An overview: What stamp duty Sin****re is
Types of Sin****re Stamp Duty
Buyer's Stamp Duty (BSD): BSD is a tax levied on the purchase of residential properties in Sin****re. The rate of BSD depends on the purchase price or market value of the property, whichever is higher. For example, if the property's purchase price is S$1 million or less, the BSD rate is 1% for the first S$180,000, 2% for the next S$180,000, and 3% for the remaining amount. However, if the property's purchase price is more than S$1 million, the BSD rate increases to 4% for the amount exceeding S$1 million.
Additional Buyer's Stamp Duty (ABSD): ABSD is a tax imposed on certain categories of property buyers in addition to BSD. ABSD was introduced to curb excessive demand and speculation in the property market. The rates of ABSD depend on the buyer's profile, such as whether the buyer is a Sin****re citizen, permanent resident, or foreigner, and whether the buyer is an individual or an entity. For example, a Sin****re citizen buying a second residential property is subject to ABSD of 12% on the purchase price, while a foreigner buying any residential property is subject to ABSD of 30%: https://bbcincorp.com/sg/artic....les/property-stamp-d
Seller's Stamp Duty (SSD): SSD is a tax levied on the sale of residential properties in Sin****re within a certain holding period. SSD was introduced to discourage short-term property speculation. The rate of SSD depends on the holding period, with higher rates imposed on properties sold within a shorter holding period. For example, if the property is sold within the first year of purchase, the SSD rate is 12% of the property's purchase price. However, if the property is sold after the first year but within the second year of purchase, the SSD rate is 8%.
Conclusion
Stamp duty Sin****re is a critical aspect of the taxation system, and it is important to have a clear understanding of its types, rates, and exemptions on various transactions. Whether you are buying or selling a property, transferring shares, or engaging in other transactions, it is crucial to comply with the stamp duty regulations to avoid any potential legal or financial consequences.
If you are seeking further information regarding stamp duty, get in touch with BBCIncorp and take advantage of our expertise and knowledge on the subject. Feel free to contact us and discover more about this important aspect of Sin****re business.
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