{"id":123079,"date":"2021-11-08T03:30:36","date_gmt":"2021-11-07T20:30:36","guid":{"rendered":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-tax-revenue-up-amid-higher-stamp-duties-corporate-and-personal-income-tax-collected\/"},"modified":"2021-11-08T12:09:44","modified_gmt":"2021-11-08T05:09:44","slug":"singapore-tax-revenue-up-amid-higher-stamp-duties-corporate-and-personal-income-tax-collected","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-tax-revenue-up-amid-higher-stamp-duties-corporate-and-personal-income-tax-collected\/","title":{"rendered":"Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected"},"content":{"rendered":"


\nSingapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected$39.43 billion was collected\u00a0in tax revenue\u00a0for April to September 2021, up from $23.74 billion collected in the\u00a0same period in FY20.
\nSingapore registered an increase in tax revenue for the period of April to September 2021, with stamp duties as well as personal and corporate income taxes driving the boost.
\nFor April to September 2021, tax revenue stood at $39.43 billion, exceeding the $23.74 billion collected over the same period in FY2020, reported The Business Times (BT), citing data from the Accountant-General\u2019s department, which is available online at the Singapore Department of Statistics.
\nThe FY2021 figure also surpassed the $37.2 billion registered during the six month period in FY2012, before the COVID-19 pandemic outbreak.
\nWith this, economists expect the overall Budget deficit for FY2021 to be smaller, as compared to the $11 billion projected by the government, as they expect the higher tax collections in certain areas to continue amid a recovering economy.
\n\u201cWe will continue to see strong contributions because the overall underlying activity continues to pick up,\u201d said Vishnu Varathan, Head of Economics and Strategy at Mizuho Bank, as quoted by BT.
\nStamp duty collections, for instance, rose to $3.22 billion in FY2021, from $1.2 billion in 2020 and $2.08 billion in 2019, thanks to a flurry of activity within the private property sector.
\nThe HDB resale market has also been active as home buyers turned to the resale market due to delays in the completion of Build-to-Order (BTO) projects.
\n\u201cThe private property market saw an increase of 22.6% in transactions in the first nine months of 2021, compared to the whole of 2020,\u201d said Lee Sze Teck, Senior Director for Research at Huttons Asia, as quoted by BT.
\n\u201cEven the private and HDB rental market in 2021 experienced similar levels of activity despite the tight border measures.\u201d
\nHe added that activity in the Good Class Bungalow (GCB) segment has also been flourishing, with more than $2.5 billion in deals recorded as of end-October.
\nWong Xian Yang, Head of Research at Cushman & Wakefield, believes stamp duty collections for October and November would be higher, in view of the strong demand for private residential properties and the hike in prices.
\nHowever, the year-end festivities, as well as the upcoming Chinese New Year, may lead to an easing of activity in the private home market in December and January.
\nMeanwhile, corporate income tax collection for FY2021 jumped to $12.76 billion, from $5.69 billion in FY2020 and $12.5 billion in FY2019. Personal income tax collection for FY2021 also rose to $8.03 billion, from $6.93 billion in FY2020 and $7.03 billion in FY2019.
\n\u201cIt shows how uneven this recovery has been,\u201d said Chua Hak Bin, Senior Economist at Maybank Kim Eng, as quoted by BT.\u00a0
\n\u201cThis pandemic has hit low-wage workers disproportionately, whereas high-wage or high-skilled workers have not been hit as hard or \u2026 even (saw) a windfall.\u201d
\nVarathan noted that the wage subsidy schemes and liquidity measures provided by the government to SMEs prevented unemployment and retrenchment from increasing, helping to bolster personal income taxes.
\nAnalysts, however, pointed that while property taxes nearly quadrupled year-on-year to $1.98 billion in FY2021, this could be coming off a low base in FY2020, when the government offered a property tax rebate to support the economy during the pandemic\u2019s early days.
