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Property cooling steps net $500m for taxman

$261m in additional buyer's stamp duty paid by non-PR foreigners

Published on Sep 24, 2012 6:00 AM
 
The taxman has collected more than half a billion dollars from additional stamp duties imposed as part of property cooling measures. -- ST PHOTO: AZIZ HUSSIN

The taxman has collected more than half a billion dollars from additional stamp duties imposed as part of property cooling measures.

The additional buyer's stamp duty (ABSD) has contributed the bulk of that - $450million between its inception on Dec 8 last year and the end of last month.

A further $51million has come from the seller's stamp duty since it was implemented in February 2010, the Inland Revenue Authority of Singapore (Iras) said. According to Iras' annual report, it collected $2.5 billion in stamp duty from sale and purchase agreements in its financial year ended March 31, 2011.

The ABSD take includes about $261million collected from foreigners who are not permanent residents (PRs), who bought about 1,400 homes in the nine months to the end of last month, Iras told The Straits Times. These foreigners comprised about one in four of the buyers who have paid the additional tax.

 
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