The revised legislation is anticipated to result in an annual reduction of government revenue by approximately $400 million. The gazetting date for the new law is set for May 16, and the applicable adjustments, already effective as of 11am on February 26, 2025, are governed by the Public Revenue Protection (Stamp Duty) Order 2025.
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