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Thread: Govt withdraws deferment of stamp duty payment on all contracts

  1. #1
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    Default Govt withdraws deferment of stamp duty payment on all contracts

    Friday December 15, 2:17 PM
    Govt withdraws deferment of stamp duty payment on all contracts

    SINGAPORE : The government has withdrawn the deferment of stamp duty payment on all contracts.
    The concession for deferment was introduced about eight years ago as part of the off-budget measures to cushion the impact of the economic slowdown.

    It allowed property buyers to pay the stamp duty at a later date.

    But in a statement, the Inland Revenue Authority says this has now been withdrawn because the economic conditions and property market have improved.

    So property buyers must now pay stamp duty within 14 days from the date of acceptance of the Option to Purchase.

    Those who have accepted it before Dec 15 will not be affected by this change. - CNA /ls

  2. #2

    Default Government scraps concession to defer stamp duty

    Government scraps concession to defer stamp duty
    - Dec 15, 2006
    In what is seen as a move to discourage speculation in luxury homes in Singapore, the government has scrapped a concession to allow property buyers to defer the payment of stamp duty.

    According to a statement released by the Inland Revenue Authority of Singapore (IRAS), the change takes effect today. This means that buyers of new properties will now have to pay the tax within 14 days of agreeing to buy that property.

    The concession to defer stamp duty payment was introduced in 1998 to help those feeling the impact of the economic downturn. When the concession was in place, property buyers need not pay the duty until a project receives its Temporary Occupation Permit (TOP).

    The latest move is seen by industry as an effort by the government to discourage speculation, especially in luxury homes.

    The new rule comes at a time when more upmarket properties, such as Marina Bay Residences, are being sold at soaring prices. According to real estate professionals, at least three more city centre properties are about to be launched.

    IRAS said in its statement: "The Government has decided to withdraw the concession with immediate effect as the economic conditions and the property market have improved."

    Buyers of properties such as Marina Bay Residences will be affected by the new rule as they are likely not to have exercised their option to buy. However, buyers of all properties exercising purchase options between now and Dec 31 have until Mar 14 to pay the duty, says IRAS.

    If your property cost more than $360,000, you must pay duty of 3% of the purchase price minus $5,400. For properties priced between $180,000 to $360,000, the rate is 2% while those costing less than $180,000 will be taxed 1% of the purchase price.

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