No Penalties in First Year of Self-Assessment Stamp Duty System: A Smooth Transition for Taxpayers
PUTRAJAYA, Dec 21 (Bernama) -- The Inland Revenue Board (LHDN) has announced a generous grace period for taxpayers during the initial phase of the Self-Assessment Stamp Duty System (STSDS). From January 1 to December 31, 2026, no penalties will be imposed on applications submitted under this new regime, aiming to ease the transition for duty payers.
This decision covers a range of potential issues, including errors in Stamp Duty Return Form (BNDS) submissions, inaccurate information that could impact stamp duty assessment, and offenses identified under subsection 72D(2) of the Stamp Act 1949. By offering this concession, LHDN aims to encourage voluntary compliance and provide taxpayers with the time and support needed to familiarize themselves with the electronic self-stamping process.
The e-Stamp Duty System is already accessible through the MyTax portal, allowing for early testing and preparation. Taxpayers can seek assistance via the HASiL Contact Centre at 03-8911 1000 or +603-8911 1000 (overseas), through the HASiL Live Chat, or by submitting feedback via the form available on LHDN’s official portal at maklumbalaspelanggan.hasil.gov.my/Public/.
This initiative demonstrates LHDN's commitment to a smooth and supportive transition to the new system. By providing a penalty-free first year, the Board aims to ensure that taxpayers can adapt to the electronic self-stamping process without undue financial burden. This approach not only benefits taxpayers but also contributes to a more efficient and effective tax administration system.
