Stamp Duty Collection & Management
This is a secure web-based application that facilitates electronic stamping of documents and collections of tax revenues through integration with e-payment mechanisms. It replaces the existing impressed or physical stamp on a document. Details such as transaction amount and description, payor and payee information are printed on the certificate with the amount of DST (Documentary Stamp Tax) paid, providing an immediate check and balance.
Our solution can be used for electronic stamping of documents related to the purchase, lease and mortgage of properties, the transfer of stocks and shares, and collection of stamp duties to facilitate the following processes:
- Online application of the Certificate of Stamp Duty
- Online computation of stamp duty payable
- Secured electronic payment of stamp duty
- Online processing and issuance of the Certificate of Stamp Duty
- Online validation and verification of Certificate of Stamp Duty
- Assessment, adjudication and enforcement of stamp duty application
Benefits
- Restricted potential for revenue leakages from inefficient manual practices
- Reduced cost per dollar of tax collected by collection agency
- Reduced cost incurred in payment of tax by taxpayer
- Shortened processing time for stamp duty submission
- Enhanced access for registered users
- Enhanced security in data transmission
Implementation
Inland Revenue Authority of Singapore
CrimsonLogic developed the world’s first eStamping technology and implemented it for the Inland Revenue Authority of Singapore (IRAS) in 1999.