IRB e-stamping cuts processing to 10 days. Petikan TheStar 31 Dis 2008

KUALA LUMPUR: The Inland Revenue Board’s (IRB) e-stamping system for landed property will help reduce processing time from about a month to 10 days.

The board’s stamp duty division director Teoh Ai Suan said the online system, which kicks off tomorrow, would also include multiple security features on the stamp certificate, making it difficult to duplicate.

“The e-stamping certificate is so secure that some security features cannot even be seen with a magnifying glass,” she said yesterday during a media briefing on the new system at the board’s headquarters here.

Teoh said it would take 10 days to process an application if all necessary documents and attachments were submitted online and requirements fulfilled.
“Once the online application is submitted to us, we will take a day to process and decide whether to accept or reject it.

“If accepted, we will then electronically submit it to the Valuation and Property Services Department, which will take eight days to process the application and value the land before electronically submitting the application back to us.

“We are then given a day to study the assessment and impose the stamp duty,” she said.
A notice of assessment would then be issued for payment to be made before the stamp certificate was electronically issued, she added.

“Under the new system, stamping applications can be made in the comfort of your own home or office,” she said.

Teoh said an individual, lawyer or agent could also monitor the status of the application after registering with the board on its website.

“They can also double check the authenticity of the stamping certificate by keying in the adjudication number and receipt number on the website,” she added.