30 Nov '15, 2am

Lower taxes for 93% of residential property owners in Singapore: Iras

Lower taxes for 93% of residential property owners in Singapore: Iras

ABOUT 93 per cent of residential property owners in Singapore are poised to pay lower property taxes next year, with the annual values of real estate falling in tandem with market rentals. On Monday, the Inland Revenue Authority of Singapore (Iras) said all owners of public housing flats would pay lower or no property tax next year, while eight in 10 private residential property owners would pay lower property tax in 2016. All one- and two-room HDB flat owner-occupiers and 28,200 three-room HDB flat owner occupiers will not have to pay any property tax when the revised annual values take effect from Jan 1, 2016. The tax savings for HDB flats will range from 9 per cent to 24 per cent, compared with property taxes paid in 2015. For example, an owner of a five-room HDB flat would see his 2016 property tax payable shaved to S$104.80-S$152.80, from S$121.60-S$169.60 for 2015; t...

Full article: http://www.businesstimes.com.sg/real-estate/lower-taxes-f...

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