The Essential Guide to Buyer’s Stamp Duties in Singapore
"When considering purchasing a residential property in Singapore, there are many factors to take into account. One of the most important is the Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD), which are taxes levied on the purchase of property in Singapore.
In this comprehensive guide, you will learn everything you need to know about BSD and ABSD, including:
- What BSD and ABSD are
- How to calculate BSD and ABSD
- How to pay BSD and ABSD
- The deadline for paying BSD and ABSD
- Whether BSD and ABSD are payable on inherited properties
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BSD is a mandatory tax that is payable on all property purchases in Singapore. The amount of BSD due is calculated based on the purchase price or market value of the property, whichever is higher. With this guide, you will have a clear understanding of this important aspect of purchasing property, and be able to make informed decisions about your investment.
Don't miss out on the opportunity to own a piece of Singapore, understand your tax obligations and make your purchase with confidence."
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"In addition to Buyer's Stamp Duty (BSD), you may also need to pay Additional Buyer's Stamp Duty (ABSD) when purchasing a residential property in Singapore.
ABSD is based on your residency status and the number of residential properties you already own in Singapore.
Residential properties include HDB flats, condominiums, terrace houses, bungalows, HUDC apartments and cluster houses.
HDB shops with living quarters and shop-houses with portions permitted for residential use are also considered residential property for ABSD purposes.
To calculate ABSD, you'll need to consider the property's purchase price or market value, whichever is higher. ABSD rates vary depending on the buyer's residency status, for example, Singapore citizens, Singapore Permanent Resident, or foreigner.
This guide will help you understand the tax implications of buying a property in Singapore, so that you can make a more informed decision and be prepared for the additional cost.
Don't let taxes surprise you, download our guide now to have a clear understanding of Additional Buyer's Stamp Duty." |
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"When purchasing a residential property in Singapore, it's important to be aware of the Additional Buyer's Stamp Duty (ABSD) and when it applies. You will be considered to be buying an additional residential property if you already own a residential property in Singapore (whether you fully, jointly or partially own this first residential property).
However, there are some situations where you will not have to pay ABSD when buying additional residential properties in Singapore. These include:
- If you have already contracted to sell your current residential property before signing the Option to Purchase for the new residential property
- If you are downgrading from a private property to a HDB resale flat and are required to sell your private property within 6 months of completing your purchase of the HDB resale flat.
- If you and your spouse have successfully decoupled before buying the additional property.
- If you and your spouse are moving house (i.e. selling your current property to live in another one). In this case, you will need to pay the ABSD first and apply for a refund of it within 6 months of the sale of the first property.
When purchasing a residential property jointly with someone else, it's important to check whether different ABSD rates apply to both of you. If so, the higher ABSD rate will be used to calculate ABSD.
It's important to consult with a lawyer or financial advisor to ensure that you understand the tax implications of buying a property in Singapore and to ensure that all legal and tax requirements are met. The Inland Revenue Authority of Singapore (IRAS) website also provides more information on these matters."
In summary, the Buyer's Stamp Duty (BSD) and Additional Buyer's Stamp Duty (ABSD) are taxes that must be paid by buyers of properties in Singapore. These taxes can be paid through various methods such as GIRO, AXS, internet banking fund transfer, cheque/cashier's order, and SingPost Service Bureaus.
BSD and ABSD must be paid in full and cannot be paid in instalments. The deadline for paying these taxes is 14 days after the sale and purchase agreement is signed for agreements signed in Singapore and 30 days after the agreement is received in Singapore for agreements signed overseas.
Late payments may result in penalties and legal action by IRAS. It's worth noting that BSD and ABSD are not payable on properties inherited via a will, intestacy laws or Muslim inheritance laws. |
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