ANNOUNCEMENT 11 Jan 2013

On 11 January 2013, the Ministry of Finance and the Inland Revenue of Singapore announced increases to the stamp duty levied on property bought by foreign investors.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

Inland Revenue of Singapore, Raising Additional Buyer’s Stamp Duty (ABSD) Rates & Imposing ABSD on New Groups of Buyers, 11 January 2013. Available at: https://www.iras.gov.sg/IRASHome/uploadedFiles/IRASHome/News_and_Events/Additional%20Measures%20to%20Ensure%20a%20Stable%20and%20Sustainable%20Property%20Market%20-%20Annex%20I.pdf

Inception date: 11 Jan 2013 | Removal date: open ended

FDI: Treatment and operations, nes

On 11 January 2013, the Ministry of Finance and the Inland Revenue of Singapore announced increases to the stamp duty levied on property bought by foreign investors.

The amendment was meant to curb the rise of property prices. Under the amendment, foreign buyers will incur a 15% stamp duty regardless of the number of property purchases, from the 10% incurred previously.

This increase in stamp duty has also been applied to purchases by Singaporean citizens and permanent residents, albeit at lower rates. Singaporeans and Singapore permanent residents would now have to a maximum of 10% stamp duty depending on the number of purchase, an increase from the maximum 3% stamp duty previously.

AFFECTED SECTORS

 
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AFFECTED PRODUCTS

 
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