KUALA LUMPUR, Nov 11 (Bernama) — The Inland Revenue Board (IRB) has reminded the public that stamp duty payments must not be ignored when executing any agreement, warning that failure to do so could have serious legal and financial consequences.
IRB Director of Consultation, Operations and Audit Division under the Stamp Duty and Real Property Gains Tax Department, Nor Habibah Hamidon, said proper stamping is crucial as unstamped documents may not be accepted in official transactions.
“It’s important to understand that duty is imposed on the instrument itself, not on the transaction. An instrument refers to a written document with legal, commercial or financial implications,” she said during Bernama Radio’s Klinik Cukai programme today, discussing ‘Stamp Duty and Why Must Documents Be Stamped?’
Nor Habibah explained that stamp duty is imposed under the Stamp Act 1949, and those liable to pay are listed under Schedule 3 of the Act. To ensure accurate assessment, it is vital to identify the type of instrument to be stamped.
She said that the IRB has introduced the Stamp Assessment and Payment System (STAMPS), an online platform that enables electronic stamp duty assessment and payment, streamlining the process. Taxpayers or their appointed representatives can access the system via https://stamp.hasil.gov.my.
According to Nor Habibah, two payment methods are available, namely the Finance Process Exchange (FPX) and the Virtual Account (VA), which can be made through internet banking or at bank counters, using Telegraphic Transfer (TT), Interbank Giro (IBG), Electronic Fund Transfer (EFT) or Rentas.
If taxpayers believe their stamp duty assessment is inaccurate, they may submit an appeal for reassessment, she said.
Commenting on the upcoming Self-Assessment Stamp Duty System (STSDS), to be implemented in phases starting Jan 1, 2026, Nor Habibah said the new system will allow taxpayers to self-assess and pay duties directly via the MyTax portal.
“You must have a Tax Identification Number (TIN), log in to MyTax, upload the instrument to be stamped, complete the STSDS form, make the assessment and payment within the specified time, and keep records for seven years.
“The phased rollout will depend on the type of instrument involved, and taxpayers will no longer need to wait for an official assessment notice. Payments can be made immediately after self-assessment,” she added, noting that similar systems in Singapore, Hong Kong, the United Kingdom and Australia have proven effective in improving tax compliance and efficiency.
— BERNAMA
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