The Government has decided to back away from changes it had proposed to tax laws dealing with gains made from property sales.
The public consultation process for the proposal attracted 64 responses with 60 opposing the change.
The Finance Ministry (MOF) said yesterday that ‘on balance, it [is] best to retain the current framework of income tax treatment for individuals who sell their properties’.
It said that it had received ‘salient public feedback’ and saw merit in the points raised.
Dr Steven Choo, chief executive of the Real Estate Developers’ Association of Singapore (Redas), welcomed yesterday’s move, adding that he appreciated the Government’s ‘consultative approach and understanding of the industry’s concern on the matter’.
Under the proposal, an individual who sells a property would not be taxed on the profit if he had not sold any other property in the preceding four Continue reading
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