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(Feb 25, 2010) On February 19, 2010, Singapore's Inland Revenue Authority issued a tax guide in electronic form on the imposition of a stamp duty on the seller of certain residential properties. The duty is to be paid only by those persons who sell properties that have been acquired on or after February 20, 2010, and resold within one year. The rates vary from one to three percent of the sales consideration or of the market value. There are exemptions, however, for:
- transfers by housing developers;
- transfers by any public authority in official capacity;
- inheritances of property;
- acquisitions of land by the government;
- disposals of property due to bankruptcy or other involuntary end of a business;
- disposals by foreigners;
- transfers resulting from a marriage or divorce;
- disposals of Housing Development Board (HDB) flats to the HDB under the Selective En-Bloc Redevelopment Scheme or due to repossession by the HDB;
- transfers of part-ownerships in HDB flats to immediate family members;
- disposals in which a specific remission for the buyer's stamp duty has been granted; and
- transfers pursuant to a plan for reconstruction or amalgamation of property.
(Daljit Kaur, Singapore: Stamp Duty on Sale of Residential Properties, TAX NEWS SERVICE, Feb. 23, 2010, subscription newsletter from email@example.com.)
|Author:||Constance Johnson More by this author|
|Topic:||Taxation More on this topic|
|Jurisdiction:||Singapore More about this jurisdiction|
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Last updated: 02/25/2010