Budget 2023: Buyer's stamp duty to increase for higher-value properties Budget2023
SINGAPORE: The buyer's stamp duty rate will increase for both residential and non-residential properties of higher value, Deputy Prime Minister Lawrence Wong said in his Budget speech on Tuesday .
Buyer's stamp duty is a tax paid on documents signed when one buys or acquires property in Singapore. For homes, the portion of the value in excess of S$1.5 million and up to S$3 million will be taxed at 5 per cent, up from the current rate of 4 per cent.The changes will apply to all properties acquired from Wednesday, and are expected to affect 15 per cent of homes, said Mr Wong, who is also the Finance Minister.
For non-residential properties, the portion of the value in excess of S$1 million and up to S$1.5 million will be taxed at 4 per cent, while that in excess of S$1.5 million will be taxed at 5 per cent, up from the current rate of 3 per cent."This is expected to generate an additional S$500 million in revenue per year, but the actual amount will depend on the state of the property market," said Mr Wong.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Singapore Budget 2023 Updates | Yahoo Singapore | Yahoo Singapore
Read more »
Budget 2023: Expected Budget deficit of $2 billion for 2022, says DPM WongThis expected deficit, which makes up 0.3 per cent of gross domestic product, is accounted for by revenue upside, higher spending. Read more at straitstimes.com.
Read more »
Commentary: Crucial for Singapore that Budget 2023 gets balance rightBudget 2023 will have to walk a tightrope between helping households manage the rising cost of living and sustainable spending. Singapore must grow the economic pie to make the vision of a new social compact reality, says OCBC chief economist Selena Ling.
Read more »
Singapore families hope Budget 2023 can help ease cost of living and promote work-life balanceFrom newly-married couples to bigger families, rising costs is one issue that ranked high among those who spoke to CNA.
Read more »
Live: Singapore Budget 2023 key announcements and highlightsThe 2023 Budget statement will be delivered by Deputy Minister and Minister for Finance Mr Lawrence Wong in Parliament on Feb 14 at 3.30pm.
Read more »