On 16 February 2024, Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, delivered the Budget speech in Parliament for the approval of the financial policy of the Government for the financial year 1 April 2024 to 31 March 2025. Several policies were introduced, including changes to the Additional Buyer’s Stamp Duty (“ABSD“) regime, and adjustments to the property tax (“PT“) rates.
In this Update, we provide a summary of the following key changes to the ABSD treatment and PT rates of residential properties:
- The new ABSD concession for single Singapore Citizen seniors purchasing a replacement private residential property;
- The revised ABSD remission clawback rates for housing developers; and
- The revised annual value bands for owner-occupier residential PT rates.
For more information, click here to read the full Legal Update.
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