"The '99-to-1' arrangement is a tax avoidance arrangement used by some property buyers to reduce the rightful Additional Buyer’s Stamp Duty payable on the purchase of a residential property," says Deputy Prime Minister Lawrence Wong.
"The '99-to-1' arrangement is a tax avoidance arrangement used by some property buyers to reduce the rightful Additional Buyer’s Stamp Duty payable on the purchase of a residential property," says Deputy Prime Minister Lawrence Wong.New: You can now listen to articles.SINGAPORE: The Inland Revenue Authority of Singapore has found 166 cases of private property purchases involving the “99-to-1” scheme as a means to avoid paying the additional buyer’s stamp duty .
On the"99-to-1" arrangement, Mr Wong said it is a"tax avoidance arrangement used by some property buyers to reduce the rightful ABSD payable on the purchase of a residential property".The government introduced ABSD as a tax in 2011 to manage demand for property. Singaporeans must pay 17 per cent in ABSD when purchasing a second property, and 25 per cent on subsequent purchases.
IRAS is looking into the second way – private property buyers who have entered into split agreements with the possible intention of avoiding ABSD. If the property costs S$1 million and he buys 1 per cent of this, his share of the property is S$10,000. Therefore, he has to pay 17 per cent of S$10,000 – that is, S$1,700 – as ABSD.
Mr Wong added that the commissioner is also empowered to recover the rightful amount of ABSD due, along with a 50 per cent surcharge. If the stamp duty and surcharge are not paid by the deadline, it can also impose penalties of up to four times the outstanding amount.
Property Tax IRAS Home Ownership
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