Property Tax Orders to come into operation on 1 January 2014

On By taxsgIn Latest Tax News, Legislative Updates, Property Tax, Property Tax Act

2 December 2013

The following Orders were first published in the Government Gazette, Electronic Edition, on 29 November 2013, and shall come into operation on 1 January 2014:

  • Property Tax (Land under Development for Owner-Occupied House) (Remission) Order 2013 [No. S 726/2013] — With effect from 1 January 2014, vacant land under development for an owner-occupied house can be taxed at owner-occupied tax rates for the period of development, subject to conditions. The period of remission is for a maximum period of two years from the date of submission of building plans to the Commissioner of Building Control to the date of issue of the temporary occupation permit (TOP) or certificate of statutory completion (CSC) for the house, whichever is earlier.
  • Property Tax (Replacement Owner-Occupied House under Construction) (Remission) Order 2013 [No. S 727/2013] — Property that has been demolished to make way for a new house will continue to enjoy owner-occupied tax rates during the period of construction, subject to conditions. The Order takes into account the new progressive property tax rates from 1 January 2014. The period of remission is for a maximum period of two years from the date of land assessment or submission of building plans to the Commissioner of Building Control to the date of issue of the temporary occupation permit (TOP) or certificate of statutory completion (CSC) for the house, whichever is earlier. The Order also revokes the Property Tax (Residential Premises under Construction) (Remission) Order (O 17) with effect from 1 January 2014.
  • Property Tax (Building Works in Residential Premises) (Remission) (Amendment) Order 2013 [No. S 728/2013] — With effect from 1 January 2014, residential premises undergoing building works will no longer be entitled to full remission of property tax for the period the property is undergoing building works.

For the full details, please refer to the Singapore Statutes Online or the IRAS website.

Source: Government Gazette and Inland Revenue Authority of Singapore (IRAS)