Iras completed review of 187 '99-to-1' cases of tax avoidance as of April 2024.
DPM Lawrence Wong noted that of the 166 tax avoidance cases, about 10 with evidence of potential involvement by property agents are currently under review by the CEA.
“When such property purchase arrangements are made to reduce the tax payable, the Commissioner of Stamp Duties is empowered under Section 33A of the Stamp Duties Act to disregard the individual transactions and assess them as a single joint purchase, and to recover the rightful amount of ABSD due, along with a 50 per cent surcharge,” he said.
In April 2023, The Straits Times reported that Iras has offered a reward of up to $100,000 to whistle-blowers who call out private property buyers who use the “99-to-1” or similar arrangements to evade or reduce the ABSD on their purchase. The loophole enables those who already own property to reduce or avoid paying ABSD while still becoming the additional property’s co-owner and a co-applicant for a loan to finance the purchase.
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