26 July 2013

The Ministry of Finance is seeking feedback on the draft Property Tax (Amendment) Bill 2013 relating to changes announced in the 2013 Budget Statement. This exercise will be conducted from 25 July to 14 August 2013.

The proposed amendments include the removal of property tax refund for unoccupied residential and non-residential dwellings, effective 1 January 2014. This is in agreement with the policy intent of taxing property wealth rather than use. It is also consistent with the tax treatment of all vacant properties.

Another key change is the introduction of progressive property tax rates for residential properties from 1 January 2014. Additionally, the Bill extends the deadline for filing objections and appeals on property tax assessments from the current 21 days to 30 days.

For full details, please refer to the Ministry of Finance’s website or the REACH consultation portal.

Source: Ministry of Finance