SINGAPOREANS transferring their shares and property to another person will no longer need to get the taxman to value the assets.

They just have to declare the value to the Inland Revenue Authority of Singapore (IRAS).

The amendment to the Stamp Duties Bill was passed in Parliament on Tuesday.

In reading the bill, Mrs Lim Hwee Hua, Senior Minister of State for Finance, said: 'With the removal of mandatory adjudication, taxpayers can enjoy a faster transfer process and save on the adjudication and valuation fees.'

She explained why the previous requirement - aimed at safeguarding stamp duty revenue - is now removed.

This was because most of the gift cases involve HDB flats. Their values can be easily ascertained through HDB's valuation reports.

Second, most property transfers have third-party valuation reports which safeguard against under-declaration of property values.

Third, the value of shares transferred can be calculated based on audited accounts or traded prices.

IRAS will continue to rely on current controls and periodic audits to detect stamp duty abuse, said Mrs Lim.

Another change concerns unlimited companies, statutory boards and limited liability partnerships which will qualify for stamp duty relief, so long as the entities doing the transferring of assets are associated.

The changes are among a slew of other amendments to laws passed on Tuesday.

The Property Tax Bill was amended to make it clear that owners of structural networks - such as pipelines, cables, ducts and railway lines - are subject to property tax.

This includes pipelines and cables which pass through lands which the network owner does not own.

The amendment will come into force by Jan 1, to correspond with the billing cycle for property tax.

The Goods and Services Tax (Amendment) Bill was also passed on Tuesday to put in place GST exemptions for the sale, leasing and servicing of containers used in international transport of goods. This is to promote Singapore as a shipping and logistics hub.

Also exempted are supplies of specialised tools and relevant services used in the manufacture of goods for exports.

The various amendments took into account feedback received during a public consulation between August and September.