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 Tax
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...
Market-watchers have welcomed Budget measures, announced by Finance Minister Tharman Shanmugaratnam on Thursday, which are aimed at helping Singapore property developers through the current downturn. While analysts had already expected the government to unveil help for the depressed property market, they noted on Friday that some of the moves are particularly creative. These measures include allowing...
Structural networks like pipelines, cables, ducts and railway lines will be subjected to property tax by January 1. The provision is one of the changes to the Property Tax Act which was passed in Parliament on Tuesday. Senior Minister of State for Finance Lim Hwee Hua says the Inland Revenue Authority of Singapore (IRAS) currently taxes structural networks together with the building to which they are...
Parliament has passed the Property Tax Amendment Bill. One of the changes seeks to provide clearer rules under which structural networks of pipelines, cables, ducts and railway lines are taxed. This will bring Singapore in line with the practice in the United Kingdom and Hong Kong. While machinery is excluded from property tax, these structural networks - if they extend beyond the buildings which house...
AS HOTEL room rates in Singapore continue to set new highs, the taxman’s upcoming formula tweaks — which will see hotels’ property tax bills jump by at least 33 per cent — will skim some of the cream off the cake for hoteliers. The increase arises from a change to the formula used to calculate the annual value (AV) of hotels, which will kick in next year. And analysts say that while the...