Stamp duty

 

Stamp Duty is the tax payable to IRAS on dutiable documents like :

  1. lease/tenancy agreement on properties
  2. Sale/Purchase documents on properties
  3. Mortgages for Propeties

For the purpose of purchasing a unit at Sengkang Grand Residences, 2 types of stamp duties may be applicable to you based on your number of properties ownership. 

  1. Buyer Stamp Duty (BSD)
  2. Additional Buyer Stamp Duty (ABSD)

Buyer Stamp Duty (BSD)

Purchase Price / Valuation of the PropertyBSD rates
First $180,0001%
Next $180,0002%
Next $640,0003%
Remaining Amount4%

* BSD is based on Purchase Price or Valuation of the Property which ever is higher

Additional Buyer Stamp Duty (ABSD)

Nationality1st Property2nd Property3rd Property
Singapore CitizensN.A.12%15%
Permanent Residences5%15%15%
Foreigners20%20%20%
Entities / Companies25%25%25%

* Under the Free Trade Agreements (FTAs), Nationals and Permanent Residents of Iceland, Liechtenstein, Norway or Switzerland and Nationals of the United States of America will be accorded the same Stamp Duty treatment as Singapore Citizens

Example

Mr and Mrs Yeo who already own 1 property, decided to purchase a 3 bedrooms unit at Sengkang Grand Residences at $1.3 million. Both are Singapore Citizen. What is the amount of BSD and ASBD?

 

BSD = $1.3 million * 4% - $15,400 = $36,600

ABSD = $1.3 million * 12% = $156,000

Deadlines for Stamp Duty payment

BSD and ABSD are payable within 14 days from the date of purchase/acquisition.

Definition of Date of Purchase refers to document executed as at the point of purchase:

  1. Date of Exercise of Option to Purchase (OTP) or Contract; or
  2. Date of Sale & Purchase Agreement (where no OTP is granted); or
  3. Date of transfer where none of the above is applicable

 

Please contact us if you need clarification on Stamp Duty. Our friendly consultants will be able to share more about ABSD with you.