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Stamp Act Malaysia Service Agreement

The Stamp Act Malaysia Service Agreement: What You Need to Know

The Malaysian government has recently implemented a new Stamp Act, which requires certain types of documents to be stamped with a fee before they can be legally enforced in court. One such document that falls under this requirement is the Service Agreement, which is a contract between a service provider and a client outlining the terms and conditions of the services to be provided.

If you are a business owner or service provider in Malaysia, it is important to understand the Stamp Act Malaysia Service Agreement and how it will affect your business. Here’s what you need to know:

What is the Stamp Act Malaysia Service Agreement?

The Stamp Act Malaysia Service Agreement is a new provision under the Malaysian Stamp Act that requires all Service Agreements to be stamped before they can be enforced in court. This provision came into effect on July 1, 2021, and applies to all Service Agreements entered into on or after that date.

What is a Service Agreement?

A Service Agreement is a contract between a service provider and a client that outlines the terms and conditions of the services to be provided. This document is used in various industries, including IT, engineering, healthcare, manufacturing, and more.

What are the implications of the Stamp Act Malaysia Service Agreement?

The Stamp Act Malaysia Service Agreement means that all Service Agreements entered into on or after July 1, 2021, must be stamped with a fee before they can be legally enforced in court. The fee for stamping a Service Agreement is calculated based on the value of the contract and is usually borne by the client.

It is important to note that failure to stamp a Service Agreement can result in legal consequences, including fines and penalties. Therefore, it is crucial for businesses and service providers to comply with this provision to avoid any legal repercussions.

How to Stamp a Service Agreement?

To stamp a Service Agreement, businesses and service providers must submit their agreements to the Inland Revenue Board of Malaysia (IRBM) for stamping. The IRBM will then calculate the necessary fee based on the value of the contract and issue a stamp certificate.

Conclusion

The Stamp Act Malaysia Service Agreement is an important provision that businesses and service providers in Malaysia need to be aware of. Ensuring that all Service Agreements are stamped with the necessary fee will help businesses avoid any legal consequences and ensure that their contracts are legally enforceable.

If you need assistance with stamping your Service Agreements, it is recommended to seek the advice of a legal professional or a tax consultant who can guide you through the process and ensure compliance with the law.