Wealth tax: How it could affect Singapore’s property market

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There has been growing debate in different societal circles, including within the government, about the pros and cons of a wealth tax in Singapore. This isn’t unique to us, of course. In other countries such as the US, the UK, and China, wealth taxes have also become a hot button issue. With Covid-19 incurring unprecedented levels of public spending and...

, resulting in significant financial losses.

Luxury property tax: The government can add a “surcharge” tax on luxury properties , which neatly rides on our existing property tax system. Estate or inheritance tax: A one-off tax on assets, including property, inherited from a deceased person. The majority of OECD countries practise this form of tax.

In Australia for example, foreigners who bought properties off-plan can only resell them to Australian citizens or PRs and are subject to capital gains tax as part of their income tax assessment .Before you panic about more tax bills to pay, the average Joe should rest easy knowing that you’re not the target of such taxes.

 

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الإمارات العربية المتحدة أحدث الأخبار, الإمارات العربية المتحدة عناوين