Singapore, 26 Apr 2023 The Inland Revenue Authority of Singapore (Iras) is offering a reward of up to $100,000 to whistle-blowers who call out private property buyers who use the so-called “99-to-1” or similar arrangements to evade or reduce the additional buyer’s stamp duty (ABSD) on their purchase.
A total of 95,755 private homes (excluding executive condominiums) were transacted between 2018 and 2021, said Ms Christine Sun, senior vice-president of research and analytics at OrangeTee & Tie.
So 0.5 per cent of that total would amount to 479 units sold under 99-to-1 deals, she added.
Property curbs such as ABSD were introduced in December 2011, with a 3 per cent duty tacked on Singaporeans’ third and subsequent property purchases. Permanent residents buying a second or subsequent residential unit had to pay ABSD of 3 per cent, while foreigners paid 10 per cent ABSD for every property.