Shaw Towers Realty hits snag in bid to lower proposed tax valuation for Shaw Tower
Tribunal highlights the importance of finality, saying the company should not be allowed to ‘cherry-pick’
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[SINGAPORE] The High Court has thrown out a bid by Shaw Towers Realty to turn in a lower proposed annual value for its Shaw Tower building on Beach Road, in its upcoming appeal against the taxman.
The annual value is used by the authorities to calculate property tax payable.
The company received a valuation notice from the chief assessor of the Inland Revenue Authority of Singapore that proposed these annual values for two periods: about S$42.3 million from Jan 1, 2021, and around S$44.7 million effective from Jan 13, 2021.
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