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Property sales gains: No tax law changes

Posted on 22 Aug 2009 | Comments Off

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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Posted in Tax Matters / Property Tax

Tagged Singapore Property Tax

No change to income tax framework for individuals who sell properties

Posted on 22 Aug 2009 | Comments Off

The Ministry of Finance (MOF) said it has decided not to change the income tax framework with regard to individuals who sell their properties.

Currently, there is no blanket rule on how property sale gains are taxed as Inland Revenue Authority of Singapore (IRAS) considers the facts and circumstances of each individual case.

But a proposal was put up for public consultation between June 22 and July 14 suggesting that individuals who sold their properties should be certain that the gains they make would not be taxed if they had not sold any other properties in the preceding four years.

Under all other circumstances, whether the gains from a property sale were subject to income tax would have continued to depend on the facts and circumstances of the case.

After assessing the feedback from the public consultation, MOF said it has decided not to go ahead with the proposed change. Continue reading →