property tax

IRAS to claw back S$60 million from private property buyers who used ’99-to-1′ scheme to reduce ABSD

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IRAS to claw back S 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

Karnataka Assembly passes bill slashing penalty on property tax in Bengaluru by 50 percent

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Karnataka Assembly passes bill slashing penalty on property tax in Bengaluru by 50 percent

The Karnataka Assembly on Tuesday passed a bill to slash the penalty on property taxes in Bengaluru city limits by 50 percent. The bill is titled Bruhat Bengaluru Mahanagara Palike (BBMP) Amendment Bill 2024. Deputy Chief Minister D K Shivakumar, who holds the Bengaluru development portfolio, tabled the bill in the Legislative Assembly. “With the … Read more