Typical Taxes and Fees
When buying or selling a house in Singapore, you will incur several taxes and fees. These may include:
- Buyer’s Stamp Duty: This is a tax on the purchase price of the property and ranges from 1% to 4%.
- Additional Buyer’s Stamp Duty: If you are buying a second or subsequent property in Singapore, you will need to pay an additional stamp duty, which ranges from 12% to 20%.
- Seller’s Stamp Duty: If you sell a property in Singapore within a certain period of time, you may be subject to seller’s stamp duty, which ranges from 4% to 12% of the sale price.
In Singapore, property tax is levied on the annual value of the property. The tax rate ranges from 0% to 20%, depending on the value of the property.
Capital Gains Tax (CGT)
There is no capital gains tax in Singapore.
In Singapore, there is no inheritance tax.
In Singapore, there is no gift tax.
Tax on Property Income
If you rent out your property in Singapore, you will be subject to tax on the rental income. The tax rate ranges from 0% to 22%, depending on the amount of rental income.
If you buy a house in Singapore and use it as your primary residence, you may be eligible for certain tax deductions. These include deductions for mortgage interest and property tax. Additionally, if you are a Singaporean citizen or permanent resident and you buy your first residential property, you may be eligible for a tax credit of up to S$5,000 on the stamp duty payable.