Stamp duty takings slip in FY2023 while property tax revenue swells
Fall in stamp duty collection follows slew of cooling measures; property tax takings surge on higher tax rates and annual asset values
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PROPERTY stamp duty revenue dipped 2.4 per cent to S$5.81 billion in the Singapore government’s financial year ended March 2024, after transaction volumes fell and prices eased in both the property sales and rental markets.
Stamp duty takings have been falling since FY2021’s record high S$6.76 billion, following a slew of market cooling measures introduced between end-2021 and 2023.
Collection of stamp duty for FY2023, which covers the period from April 2023 to March 2024, fell for a second straight year to S$5.81 billion, from FY2022’s S$5.95 billion. The tally is also 14.1 per cent lower than FY2021’s S$6.76 billion, and a notch higher than the government’s initial projection of S$5.75 billion for the year.
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