The Business Times
business-time-50
THE LEVEL GROUND
·
SUBSCRIBERS

Some ways to tweak ABSD for greater equity

google-preferred-sourceAdd BT as a preferred source
Leslie Yee

Leslie Yee

Published Mon, Oct 30, 2023 · 03:37 PM
    • Lowering ABSD rates for foreign buyers of high-end homes can be among tax tweaks worth considering as most locals are not active in this segment.
    • Lowering ABSD rates for foreign buyers of high-end homes can be among tax tweaks worth considering as most locals are not active in this segment. PHOTO: YEN MENG JIIN, BT

    DeeperDive is a beta AI feature. Refer to full articles for the facts.

    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.

    Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.

    The Level GroundResidentialResidential propertySingapore residential propertyABSDProperty investment

    Copyright SPH Media. All rights reserved.

    Reuse this contentFeedback

    TRENDING NOW

    US President Donald Trump (left) with Chinese President Xi Jinping at a bilateral meeting on the sidelines of the Apec summit in Busan last October.

    China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result

    Chinese Foreign Minister Wang Yi stopped short of explicitly naming the US or Israel as aggressors, a telling omission from a country that otherwise speaks with little diplomatic timidity.

    Beijing’s calculated silence on the Iran war 

    Andrew Lee, chairman of OCBC (right), and group chief executive Tan Teck Long speaking at Thursday's (Apr 16) AGM.

    Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman

    (From left) Tran Thanh Man has been re-elected as chairman of the National Assembly; To Lam has been elected state president; Le Minh Hung has been appointed prime minister; Tran Cam Tu is the standing member of the Party’s Secretariat.

    Vietnam formalises new state leadership, redefining ‘four pillars’ power balance

    Latest T-bills Treasury Bills Results & Interest NewsLatest SSB Singapore Savings Bonds NewsLatest COE Certificate of Entitlement News
    Latest Johor-Singapore SEZ NewsLatest BTO Build To Order & Sales of Balance NewsLatest STI Straits Times Index NewsLatest SGX Dividends, Share Price NewsLatest Bonds Market NewsLatest Singapore Stocks To Buy NewsLatest Singapore Economy News
    View More