In view of continuously rising real estate prices in Singapore, the Monetary Authority of Singapore (MAS) has published a press statement to announce an increase in the so-called Additional Buyer’s Stamp Duty (ABSD) Rates which are taxes imposed on real estate transactions based upon the value of the property.
Specifically, MAS announces an increase to all ABSD rates except for those rates applying to first property and real estate purchases of Singapore citizens and permanent residents and those for housing developers. All other tax rates, including those of trusts and entities investing in real estate, have been increased per April 27, 2023 as shown in the table below:
Table 1: Increase in ABSD rates effective April 27, 2023
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The measure is intended to reduce the rate of growth of real estate prices in Singapore and is often deployed by MAS to reach its macroeconomic objectives.