Finance Act 2024 · Updated to 31 Dec 2024 · Chapter IV · Amendments to the Stamp Act 1949
25. New sections 36ca and 36cb
Feedback & supportThe principal Act is amended by inserting after section 36c the following sections:
“Assessment and additional assessment in certain cases 36ca. (1) The Collector, where it appears to him that no or no sufficient assessment has been made on an instrument chargeable to duty, may in that year or within five years after the date the duty is paid or would have been paid make an assessment or additional assessment, as the case may be, in respect of that instrument in the amount or additional amount of duty payable or in the additional amount of duty in which, according to the best of the Collector’s judgment, the assessment with respect to that instrument ought to have been made.
The Collector, where it appears to him that—
any form of fraud or wilful default has been committed by or on behalf of any person; or
any person has been negligent, in connection with or in relation to duty, may at any time make an assessment in respect of that instrument for the purpose of making good any loss of duty attributable to the fraud, wilful default or negligence in question.
Minimum amount of duty 36cb. Notwithstanding any other provision of this Act, an amount of ten ringgit shall be imposed as duty for each instrument where the duty is less than ten ringgit except for cheque and contract note.”.
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