Budget 2023: Higher taxes on luxury homes, non-residential properties set to bring in extra S$500m a year
Taxes on cigarettes and luxury cars will also be hiked, in a move estimated to bring in a combined additional revenue of S$100 million annually.
For example, a residential property with a value of S$2 million will attract a buyer stamp duty of S$69,600, up 7 per cent from the prevailing S$64,600. For non-residential properties, such as commercial properties, the portion of property value over S$1 million and up to S$1.5 million will be taxed at 4 per cent, while the value above S$1.5 million will be taxed at 5 per cent.
The Additional Registration Fee will be adjusted to better differentiate higher-end cars, while luxury cars will also be taxed at a higher rate, he added. This is to avoid providing excessive rebates to more expensive cars when they are deregistered, he said.
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