by OrangeTee & Tie Pte Ltd.

Property stamp duty collection jumps 73% to S$6.8b; corporate, personal tax payments rise above pre-

Government Policies

Singapore, 17 May 2022

A RED-HOT property market fueled a 73.6 percent increase in stamp duties collected in Singapore's fiscal year ending March 2022, despite a year-over-year decline in the first three months of 2022.

Stamp duty receipts for FY21, which ran from April 2021 to March 2022, was S$6.76 billion, up from S$3.9 billion in FY20. Based on data from the Accountant-General's Department, which is available online at the Singapore Department of Statistics, it is also 61.1 percent greater than the S$4.2 billion in FY19, prior to the commencement of the epidemic.

Although the number of private homes bought by foreigners rose 16.8 per cent from 841 units in FY20 to 982 units in FY21, by proportion of total sales, foreigner purchases dipped marginally from 3.1 per cent in FY20 to 2.9 per cent in FY21, according to OrangeTee’s senior vice-president (research & analytics), Christine Sun.

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