13 June 2012

An updated guide on “Additional Buyer’s Stamp Duty (ABSD) on Purchase of Residential Properties” has been issued by IRAS on 11 June 2012.

Changes in the fourth edition consist of:

• Guidelines updated on properties to be included in the count of properties subject to ABSD in relation to both existing buildings and buildings under construction as well as for vacant land (para 3.2)
• New information inserted on lease extension premium for development sites with five or more residential units (para 10.4)
• Additions and replacements to the Frequently Asked Questions (FAQs) on types of property subject to ABSD, ABSD applicable to the lease extension premium paid to the State as well as remissions applicable to industrial buildings slated for redevelopment on land which has been zoned as ‘residential’.

Source: This article was extracted from the Inland Revenue Authority of Singapore (IRAS) website. Visit www.iras.gov.sg for more information.