Latest news with #STSDS
Borneo Post
2 days ago
- Business
- Borneo Post
MICSEA hails stamp duty exemption for pre-2025 employment contracts
Lai says the decision reflects the government's commitment to supporting businesses while ensuring regulatory compliance through proper enforcement. – Bernama photo KUCHING (June 7): The Malaysian Industrial, Commercial and Service Employers Association (MICSEA) has lauded the government's move to grant stamp duty exemptions for employment contracts signed before Jan 1, 2025. Its president YK Lai said the decision reflects the government's commitment to supporting businesses while ensuring regulatory compliance through proper enforcement. 'Recognising the high volume of employment contracts between employers and employees that were not stamped as required under the First Schedule of the Stamp Act 1949, the Ministry of Finance, under the leadership of the Madani Government, has decided to grant full stamp duty exemption and penalty waivers for employment contracts signed before Jan 1, under Subsection 80(1A) and Subsection 47A (2),' he said in a statement yesterday. He added that contracts signed between Jan 1 and Dec 31, 2025, will still be subject to stamp duty, but late penalty charges will be waived provided the documents are stamped by Dec 31 this year. Meanwhile, Lai noted that for contracts signed from Jan 1, 2026, onwards under the new Self-Assessment System for Stamp Duty (STSDS), full stamp duty and applicable penalties will be enforced. He said the exemption and penalty waiver for pre-2025 contracts demonstrates the government's sincere commitment to fostering a collaborative environment and ensuring fair enforcement. As such, he urged all employers and human resource professionals to use this opportunity to review and update all employment contracts to ensure full compliance ahead of the 2026 STSDS implementation. lead MICSEA stamp duty exemptions
New Straits Times
2 days ago
- Business
- New Straits Times
IRB makes stamping of job contracts mandatory from 2026
PUTRAJAYA: The Inland Revenue Board (IRB) has announced that all employment contracts between employers and employees must be stamped from Jan 1, 2026. This directive follows the phased implementation of the Stamp Duty Self-Assessment System (STSDS), as outlined in the 2025 Budget. In a statement today, the IRB said it had begun comprehensive stamp duty audit activities nationwide since January, following the issuance of the Stamp Duty Audit Framework (RKADS). "Through these audit activities and compliance operations, one of the key findings is that many employment contracts have not been stamped as required under Item 4, First Schedule of the Stamp Act 1949, which stipulates a stamp duty of RM10," the IRB said. To ease the burden on employers, the Ministry of Finance has agreed to exempt employment contracts executed before Jan 1, 2025, from stamp duty. This exemption is granted under the powers of the Finance Minister in subsection 80(1A) of the Stamp Act 1949, while the authority to remit late-stamping penalties falls under subsection 47A(2), which empowers the Collector of Stamp Duty. Employment contracts finalised between Jan 1 and Dec 31, 2025, will still be subject to stamp duty. However, the IRB will grant a remission of late-stamping penalties, provided the contracts are stamped by Dec 31, 2025. From Jan 1, 2026, all employment contracts must be stamped promptly, as any delays will result in penalties. In light of these developments, the IRB has urged employers to review and update existing and upcoming contracts to ensure full compliance with the Stamp Act 1949.
Barnama
2 days ago
- Business
- Barnama
Compulsory For Employment Contracts To Be Stamped Effective Next Year
PUTRAJAYA, June 6 (Bernama) -- The Inland Revenue Board (IRB) has announced that all employment contracts between employers and employees must be stamped starting January 1, 2026. This directive is in line with the phased implementation of the Stamp Duty Self-Assessment System (STSDS) as outlined in the 2025 Budget. In a statement today, the IRB said it has already begun comprehensive stamp duty audit activities nationwide since January this year, following the issuance of the Stamp Duty Audit Framework (RKADS). "Through the audit activities and compliance operations, one of the key findings has been that many employment contract documents between employers and employees have not been stamped as required under Item 4, First Schedule of the Stamp Act 1949, where the stamp duty is set at RM10," according to the statement. It said to ease the burden on employers, the Ministry of Finance has agreed to exempt employment contracts executed before January 1, 2025, from stamp duty obligations. This requirement is enforced based on the powers granted to the Minister of Finance under subsection 80(1A) of the Stamp Act 1949 and the authority to remit late stamping penalties provided to the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. In addition, employment contracts finalised from January 1, 2025, to December 31, 2025, will be subject to stamp duty. However, a remission of late stamping penalties will be granted, provided that the employment contracts are stamped on or before December 31, 2025. This relief is exercised under the powers of the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. According to the IRB, starting January 1, 2026, employment contracts finalised from that date onwards will be subject to stamp duty, and any delays in stamping will result in penalties being imposed.
Daily Express
2 days ago
- Business
- Daily Express
Compulsory for employment contracts to be stamped effective next year: IRB
Published on: Friday, June 06, 2025 Published on: Fri, Jun 06, 2025 By: Bernama Text Size: PUTRAJAYA: The Inland Revenue Board (IRB) has announced that all employment contracts between employers and employees must be stamped starting January 1, 2026. This directive is in line with the phased implementation of the Stamp Duty Self-Assessment System (STSDS) as outlined in the 2025 Budget. Advertisement In a statement today, the IRB said it has already begun comprehensive stamp duty audit activities nationwide since January this year, following the issuance of the Stamp Duty Audit Framework (RKADS). "Through the audit activities and compliance operations, one of the key findings has been that many employment contract documents between employers and employees have not been stamped as required under Item 4, First Schedule of the Stamp Act 1949, where the stamp duty is set at RM10," according to the statement. It said to ease the burden on employers, the Ministry of Finance has agreed to exempt employment contracts executed before January 1, 2025, from stamp duty obligations. This requirement is enforced based on the powers granted to the Minister of Finance under subsection 80(1A) of the Stamp Act 1949 and the authority to remit late stamping penalties provided to the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. In addition, employment contracts finalised from January 1, 2025, to December 31, 2025, will be subject to stamp duty. However, a remission of late stamping penalties will be granted, provided that the employment contracts are stamped on or before December 31, 2025. This relief is exercised under the powers of the Collector of Stamp Duty under subsection 47A(2) of the Stamp Act 1949. According to the IRB, starting January 1, 2026, employment contracts finalised from that date onwards will be subject to stamp duty, and any delays in stamping will result in penalties being imposed. In light of these developments, the IRB urges all employers to review and update existing and upcoming employment contracts to ensure full compliance with stamping requirements as stipulated under the Stamp Act 1949. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
