- The Inland Revenue Department has released the Value Added Tax (Amendment) Bill 2024, which aims to make changes to the Value Added Tax Act (Chapter 370A).
- The bill proposes adjustments to late submission fees for stamping instruments and addresses the admission of unstamped documents as evidence.
- It introduces new requirements for companies to declare real property interests annually and restricts zero-rated transfers of property during the transferor’s lifetime to specific individuals, such as spouses and children. It also encourages investment in real estate trusts by zero-rating the acquisition of interests in such trusts.
Source Inland revenue
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