Tag Archives: IRAS

Lower property tax in 2016

Homeowners in Singapore will benefit from paying lower property taxes in 2016 compared to this year, revealed the Inland Revenue Authority of Singapore (IRAS).

This is due to the reduced Annual Values (AVs) of HDB and private homes in line with market rentals.

In a statement, IRAS said the tax savings for HDB flats will range from nine to 24 percent, while over 80 percent of private homeowners will enjoy tax savings of between three and 20 percent.

In particular, all 1- and 2-room HDB flat dwellers and 28,200 3-room HDB flat owners will not have to pay any property taxes.

IRAS reviews the AVs of properties annually to ensure that they reflect prevailing market rentals.

Property tax is a tax on property ownership and it is payable on all properties regardless whether the property is rented out, owner-occupied, or left vacant.

Lower property taxes in 2016

Source: IRAS

According to IRAS, property tax has to be paid by 31 January 2016. A five percent penalty will be imposed on those who fail to pay their tax by that date.

For more information, go to www.iras.gov.sg


Additional Buyer’s Stamp Duty (ABSD) for Married Couples

Inland Revenue Authority of Singapore (“IRAS”) informed that there had been instances of wrong advice given by salespersons to buyers. Some salespersons had advised their buyers that they could qualify for ABSD remission if the buyer is a Singapore Citizen (“SC”) who is married and is purchasing a second residential property in his sole name.

IRAS clarified that the above is not true. For a Singaporean married couple (defined as a married couple with at least one party being a SC) who purchase a second residential property jointly, the couple could qualify for ABSD remission only if certain conditions are met.

Please refer to the briefing slides attached for the detailed criteria.
Additional Buyer’s Stamp Duty (ABSD) for Married Couples – IRAS