Property News · February 19, 2018

Budget 2018: Govt raises buyer's stamp duty for residential properties priced above $1 million


The Buyer’s Stamp Duty for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent previously.
With effect from Tuesday (20 February), the Buyer’s Stamp Duty (BSD) rate for residential properties priced above $1 million will be raised to 4.0 percent from 3.0 percent previously, revealed Finance Minister Heng Swee Keat in his Budget 2018 speech this afternoon.  
This means that from tomorrow, a home buyer who purchases a $1 million condo will need to pay $40,000 in BSD, up from the existing $30,000.
Since 1996, BSD rates for residential properties have ranged between 1.0 and 3.0 percent.
The BSD rates for non-residential properties will remain unchanged from 1.0 to 3.0 percent, noted Mr Heng.
“Moving forward, we will continue to study options to ensure that our tax system remains progressive,” he added.
Source: Inland Revenue Authority of Singapore
 
Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories, email romesh@propertyguru.com.sg

Source : proppertyguru.com.sg/Property Market
Read more…Budget 2018: Govt raises buyer’s stamp duty for residential properties priced above million

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