Property cooling measures = $1/2 billion for Gahmen

[Mockngbrd]

H88.com.sg » Condo News » Govt gets half a billion from the cooling measures

The additional buyer's stamp duty (or ABSD) aimed at preventing foreign speculation in Singapore's private property has had one interesting side effect. Actually a big side effect, to the tune of half a billion dollars. The Govt has gained $500m from that stamp duty, according to a report in Singapore's largest local rag the Straits Times.

Of this $500m, $261m in ABSD was paid by non-PR foreigners. When the ABSD was launched, it did curb some foreign speculation in the short-term, but now it seems that more and more foreigners are willing to suck in the stamp duty; such is their confidence in Singapore's private property market.

Property cooling steps net $500m for taxman

The taxman has collected more than half a billion dollars from additional stamp duties imposed as part of property cooling measures.

The additional buyer's stamp duty (ABSD) has contributed the bulk of that - $450million between its inception on Dec 8 last year and the end of last month.

A further $51million has come from the seller's stamp duty since it was implemented in February 2010, the Inland Revenue Authority of Singapore (Iras) said. According to Iras' annual report, it collected $2.5 billion in stamp duty from sale and purchase agreements in its financial year ended March 31, 2011.

The ABSD take includes about $261million collected from foreigners who are not permanent residents (PRs), who bought about 1,400 homes in the nine months to the end of last month, Iras told The Straits Times. These foreigners comprised about one in four of the buyers who have paid the additional tax.

 

[SpoiltBrat]

Re: Property cooling measures = $1/2 billion for Gahmen

Best business to be in - government taxation. Cooling measures makes money and when they let it get hot, they will also make money.

 

[brosiss]

Re: Property cooling measures = $1/2 billion for Gahmen

Plus casino taxation and entry fee, foreign worker levy.

I really think the garmen can fully subsidise child care and their education till PSLE for 2 working Singaporean parents.

Let's say 20,000 births per year, $12,000 subsidies per birth per year, $240 million PA only mah. The next year their birth rate will hit 2.1 lor. If continue like that then in 20 years time, we are less reliance on foreigner employment lor.

Somemore more vote for Garmen, win win win, everyone happy.

 

[st8800]

Property cooling measures = $1/2 billion for Gahmen

U dunno meh... gahmen favorite solution to every problem here is to make people pay more. Example:

Traffic - ERP
Over population of cars - COE
FT: increase levy
Casino: $100 levy

Win/win for gahmen... solve issues and make tons of money 一取两得

 

[Centurion9990]

Re: Property cooling measures = $1/2 billion for Gahmen

And at National Day Rally, PM hinted personal tax will have to be increased soon.. win win win situation.. not just win win..

 

[evoevo]

Re: Property cooling measures = $1/2 billion for Gahmen

must be someone lose a lot of money overseas........

 

[bryan_t]

Re: Property cooling measures = $1/2 billion for Gahmen

Plus casino taxation and entry fee, foreign worker levy.

I really think the garmen can fully subsidise child care and their education till PSLE for 2 working Singaporean parents.

Let's say 20,000 births per year, $12,000 subsidies per birth per year, $240 million PA only mah. The next year their birth rate will hit 2.1 lor. If continue like that then in 20 years time, we are less reliance on foreigner employment lor.

Somemore more vote for Garmen, win win win, everyone happy.

I don't believe it has been a case of not being able to afford it, its just that there are certain "dirty" words that the government will not be caught dead following, like full subsidies, welfare, or anything related to free incentives for citizens, as in their mind, this will lead to a crutch mentality amongst citizens. My guess is the government can easily afford giving free education for all Singapore-born citizens till O/N level completion, as well as giving free medical care for all Singaporean elderly above retirement age.

 

[bryan_t]

Re: Property cooling measures = $1/2 billion for Gahmen

must be someone lose a lot of money overseas........

when they win money, it just goes back to the coffers of the GLCs, happy reports every year on the gains made, but nothing to its citizens. when they lost money, its always the global economic conditions affecting their investments, no disclosure on the actual impact on bottomline, various forms of taxation comes into play.

 

[Red_Bean_Bun]

Re: Property cooling measures = $1/2 billion for Gahmen

That's the reason why gahment likes taxes over interest rates for cooling measures. Taxes goes to gahmen. Interest rates goes to the banks.

 

[Skin Fir]

Re: Property cooling measures = $1/2 billion for Gahmen

must be someone lose a lot of money overseas........

How you can predict that....?
This is depends on luck my friend.

Please make me suggestions and visits.
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