Some ways to tweak ABSD for greater equity

IT HAS been nearly 12 years since the Additional Buyer’s Stamp Duty (ABSD) on residential property purchases was introduced.

Billions of dollars in ABSD have since been collected, and the tax looks to be an entrenched and possibly much-needed feature of the residential property market.

Levying ABSD on home purchases has helped keep prices in check. The hiking of ABSD rates on various groups of buyers in April, such as foreigners and locals buying multiple homes, has helped cool the red-hot housing market.