News analysis: Budget 2023's luxury taxes a step in right direction but future moves shouldn’t ‘swing too far’
They were speaking to TODAY after Deputy Prime Minister Lawrence Wong on Tuesday announced several tax changes, which includedThey explained why the move was a “step in the right direction”, how it will affect various income earners differently, and whether it might affect Singapore’s attractiveness during the ongoing global crunch for top talents.
A home that costs S$10 million will now have this stamp duty of S$539,600, which is a 40.3 per cent jump over the S$384,600 now. “A 2 per cent increase in stamp duty for a Good Class Bungalow buyer would not affect them as much as a 2 per cent increase for a S$1m condo purchaser,” he said as an example.
“Even with this increase in taxes at the high end, it is still lower than what high-earning individuals would be paying in income tax in other comparable locations,” she added.
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