IRAS to claw back S$60 million from private property buyers who used ’99-to-1′ scheme to reduce ABSD
The government introduced ABSD as a tax in 2011 to manage demand for property. Singaporeans must pay 17 per cent in ABSD when purchasing a second property, and 25 per cent on subsequent purchases. Those figures are higher for permanent residents and foreigners. ABSD is computed “on the purchase price as stated in the dutiable … Read more
