This video explains the need to pay lease duty or also known as stamp duty for leases.
1. It lists the types of lease documents that are commonly executed for rental agreement and explains the common confusion between surrender of leases and novation/assignment of leases.
2. It explains how lease duty is computed, the charge items to be included in the computation and how to apply the lease rate to derive the lease duty amount.
3. Examples of lease computation are also provided.
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This information aims to provide a better general understanding of taxpayers’ tax obligations and is not intended to comprehensively address all possible tax issues that may arise. While every effort has been made to ensure that this information is consistent with existing law and practice, should there be any changes, IRAS reserves the right to vary our position accordingly.
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