13 Feb '17, 6am

Asia #Business ~ Review property tax, urges Redas - PropertyGuru #Singapore

Redas has called on the government to review its property tax policies as part of its budget wish-list. The Real Estate Developers’ Association of Singapore (Redas) has called on the government to review the property tax for vacant private land, and to grant property tax exemption for land slated for, or under development, and also buildings undergoing renovations, reported the Business Times . Under the Property Tax Act, the annual value of vacant land is assessed at five percent of its capital value, on the assumption that the land is freehold. However, Redas noted that a freehold site’s annual value tends to be 10 percent higher compared to that of a 99-year leasehold site. “The disparity widens for say a 30-year leasehold industrial property, or a petrol station, or a piece of transitional office land on a 15-year lease, where they are assessed on the basis of a freeho...

Full article: http://www.propertyguru.com.sg/property-management-news/2...

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