Additional Buyer's STamp Duty (ABSD) for the Property Market
wef 27 April 2023
What is the NEw Additional Buyer's Stamp Duty w.e.f 27 April 2023
What Property Tax is payable in Singapore
In Singapore, when you buy a property you are subjected to Buyer’s Stamp Duty (BSD). And depending on certain criteria (e.g. your residency status, the number of properties you own), you may have to pay an additional tax, known as Additional Buyer’s Stamp Duty (ABSD).
What is additional Buyer's Stamp Duty
In Singapore, ABSD is a tax that’s levied on top of BSD. It is computed based on the valuation or the selling price of the property, whichever is higher.
how do you calculate Additional Buyer's Stamp Duty in Singapore?
For example, if your are buying a property valued at $1 million but the selling price is $1.1 million.
If you are a Singapore Citizen, and buying your second property, you are subjected to an ABSD rate of 20%.
So, the ABSD amount that you will need to pay is $1.1 million x 20% = $220,000.
If you are a Singapore Citizen, and buying your second property, you are subjected to an ABSD rate of 20%.
So, the ABSD amount that you will need to pay is $1.1 million x 20% = $220,000.
What is the definition of 'Residential Property' for Additional Buyer's Stamp Duty in Singapore?
These are Residential properties that are used as homes. For example, these would include HDB flats, condominiums, bungalows, and terrace houses (and similar types). Shophouses with living quarters, as well as HDB void deck shops with an upper floor designated for residential use, will also be considered as residential property. Regarding overseas property purchases, these properties will not be included in the property count for ABSD.
