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SINGAPORE — Sellers of private homes will have to pay higher seller's stamp duty (SSD) rates of between four per cent and 16 per cent if they sell a residential property less than four years after the date of purchase.The SSD is currently payable by those wSeller's stamp duty rates for private homes raised; holding period increased from 3 years to 4
SINGAPORE — Sellers of private homes will have to pay higher seller's stamp duty (SSD) rates of between four per cent and 16 per cent if they sell a residential property less than four years after the date of purchase.The SSD is currently payable by those who sell a residential property within three years of purchase, at rates of between four per cent and 12 per cent.The Ministry of National Development, Ministry of Finance and Monetary Authority of Singapore announced the longer holding period and higher rates, which will kick in on July 4, in a statement late at night on July 3.The authorities said that in recent years, the number of private residential property transactions with short holding periods has increased sharply.«In particular, there has been a significant increase in the sub-sale of units that have not been completed,» they said. A sub-sale refers to the sale of a unit to another buyer before the unit is completed.«Therefore, the Government will revert to the pre-2017 SSD holding period of four years and raise the SSD rates by four percentage points for each tier of the holding period.» Read more