Property Stamp Duty up by 10%

[Yappy]

What are the long term implication?
Will the economy burst just like US? And worst many of them are foreigners. Can they serve the loan?
If developers are so against the increase, they can always be the guarantors of the loan as they would have the resources to pay the bank if the buyer default.
Also real estate agent can also help to serve as co-guarantor for the bank loan with the developers to help their CLIENTS.

 

[ArchRival]

[video=youtube;S8GpBpvTO-c]http://www.youtube.com/watch?v=S8GpBpvTO-c[/video]

 

[theRBK]

it is not a tax increase, it is a stamp duty increase... it is a one time upfront payment, not a recurring payment...

 

[melvin]

What are the long term implication?
Will the economy burst just like US? And worst many of them are foreigners. Can they serve the loan?
If developers are so against the increase, they can always be the guarantors of the loan as they would have the resources to pay the bank if the buyer default.
Also real estate agent can also help to serve as co-guarantor for the bank loan with the developers to help their CLIENTS.

Property Tax? Do u mean the ABSD-Additional Buyer Stamp Duty?

Well for what i see they wouldn't have any long term implication, cos they are always monitoring the market so if the market start to bear they will re-think and new measure will be use to push the market up just like the other time they introduced the DPS n IAS to turn the market around. And if too bullish then they will adjust again!

Short term implication will be the market volume will drop overall.
Frm their stats foreigners make up only 19% which i think is not alot if the stats are correct, but they do weigh alot! These foreigners i assume does not include PRs and i dun think they have problem serving loans or need any loan.

Bro, I dun see any agents or alot of developers Here!l so they shouldn't be guarantor or co-guarantor;p

 

[melvin]

it is not a tax increase, it is a stamp duty increase... it is a one time upfront payment, not a recurring payment...

ya and it does not apply to everyone like property tax does!

it will only affect foreigners/PR buying 2nd property and locals buying 3rd property.

Additional buyer stamp duties

Foreigners buying 2nd property +10% on top of the normal Stamp Duty which = to about 13%
PRS buying 2nd propety +3%
Locals buying 3rd propety +3%

And local + Foreigners = Foreigners
Local + PR = PR

summary

NEWS

 

[ninelives]

ya and it does not apply to everyone like property tax does!

it will only affect foreigners/PR buying 2nd property and locals buying 3rd property.

ok, let's dont talk about stamp, we'll talk about property tax. what is the current %? is this a 1 time payment or yearly payment? coz i didn't receive any mail to pay my tax leh.

thanks in advance.

ps: is this file together with income tax? then i paid liao...4 figure amount...heart pain..

 

[chiangkxv]

ok, let's dont talk about stamp, we'll talk about property tax. what is the current %? is this a 1 time payment or yearly payment? coz i didn't receive any mail to pay my tax leh.

thanks in advance.

ps: is this file together with income tax? then i paid liao...4 figure amount...heart pain..

For owner occupied properties, the tax rate are as follows:
First $6,000 of Annual Value, 0%
Next 59,000 of AV, 4%
AV exceeding $65,000, 6%

For non-owner occupied properties , 10% of AV.

Property tax is payable by 31 Jan each year.

 

[henry soh]

Property tax is tax on the property you own. If it is rented out, tax is based on the rate on which the property is
rented out. Annual value of a property is based on the monthly rent on which the property is reasonably expected to be let out
in the market. If the property is owner-occupied, tax is based on the concessionary owner-occupied rate. If it is vacant, tax has still to be paid, but the owner can claim the tax paid for the vacant period if the owner can prove that every reasonable effort has been made
to let out the property during the vacant period, eg. advertisement cutting of newspaper as proof of letting out the property.

 

[kei1309]

soon there will be clothes tax. you will be taxed by Fashion Tax Collectors who will randomly pick you out on the street to be taxed. the more fashionable you are, the less you are taxed. the more dowdy you dress, the more you pay

 

[spgohjc]

Want to buy second or third lens? Think again. Afterwards I tax you then you know.

 

[spgohjc]

No long term implications. Just short term knee jerk reactions to the recent Bedok Residence launch.

 

[henry soh]

Clothings tax. If youy wear the clothing, you will be taxed. If you don't wear it, you will not be taxed

 

[henry soh]

But, think again, land tax. Low Tide, you see the land and it is taxable. High Tide, you don't see it, is it therefore taxable.

 

[ricohflex]

The foreign talent who said he can get occupation anywhere else in the world and may leave Singapore - please do that IMMEDIATELY.
Talk is cheap. Big talk. Hot air.
DO IT.
His "talent" is nothing to us. There are thousands or maybe even millions of others who can replace him.

He does not even know that Singapore has been bending over backwards to foreigners for the longest time already.
In some nearby countries, foreigners cannot easily own property and leases are in the name of the citizen whom they marry and for 30 years only.
In those countries you can pay the money in full and never see the Title Deed for a long time, if at all.

We support the Govt's move to increase the stamp duty.

Thread Starter - Stamp Duty on property purchase is not Property Tax.

 

[theRBK]

in fairness to the TS, some international news coverage puts it down (wrongly) as property tax increase too...

 

[ahboy168]

Recession already here, why price of fuel, transport, food, power, water, gas, phone, internet, school fee, medical fee, .... Still going up ? Don't understand. It support to go down right?

 

[9V-Orion Images]

[video=youtube;S8GpBpvTO-c]http://www.youtube.com/watch?v=S8GpBpvTO-c[/video]

Not sure if CNA or the FT is troll baiting. :bsmilie:

 

[9V-Orion Images]

10% is the golden number. 10% GST. :bsmilie:

 

[diver-hloc]

10% is the golden number. 10% GST. :bsmilie:

Sooner or later...

 

[melvin]

Sooner or later...

Then we will see The Romance of Three Kingdom (Singapore version) after the next GE! lol...