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Stamp Duty Rate

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Stamp Duty Rate

Before making purchase of any residential property in Singapore, it is important to be aware of the taxes that one is subjected to before making a major financial commitment. Below are some important property taxesthat a home buyershould take note,

Buyer’s Stamp Duty (BSD)

Based on the purchase price or market value, whichever is higher
First $180,000 1%
Next $180,000 2%
Next $640,000 3%
Remaining amount 4%

*Note: As of 20th of Feb 2018, the Buyer Stamp Duty will be increased from 3% to 4% for property that are priced / valued above S$1million.

For a residential property of price or market value of $1million or below, the buyer stamp duty can be calculated using the formula below:

BSD = (3% x propertyprice) $5400

The Buyer Stamp Duty is applicable to all buyers purchasing a resale HDB flat, anew launch condoor even a resale singapore condo.

For a residential property of price or market value above $1million, the buyer stamp duty can be calculated using the formula below:

BSD = (4% x propertyprice) $15,400

The Buyer Stamp Duty is applicable to all buyers purchasing a resale HDB flat, anew launch condoor even a resale singapore condo.

Additional Buyer’s Stamp Duty (ABSD)

Profile Of Buyer ABSD rate (On or Before 5th July 2018) ABSD rate (On or Before 6th July 2018)
Singapore Citizen Buying First Residential Property Nil Nil
Singapore Citizen Buying Second Residential Property 7% 12% (Revised)
Singapore Citizen Buying Third and subsequent Residential Property 10% 15% (Revised)
Singapore PR buying First Residential Property 5% 5% (No Change)
Singapore PR buying Second and subsequent Residential Property 10% 15% (Revised)
Foreigners buying residential property 15% 20%
Entities buying residential property 15% 25% (Revised)
Plus Additional 5% for Developers (New, Non-Remittable)

Singapore Citizen whodoes not own any residential property will not be subjectedto Additional Buyer Stampduty(ABSD).

Note*

Under the respectiveFree Trade Agreements (FTAs), Nationals or Permanent Residents of the following countries will be accorded the same Stamp Duty treatment as Singapore Citizens:

  1. Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland
  2. Nationals of the United States of America

Seller’s Stamp Duty (SSD) – Residential Properties (On and after 11/03/2017)

Holding Period SSD payable
Up to 1 Year 12% of consideration or value, whichever is higher
Up to 2 Years 8% of consideration or value, whichever is higher
Up to 3 Years 4% of consideration or value, whichever is higher
More than 3 Years No SSD Payable

The Seller Stamp Duty(SSD) is applicable to residential property buyers who sold their property within 3 years upon acquiring the property.

The SSD was first implemented in 2011. A SSD is payable if a property buyers who purchase the property on or after 14th January 2011 sell it within 4 years. Recently in March 2017, the Authoritieshave revised the measure, Purchasers acquiring a residentialproperty on or after 11th March 2017 will only need to hold the property for 3 years if they do not want to pay for any SSD.

Seller’s Stamp Duty (SSD) – Residential Properties (Purchased between 14/01/2011 to 10/03/2017)

Holding Period SSD payable
Up to 1 Year 16% of consideration or value, whichever is higher
Up to 2 Years 12% of consideration or value, whichever is higher
Up to 3 Years 8% of consideration or value, whichever is higher
Up to 4 Years 4% of consideration or value, whichever is higher
More than 4 years No SSD Payable

Above information is obtained from the IRAS website. For more details, please click here to visit their website.

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