11 Feb '13, 10am

[S'PORE PROPERTY NEWS] SEVERAL million dollars that the taxman stood to lose will remain in his clutches after this:

[S'PORE PROPERTY NEWS] SEVERAL million dollars that the taxman stood to lose will remain in his clutches after this:

SEVERAL million dollars that the taxman stood to lose will remain in his clutches after a recent landmark Court of Appeal ruling. The closely watched court dispute centred on whether building depreciation expenses could be subtracted from gross rents when computing annual values for the purpose of assessing property tax. The annual value of a property is its market rent per year. Higher gross rents for a building mean that it will have a larger annual value, which in turn means that its landlord has to pay more in property taxes. Landlords usually include depreciation expenses - costs related to the deterioration of fixtures such as lifts - as a hidden item in the gross rents tenants pay. The Court of Appeal ruled on Jan 17 that depreciation expenses must be included in gross rents when computing annual values, overruling a decades-old High Court case. This ruling has save...

Full article: http://www.stproperty.sg/articles-property/singapore-prop...

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