28 Feb '18, 2am

Stamp duty rate rise from 3% to 4%

Starting 20 Feb, buyers’ stamp duty rate will rise from 3% to 4%. This only applies to properties worth more than $1 million. Will this pique buyers’ interest for residential properties below the $1 million mark? Gem Residences , Toa Payoh. Tiered stamp duty structure will affect residential properties priced above $1 million In the previous tax scheme, buyers had to pay stamp duty rates of between 1% and 3%. Implemented in 1996, the taxation structure has been around for more than 20 years. The authorities consider it a timely change. The old scheme only had 3 tiers where buyers had to pay 1% tax on the first $180,000, 2% tax on the next amount between $180,000 and $360,000 and 3% tax on the amount above $360,000. With the next scheme, the first 2 tiers remain unchanged. But the 3% tax is now applicable to the amount between $360,000 and $1 million. And in an added tier, ...

Full article: https://www.iproperty.com.sg/news/stamp-duty-rate-rise-fr...

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