Tag Archives: Singapore Property Tax

Property sales gains: No tax law changes

Posted on 22 Aug 2009 | Comments Off on Property sales gains: No tax law changes

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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No Fear of Property Gains Tax on Show

Posted on 14 Jul 2009 | Comments Off on No Fear of Property Gains Tax on Show

Investors, home seekers throng property launches over weekend

FEAR and uncertainty over how gains from property sales would be taxed vanished as quickly as they came last week.

Home seekers still thronged showflats over the weekend and smaller apartments remained popular picks.

Turnout at property launches was healthy, observed DMG & Partners Securities analyst Brandon Lee, who visited a handful of showflats in the last few days.

News that the government could change income tax laws on profits from property sales did not seem to have an adverse impact, he said.

Word got round last Wednesday of a proposal to make current laws clearer – by guaranteeing that anyone who sells only one property in any four-year period will not be taxed on the gains. Continue reading →

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