IRB To Waive Penalties In First Year Of STSDS Implementation

KUALA LUMPUR, Dec 26 (Bernama) -- The Inland Revenue Board (IRB) will not impose penalties during the first year of implementation of the Self-Assessment Stamp Duty System (Sistem Taksir Sendiri Duti Setem or STSDS), which will come into effect on Jan 1 next year, to allow the public sufficient time to familiarise themselves with the new system.

IRB Stamp and Real Property Gains Tax (RPGT) Operations Department director, Shafudin Yacob, said that the initial phase of the STSDS implementation will only cover general stamping instruments, securities, and rental or lease agreements.

“Taxpayers are required to complete the stamp duty return form (BNDS) through the e-Duti Setem (e-DS) system, and provide the details for the purpose of calculating the stamp duty.

“However, there is no need to worry because, although the stamp duty will be assessed by the applicant, the calculation formula embedded in the e-DS system will assist applicants in determining the stamp duty, based on the information provided when completing the BNDS,” he said when appearing as a guest on the Klinik Cukai (Tax Clinic) segment on Bernama Radio.

Shafudin added that there is no penalty imposed on instruments stamped under the STSDS for the offence of submitting an incorrect BNDS, including the offence of providing inaccurate information in relation to any matter which affects the imposition of duty.

“I believe people are more concerned when they are required to assess the stamp duty themselves, compared with before. This is the first year of the STSDS implementation, and it is not our intention to find fault or impose penalties.

In addition, he said all stamping applications must be submitted through the MyTax portal as a single entry point, to ensure the security of users’ data, and better coordination of tax-related matters.

He added that to familiarise users with the STSDS, the IRB has opened access for trial logins to the e-DS system, via the MyTax portal, from Dec 17 to 31, allowing sufficient time for users to explore and test the system.

Shafudin also said that the existing method of paying stamp duty remains unchanged, with payments continuing to be made online through the FPX platform.

He also reminded users that stamp certificates issued by the IRB can only be downloaded once, and if a certificate is lost, damaged or an additional copy is required, an application for reprinting must be submitted.

“Stamp duty is not merely a form of payment, but a confirmation of the legal validity of a document. Without stamp duty, documents may be considered invalid, and difficult to accept in official matters, including in court,” he said.

-- BERNAMA