07 Dec '11, 12pm

Additional buyer's stamp duty for private property from Dec 8

Additional buyer's stamp duty for private property from Dec 8

SINGAPORE: The government has imposed an Additional Buyer's Stamp Duty (ABSD) for private property of between 3 per cent and 10 per cent for Singaporeans, Permanent Residents and foreigners to moderate investment demand for private residential property and promote a more stable and sustainable market. The changes take effect on December 8. Foreigners will pay 10 per cent Additional Buyer's Stamp Duty (ABSD) for any residential property. Permanent Residents owning one and buying second and subsequent properties will pay 3 per cent ABSD. Singaporeans owning two and buying a third and subsequent residential properties will pay 3 per cent Additional Buyer's Stamp Duty. The ABSD will be imposed over and above the current Buyer's Stamp Duty, which are 1 per cent on the first $180,000 of purchase consideration or market value of the property (whichever is higher), 2 per cent on t...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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