Only 201 individuals and 39 companies in Singapore have been subject to income tax on their property disposal gains in the last two years. Deputy Prime Minister and Minister for Finance, Tharman Shanmugaratnam said this in a written response to questions in Parliament from MP Lim Biow Chuan. Mr Tharman also provided clarification on when gains from the sale of a property are taxed and when they are...
Income Tax
The Finance Ministry said the property gains tax was proposed because of earlier feedback. Speaking at a community event on Sunday, Second Finance Minister Lim Hwee Hua said certain property investors had wanted more certainty regarding the current rules. Proposed changes to tax individuals who sell property before a four-year period were designed to shed some light on what defined a trader who sells...
The Ministry of Finance (MOF) said it has decided not to change the income tax framework with regard to individuals who sell their properties. Currently, there is no blanket rule on how property sale gains are taxed as Inland Revenue Authority of Singapore (IRAS) considers the facts and circumstances of each individual case. But a proposal was put up for public consultation between June 22 and July 14...
I REFER to "Every transaction should be taxed" (July 20) in which Mr Gilbert Tan Hee Khian compared the high cost of condominium ownership in Singapore to that in Australia and Canada. Mr Tan was invited to a property launch only to be told that all the units had already been sold. The following day, some of the properties were listed in the market for $100,000 more. He viewed these speculators as the...
THE tweak to property tax announced last week - from Jan 1 next year, individuals who have sold a property in the prior four years will be subject to income tax on any subsequent home sales - is more than equitable. In fact, taxes should be imposed on every property transacted irrespective of the number of times a sale is carried out. I was recently invited to a property launch only to be informed that...
It may be best to gather more public feedback before changing the tax policy on profits earned from property sales, say analysts. Analysts Channel NewsAsia spoke with said that it is because some are concerned the proposed amendment may hurt the property sector and Singapore banks. The Singapore residential property market is showing signs of picking up, but analysts say the proposed tax amendment may...
Proposed change under spotlight: Individuals who sell a property on or after Jan 1, 2010 will automatically not be subject to income tax, if he has not sold other properties in the previous four years. Even if he has, Iras will determine if a tax on income should be levied, just like existing practice. What the situation is now: When an individual sells a property for a profit, Iras decides if the gain...
The Singapore government says a proposed change to the tax policy on property transactions is not aimed at curbing speculation. It will instead give property owners some certainty. That is because property owners who do not sell properties frequently will have the assurance that they will not be taxed on the profits made from such sales. All properties, from public flats to industrial buildings, will be...