In any business, location is important. In land scarce Singapore, the acquisition of a business property (be it a factory or a retail outlet) will bring along the burden of property tax, which may have considerable impact on the business’ bottom line.
Understanding how tax on business property is computed can help with planning for business expansion.
In recent years, there has been much development on the stamp duty front, including the introduction of seller’s stamp duty (“SSD”) in 2010, additional buyer’s stamp duty (“ABSD”) in 2011, and additional conveyance duty (“ACD”) in 2017. The highest marginal rate of buyer’s stamp duty (“BSD”) imposed in relation to residential real estate was also increased in 2018.
Transactions involving the sale of Singapore shares and Singapore immovable properties now attract stamp duty at rates ranging from 0.2% to 34.2%, which could be a deal-breaker if not properly managed.
Our team is acutely and intimately familiar with Singapore’s property tax and stamp duty regimes.
Led by a tax veteran who holds qualifications in real estate and valuation, among others, we can advise on all aspects of property tax as well as stamp duty implications. On property tax, this includes aspects concerning the understanding of the annual value of properties, appropriate methodologies to determine the annual value, and whether any item is chargeable to property tax and property tax relief.
Property Tax representations
Application for relief/ remission of stamp duty
Application for remission of ABSD/ ACD
Stamp duty dispute resolution
Computing and filing of stamp duty/ Review of Agreements
Singapore Tax Firm of the Year – Asia Tax Awards 2020, International Tax Review
Asia Tax Firm of the Year – Asia Tax Awards 2020, International Tax Review
Asia Tax Innovator of the Year – Asia Tax Awards 2020, International Tax Review