Properties Taxation Guidelines

 

What kind of tax do I have to pay for purchase of private residential property ?

All purchasers have to pay a stamp duty tax equal to (the purchase price x 3%) - $5,400.

For example, a $1mil SGD property

= $1,000,000 x 3% - $5,400

= $30,000 - $5,400

= $24,600

The stamp duty tax is payable upon completion of the property transaction.

What are the Property Tax Rates ?

* 4% of annual value for owner-occupied properties

* 10% of annual value for investment and other properties

The annual value is determined by Valuation Review Board of the IRAS usually based on a average rent of similar properties.

The property tax is payable upon 1 month from the completion of the purchase of property and every January subsequently.

Do I have to pay capital gain tax ?

Currently, there is no capital gain tax. In fact, the Singapore government encourages foreign investments in property.

Do I have to pay other taxes for owning an investment property?

As a foreigner not earning Singapore income, you need not pay other taxes.

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