Property stamp duty collection jumps 73% to S$6.8b; corporate, personal tax payments rise above pre-Covid levels
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A RED-HOT property market fuelled a 73.6 per cent surge in stamp duties collected in Singapore’s financial year ended March 2022, although it slipped year-on-year in the first 3 months of 2022.
Stamp duty collections for FY21, which covers the period from April 2021 to March 2022, hit S$6.76 billion, from the S$3.9 billion collected in the corresponding period in FY20. It is also 61.1 per cent higher than the S$4.2 billion in FY19, prior to the start of the pandemic, based on data from the Accountant-General's Department, available online at the Singapore Department of Statistics.
According to Huttons’ senior director of research, Lee Sze Teck, the total number of properties transacted in FY21 amounted to 63,914, 19.9 per cent higher than the year-ago period.
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