SINGAPORE: The buyer's stamp duty rate will increase for both residential and non-residential properties of higher value, Deputy Prime Minister Lawrence Wong said in his Budget speech on Tuesday .
Buyer's stamp duty is a tax paid on documents signed when one buys or acquires property in Singapore. For homes, the portion of the value in excess of S$1.5 million and up to S$3 million will be taxed at 5 per cent, up from the current rate of 4 per cent.The changes will apply to all properties acquired from Wednesday, and are expected to affect 15 per cent of homes, said Mr Wong, who is also the Finance Minister.
For non-residential properties, the portion of the value in excess of S$1 million and up to S$1.5 million will be taxed at 4 per cent, while that in excess of S$1.5 million will be taxed at 5 per cent, up from the current rate of 3 per cent."This is expected to generate an additional S$500 million in revenue per year, but the actual amount will depend on the state of the property market," said Mr Wong.