Some proposed amendments to the Stamp Act 1949, which seek to impose stricter requirements on the stamping of contracts, have caused a stir among property developers who worry that the amendments will push up their cost of doing business.
Several developers The Edge spoke to expect to be materially affected by the amendments. While the actual scope of the impact remains unclear, they expect costs to rise substantially due to the sheer volume of contracts signed in the sector.
"This is something we will protest against," says one developer who declines to be named, adding the changes could be gazetted within a year, going by due process. The amendments are contained in the Stamp (Amendment) Bill 2016, which has already gone through the first reading in Parliament but has yet to be passed. The next parliamentary sitting begins in early March 2017.
Source: The EDGE / Section: Corporate / Date: 16 Jan 2017