Stamp Act 1949 (Act 378) & Selected Rules (AS AT 20TH JULY 2023)
Detailed Contents of Stamp Act 1949 (Act 378):
Malaysian law governs the usage of stamps and stamp charges under the Stamp Act 1949 (Act 378). The Stamp Act 1949 (Act 378) & Selected Regulations [As Of 20th July 2023] is the most current revision to the 1949 original, which has undergone a number of changes since then. The act's main clauses and its chosen rules will be covered in this article.
Stamp duty, a levy imposed on the documents, is a requirement under the Stamp Act for several documents. The type of paper and transaction's value will determine how much stamp duty is due. For instance, the stamp duty on a property sale agreement would be more than on a property leasing agreement.
Stamping of Documents
In accordance with the Stamp Act, some papers must also be stamped before being used or acted upon. A stamp is applied to a document as proof that a stamp duty has been paid by the process of "stamping" a document. A document needs to be stamped in order to be accepted as evidence in court.
Adjudication of Instruments
The Stamp Act also allows for the adjudication of some instruments in addition to stamping. The Collector of Stamps examines an instrument during adjudication to ascertain the amount of stamp duty due. This is done to make sure the document is paid for with the exact amount of stamp duty.
Penalties for Non-Compliance
For violations of its rules, the Stamp Act imposes fines. A penalty of up to three times the amount of the duty payable may be assessed for failure to pay the requisite stamp duty or to stamp a document. Moreover, documents that have been incorrectly stamped or judged might not be allowed to be used as evidence in court.
Stamp Act 1949 (Act 378) Contains:
Stamp Act 1949 (Act 378)
Stamp Duty (Adhesive Stamp) Rules 2015
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