Singapore will raise taxes for higher value properties in an attempt to boost revenue and help fund a vast array of spending programs.
(Bloomberg) — Singapore will raise taxes for higher value properties in an attempt to boost revenue and help fund a vast array of spending programs.
For residential properties valued in excess of S$1.5 million and up to S$3 million, they will be taxed one percentage point higher to 5%. Properties in excess of S$3 million will be taxed two percentage points higher at 6%, Finance Minister Lawrence Wong said in his Budget speech on Tuesday.
The changes will apply to all properties acquired from Wednesday, Wong said. The move is expected to generate an additional S$500 million in revenue.
(Corrects to say show percentage point increases in second graph)
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