What is Stamp Duty?
Stamp Duty is a tax levied on documents which record transactions, such as disposition or transfer of interest from one party to another. Therefore, stamp duty is payable by the person who purchases both residential and non-residential properties in
Singapore.
How Much Stamp Duty?
Sales
Stamp Duty Payable = First S$180,000 of purchase price x 1% + Next S$180,000 of purchase price (if any) x 2% + Remaining of purchase price (if any) x 3%
Rentals
Stamp Duty Payable = Yearly rental / 250 x no. of years of lease (rounded up to the highest dollars) + $2 for duplicates.
When to Pay Stamp Duty?
For completed properties, the stamp duty is payable within 14 days after signing the Sale and Purchase Agreement if the document is signed in Singapore. If the document is signed outside Singapore, the stamp duty has to be paid within 30 days after the Sale and Purchase Agreement is received in Singapore.
For uncompleted properties, the Stamp Duty is payable within 14 days after the TOP (Temporary Occupation Permit) is issued or when you sell the property, whichever is earlier.