Stamping Agreement at Lhdn

Stamping Agreement at LHDN: Everything You Need to Know

Stamping an agreement is an important legal requirement in Malaysia. It indicates that a document has been verified by the appropriate authorities and that the parties involved have agreed to its terms. The stamping process is typically done at the Inland Revenue Board of Malaysia or Lembaga Hasil Dalam Negeri (LHDN).

If you`re unfamiliar with the stamping procedure at LHDN, here`s everything you need to know to ensure that your agreement is properly authenticated.

What is LHDN?

LHDN is Malaysia`s tax authority. It is responsible for enforcing and administering the tax laws of the country. One of its functions is to stamp agreements and documents that are subject to stamp duty.

What is Stamp Duty?

Stamp duty is a tax levied by the Malaysian government on certain types of documents, such as agreements, deeds, and contracts. The amount of stamp duty payable varies depending on the value of the transaction and the type of document being stamped.

Why Do You Need to Stamp an Agreement?

Stamping an agreement is necessary to make it legally enforceable. It provides evidence that the parties involved have agreed to the terms and conditions of the agreement and that it is authentic.

What Types of Agreements Need to be Stamped at LHDN?

The following types of agreements are subject to stamp duty and require stamping at LHDN:

– Sale and Purchase Agreements

– Tenancy Agreements

– Loan Agreements

– Service Agreements

– Partnership Agreements

– Joint Venture Agreements

– Share Transfer Agreements

– Power of Attorney

What is the Procedure for Stamping an Agreement at LHDN?

The stamping process for an agreement at LHDN is relatively simple. It involves the following steps:

Step 1: Prepare the Agreement

Before submitting your agreement to LHDN for stamping, make sure that it is complete and accurate. Ensure that all the necessary information is present and that it complies with the legal requirements.

Step 2: Calculate the Stamp Duty

The amount of stamp duty payable depends on the type of agreement being stamped and the value of the transaction. You can use the Stamp Duty Calculator available on the LHDN website to determine the amount of stamp duty payable.

Step 3: Buy the Stamps

Once you have calculated the stamp duty, you will need to purchase the necessary stamps from any LHDN branch or appointed agents.

Step 4: Submit the Agreement

After buying the stamps, you can submit your agreement to LHDN for stamping. You will need to provide the original agreement, a copy of the agreement, the stamp duty payment receipt, and any other supporting documents needed.

Step 5: Receive the Stamped Agreement

Once your agreement has been stamped, you will receive the original agreement with the stamp affixed to it. This stamped agreement is legally enforceable.

In conclusion, stamping an agreement at LHDN is a crucial step in ensuring the legal enforceability of the document. By following the simple process outlined above, you can easily authenticate your agreement and demonstrate that all parties involved have agreed to its terms. It is always advisable to engage a legal professional to assist in the preparation and stamping of your agreement, especially if it involves complex legal matters.