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Home tax increase not a market cooling move, says Iswaran

Singapore Budget

Home tax increase not a market cooling move, says Iswaran

Bloomberg Published on Wed, Feb 21, 2018 / 8:14 AM GMT+8

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(Feb 21): Singapore’s tax increase on home purchases exceeding $1 million is aimed at making duties more equitable rather than imposing an additional property curb, said S. Iswaran, minister of trade and industry.

Stamp duty on the portion of a property’s price above $1 million will be raised starting Tuesday to 4% from 3%, the government said in its budget Monday. Home prices have rebounded in the past two quarters, prompting aggressive land bids from developers as the property market shrugged off cooling measures ranging from additional taxes to limits on loans to emerge from a four-year slump.

See: Top marginal buyer's stamp duty for residential properties raised to 4%