On 14 February 2023, as part of the Budget Statement for Budget 2023, the Minister for Finance, Lawrence Wong, announced the implementation of an increase in the Buyer’s Stamp Duty (“BSD“) rates for residential and non-residential properties “to enhance the progressivity of the BSD regime“. The new measures have since taken effect from (and including) 15 February 2023.
The measures are expected to affect 15% of residential properties and 60% of non-residential properties. In this Update, we provide a summary of the key changes to BSD rates in the new measures.
For more information, click here to read the full Legal Update.
