25 Feb '13, 12pm

Singapore to Raise Property Tax Rates for Luxury Homeowners

Singapore plans to raise property levies for luxury homeowners as it seeks to tax the wealthy residents in the island state after the government imposed more measures to curb property speculation last month. Singapore will raise tax rates for vacant investment properties or those that are rented out, Singapore Finance Minister Tharman Shanmugaratnam said in his budget speech in Parliament today. It will also impose higher taxes on luxury property owners who live in their own residences, making up 1 percent of such homeowners, he said. “The property tax is a wealth tax and is applied irrespective of whether lived in, vacant or rented out,” Shanmugaratnam said, without elaborating what constitutes a high-end real estate. “Those who live in the most expensive homes should pay more property tax than others.” The higher taxes come after Singapore last month rolled out its lates...

Full article: http://www.bloomberg.com/news/2013-02-25/singapore-to-rai...

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