Kuala lumpur: The Inland Revenue Board (IRB) will not impose penalties during the first year of the Self-Assessment Stamp Duty System (Sistem Taksir Sendiri Duti Setem or STSDS) implementation, which will come into effect on January 1 next year. This decision is to provide the public ample time to become accustomed to the new system, allowing a smoother transition period.

According to BERNAMA News Agency, Shafudin Yacob, the IRB Stamp and Real Property Gains Tax (RPGT) Operations Department director, mentioned that initially, the STSDS will apply only to general stamping instruments, securities, and rental or lease agreements. Taxpayers will need to complete the stamp duty return form (BNDS) via the e-Duti Setem (e-DS) system, where they will provide necessary details for calculating stamp duty. Shafudin reassured the public that the e-DS system's embedded calculation formula would assist applicants in determining the stamp duty, based on the information provided on the BNDS.

Shafudin emphasized that no penalties would be imposed for incorrect BNDS submissions under the STSDS, including providing inaccurate information affecting duty imposition. He acknowledged that people might be apprehensive about assessing stamp duty themselves but clarified that the first year is intended as a learning phase without penalties. Furthermore, all stamping applications must be submitted through the MyTax portal to ensure data security and improved coordination of tax matters.

To help users familiarize themselves with the STSDS, the IRB has opened the e-DS system for trial logins via the MyTax portal from December 17 to 31. This will provide users with the opportunity to explore and test the system before it officially goes live. Shafudin also noted that the existing online stamp duty payment method through the FPX platform remains unchanged.

He reminded users that stamp certificates issued by the IRB are downloadable only once, and if lost or damaged, or if additional copies are needed, an application for reprinting must be submitted. Shafudin concluded by stressing the importance of stamp duty as a confirmation of a document's legal validity, noting that documents without it may be considered invalid and difficult to accept in official matters, including court proceedings.