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New Property Tax Computation for Home Owners from January 2011

With the latest Budget released for 2010 by Financial Minister Tharman Shanmugaratnam, property tax computation for home owners will be on a 3-tier progressive scheme. Based on Annual Value (AV) of your owner occupied home, the tiers are as follows:- 0% on your first $6,000 of AV 4% on the next $59,000 of AV 6% on anything above $65,000 of AV There is already a new online calculator available based on the new tax tier on IRAS website for you to computate your 2011 property tax should you be able to know the latest AV of your home. Rationale for…

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HDB Annual Value Raised

IRAS will raise the annual value of HDB flats with effect from 1st January 2010. AV increase for HDB flats IRAS reviews the AVs of all properties, including HDB flats, annually to ensure that they reflect prevailing market rental values for the purpose of determining property tax. The last AV revision for HDB flats was however done two years ago on 1 January 2008, based on rental values in 2007. AVs for HDB flats were not revised on 1 January 2009, notwithstanding that HDB rentals had increased significantly (by between 31% and 37%) in 2008 relative to 2007. The adjustment…

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IRAS – No Changes to Tax for Property Gains

Nothing new is springing up from Inland Revenue Authority of Singapore (IRAS), after a period of uncertainty especially to property investors with the recent speculations of government measures to firm up the possible taxation of property owners selling their assets for capital yield. Previously it was proposed that an individual who sells a property would not be taxed on the profit if he had not sold any other property in the preceding four years. The public consultation process for the proposal attracted 64 responses with 60 opposing the change. This rule would be confusing to sellers amidst the economy which…

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