\n\u201cGiven the recovering economy and progressive re-opening of Singapore\u2019s economy, we could see an increase in property taxes, as both residential and non-residential rents \u2013 with the exception of retail \u2013 are largely expected to increase,\u201d said Wong.
\nThe higher-than-expected revenues to date are helpful in funding support measures as the city-state battles a surge in COVID-19 cases.
\nLooking ahead, Lee expects 2021 to be a banner year for the property market, with the number of deals reaching a new high since 2012 at more than 32,000.
\nHe also expects the HDB resale market to register over 29,000 transactions, while private property prices may increase by 6% to 6.5% this year. Prices for HDB flats may also grow by over 11%, added Lee.
\nProperty analysts also see the private property market slightly benefitting from the easing of travel restrictions and the return of foreign buyers.
\nCushman & Wakefield noted that foreign buyers made up 4% of total private residential non-landed transactions during the first nine months of 2021.
\nThe figures stood at 6% in 2019, with China, India, Indonesia, Malaysia and the United States accounting for 59% of total foreign demand for private non-landed homes, said Wong. Of those five markets, the city-state only has a vaccinated travel lane (VTL) with the US.
\nHuttons CEO Mark Yip believes that an expanded VTL scheme would benefit Singapore\u2019s districts 9, 10, 15, 18 and 19.
\n\u201cWe may see more buying in the Core Central Region (CCR) once more VTLs or travel without restrictions are in place,\u201d said Yip as quoted by BT. \u201cIf VTLs are set up for Asean countries, it would further boost transactions in the property market.\u201d
\nLooking for a property in Singapore? Visit PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\nCheryl Chiew, Digital Content Specialist at PropertyGuru, edited this story. To contact her about this story, email:\u00a0cheryl@propertyguru.com.sg.\u00a0
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Singapore tax revenue up, amid higher stamp duties, corporate and personal income tax collected$39.43 billion...<\/p>\n","protected":false},"author":1,"featured_media":123080,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-123079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-news"],"jetpack_featured_media_url":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2021\/11\/singapore-marina.jpg?fit=820%2C411&ssl=1","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-w19","jetpack-related-posts":[{"id":80587,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/property-stocks-drop-on-higher-buyers-stamp-duty\/","url_meta":{"origin":123079,"position":0},"title":"Property stocks drop on higher buyer\u2019s stamp duty","date":"February 21, 2018","format":false,"excerpt":"\r The one-percentage-point hike in the top marginal buyer\u2019s stamps duty (BSD) rate for residential properties priced over $1 million saw Singapore property stock decline, with City Developments Ltd. and UOL Group Ltd. registering the biggest drop on the benchmark Straits Times Index, reported Bloomberg. 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While the recently announced higher buyer\u2019s stamp duty is not expected to put off home buyers, the hike will mean additional revenue for the government to pay for growing expenditure in\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":142312,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/propertyguru-calls-for-reduction-of-15-month-wait-period-tweak-absd-property-tax-revenue-to-increase-600-million-in-2024-and-more\/","url_meta":{"origin":123079,"position":3},"title":"PropertyGuru calls for reduction of 15-month wait period, tweak ABSD, Property tax revenue to increase $600 million in 2024 and more","date":"February 13, 2024","format":false,"excerpt":"\r PropertyGuru calls for reduction of 15-month wait period, tweak ABSD, Property tax revenue to increase $600 million in 2024 and more5 \u2013 13 February 2024\u00a0 In its budget wish list 2024, PropertyGuru has urged the government to reduce the 15-month wait for private property downgraders and withhold the Additional\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"https:\/\/i1.wp.com\/www.siamlandbank.com\/propertynews\/wp-content\/uploads\/2024\/02\/hdb-flats-singapore.jpg?fit=800%2C410&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":27229,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/foreign-factors-benefit-luxury-home-market-in-singapore\/","url_meta":{"origin":123079,"position":4},"title":"Foreign factors benefit luxury home market in Singapore","date":"September 26, 2016","format":false,"excerpt":"\r Singapore\u2019s luxury home market is thriving thanks to factors in other countries, such as stamp duties in the UK. 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