Wednesday, 18 December 2013

Singapore Property tax rates 2014

Singapore Property tax rates 2014

Property Tax is a Tax on Property Ownership and applies whether the property is rented out, owner-occupied or vacant. It is different from income tax, which is applies to the rental income earned from renting out the property.

Taxes collected go towards the development of Singapore.

Few changes of Properties tax as compare to 2013

-Most Owner-Occupiers pay Less Tax in 2014

Owners-occupiers do not have to pay tax on the first $8,000 of the Annual Value (AV) of their property with effect from 2014. 95% of owner-occupied homes will enjoy tax savings.

-Owner-Occupiers Pay Less Tax than Non-Owner-Occupiers

For Annual Value of $50,000, Owner-Occupiers Pay $1680 and Non-Occupiers pay $5,300.

-More Progressive Tax Rates from 2014

In 2013, Tax rate is a flat rate of 10%. From 2014 onwards, tax rate will be based progressively on its annual Value.

-No more Vacancy Refund

Properties with vacant periods from 1 January 2014 onwards will not be eligible for property tax refund.

2014 Tax Rates

Progressive Tax Rates for Residential Properties 2014

*To note that commercial/Industrial is tax at a flat rate of 10%

Progressive Tax Rates for Owner Occpupied 2014

More info available at IRAS website.

To note: Annual property tax payment is due on 31 january 2014.

***Own your Property today at Urpropertysg and start paying your Property Tax.