IRB takes 1 month or more to issue a letter of assessment to pay stamp duty. The letter can only be issued after it is processed by the Stamp Duty Unit and Valuation Department.
It is proposed that the time taken is reduced.
Reply
With effect from 1st January 2008, duty payers have an option to use valuation report by a private valuer to stamp instrument for transfer of immovable properties ( Section 36A of the Stamp Act 1949 ). Under the said section, an initial duty would be assessed based on that valuation and upon payment of the initital duty, the relevant instrument for transfer would be duly stamped. However for the purpose of Section 36A, a bank guarantee payable to the Collector of Stamp Duty is required.
Subsequently, if the valuation by a government valuer is found to be higher than the private valuation, then the additional duty so assessed must be paid within 30 days from the date of the Notice of Additional Assessment.
An alternative method to a speedy and early stamping of instruments for the transfer of immovable properties is via the internet using e-STPH which can be accessed from IRBM’s website www.hasil.org.my. The time taken to process an application to stamp a particular instrument for transfer of immovable property is only 10 days. The 10 day period is from the date that the application is received until the date that the Notice of Assessment is issued. IRBM strongly encourages all duty payers to use this method of application.
