Stamp Duties Act 1929 (Amendment of First Schedule) (No. 2) Notification 2023

The Stamp Duties Act 1929 (Amendment of First Schedule) (No. 2) Notification 2023 was published on Singapore Statutes Online, the official website of the Singapore government for publicizing legal texts. The notification modifies the first schedule of the Stamp Duties Act 1929 to increase the stamp duty rates on residential property, the so-called „Additional Buyer’s Stamp Duty (ABSD) Rates“. The modifications thereby reflect an increase to ALL ABSD rates except those rates applying to first property and real estate purchases of Singapore citizens and permanent residents and those for housing developers. The modifications are as follows:
##### Singapore Citizens
– the ABSD on a second residential property is increased from 17% to 20%.
– the ABSD on subsequent properties is increased from 25% to 30%.
##### Permanent Residents
– the ABSD on a second residential property is increased from 25% to 30%.
– the ABSD on subsequent properties is increased from 30% to 35%.
##### Foreigners
– the ABSD on any residential property is increased from 30% to 60%.
##### Entities
– the ABSD on any residential property is increased from 35% to 65%.
##### Trustees
– the ABSD on any residential property is increased from 35% to 65%.