The Inland Revenue Board will not impose penalties in the first year of its Self-Assessment Stamp Duty System to allow public familiarisation
KUALA LUMPUR: The Inland Revenue Board will not impose penalties during the first year of its new Self-Assessment Stamp Duty System.
The system, known as STSDS, comes into effect on January 1 to allow the public sufficient time to familiarise themselves with it.
IRB Stamp and Real Property Gains Tax Operations Department director Shafudin Yacob said the initial phase will only cover general stamping instruments, securities, and rental or lease agreements.
Taxpayers must complete the stamp duty return form through the e-Duti Setem system and provide details for calculating the 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,” he said on Bernama Radio.
Shafudin added there is no penalty for submitting an incorrect return form or providing inaccurate information affecting duty imposition.
“This is the first year of the STSDS implementation, and it is not our intention to find fault or impose penalties,” he said.
All stamping applications must be submitted through the MyTax portal as a single entry point for user data security.
The IRB has opened trial login access to the e-DS system via MyTax from December 17 to 31 for users to explore and test it.
The existing method of paying stamp duty remains unchanged, with payments continuing online through the FPX platform.
Shafudin reminded users that stamp certificates issued by the IRB can only be downloaded once.
If a certificate is lost, damaged or an additional copy is needed, 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,” he said.
Without stamp duty, documents may be considered invalid and difficult to accept in official matters, including in court.
