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SINGAPORE: In his speech on the 2023 Budget on Tuesday (14 February), Deputy Prime Minister and Finance Minister Lawrence Wong continued his approach to the wealth tax. Increased buyer stamp duty (BSD) high value property and further tax on luxury cars.

The decision came as a first surprise, as there have been similar moves. just last yearWhen Mr. Wong raised income tax, property tax and automobile tax to the upper tier.

why immediately?

These latest changes reveal enhance the inventive step Changes to the BSD and car tax system mirror last year’s move to get people with more wealth to contribute more. The latest wave of ultra-rich people Individuals and families immigrating to Singapore.

Residential property will be subject to new higher tax rates of 5% and 6% on the portion above S$1.5 million, up to S$3 million and above S$3 million respectively. Cent was introduced in February 2018. Previous cooling measures, such as the additional buyer’s stamp duty (ABSD) hike, last raised in December 2021, do not seem to deter wealthy property buyers.

On non-residential property, the current rate of 3% will be increased to 4% on the portion valued above S$1 million up to S$1.5 million, and 5% on the portion above S$1.5 million. is raised to . Commentary: Taxing the wealthy makes sense when there is little room for higher income taxes or GST.

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