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...
IRAS
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...
The Inland Revenue Authority of Singapore (IRAS) has reduced the Annual Values of over 115,000 private properties in the first quarter of this year. That is almost 100 per cent of the total number of properties reviewed. With the reduction and the 40 per cent property tax rebate announced in this year's Budget, owners of these properties will pay between 45 per cent and 60 per cent less in terms of...