Moves to increase taxes on high-end properties and luxury cars in Budget 2023 come hot on the heels of similar moves just last year, but that isn’t surprising, says NUS professor Simon Poh.
For residential properties, the new higher rates of 5 per cent and 6 per cent apply to the portion of the value in excess of S$1.5 million and up to S$3 million and in excess of S$3 million respectively, up from the current 4 per cent introduced in February 2018. Earlier cooling measures like higher additional buyer’s stamp duty , last increased in December 2021, have not seemed to have deterred wealthy property buyers.
The Additional Registration Fee rates were also revised, with the highest tier of luxury vehicles seeing an increase to 320 per cent, up from the current 220 per cent, newly introduced last year. Perhaps the intention here is also to tame the Certificate of Entitlement premiums, consistently high at aboutin recent bidding exercises, which also suggests the earlier round of vehicle taxes have not curbed appetite.
To ensure our tax system continues to be resilient and sustainable in the future, while maintaining fairness and progressivity, it is inevitable that Singapore has to continue relying on a good mix of taxes on income, assets and consumption.
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