Inland Revenue Authority of Singapore (IRAS)

IRAS to raise annual values of HDB flats

The Inland Revenue Authority of Singapore (IRAS) will raise the Annual Values (AVs) of HDB flats with effect from 1 January 2010. To help HDB homeowners adjust to the AV increase, the government will grant a one-off property tax rebate to all HDB owner-occupiers for the property tax payable in 2010. There are two existing property tax rebates; the $100 rebate and the 40% rebate that were provided as part...

Property gains tax proposed because of earlier feedback

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...

No change to income tax framework for individuals who sell properties

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...

Analysts say more feedback should be gathered before amending tax policy

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...

Draft income tax (admendment) bill 2009

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...

Finance Ministry says it is not tightening tax policy on properties

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...

Detailed investigation into personal finances makes investing tough

OF LATE, relatives and friends looking into investing in property have found the process very difficult, with the Inland Revenue Authority Of Singapore (Iras) asking for details pertaining to their property transactions. These investigations are highly detailed and intrusive; tend to drag on for months and may even involve face-to-face meetings with a panel of senior tax officials. Iras typically takes...

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