Higher home buyer tax seen cooling Singapore's collective sales frenzy

Higher home buyer tax seen cooling Singapore's collective sales frenzy

Yahoo Singapore·2018-02-20 09:10

SINGAPORE (Reuters) - Singapore's move on Monday to raise stamp duty on expensive home purchases is likely to dampen the recent wave of redevelopment sales in the city-state's recovering property market, analysts said.

From Tuesday, the wealthy city-state will apply a new top marginal rate of 4 percent stamp duty on the portion of residential property value in excess of S$1 million (543,079.72 pounds), Finance Minister Heng Swee Keat said in his budget speech. The current rate ranges between 1 and 3 percent.

Heng said the move was a progressive tax and came against the backdrop of suggestions to tax the rich more.

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Singapore Property Economy