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
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