SINGAPORE — Deputy Prime Minister Lawrence Wong announced in his Budget speech on Tuesday (Feb 14) that the buyer’s stamp duty rate for residential and non-residential properties of higher value will be increased from 15 February 2023.

This tax is paid on documents signed when one purchase or acquires property in Singapore.

For homes, properties of value exceeding S$1.5 million and up to S$3 million will have a tax rate of 5 per cent, up from the current rate of 4 per cent.

For property value exceeding S$3 million, the tax rate will be 6 per cent.

These changes will apply to all properties purchased from Wednesday and will impact 15 per cent of homes, said Mr Wong.

For non-residential properties, values exceeding S$1 million and up to S$1.5 million will be taxed at 4 per cent.

The rate for non-residential properties of value exceeding S$1.5 million will be 5 per cent, up from the current rate of 3 per cent.

These changes are expected to affect 60 per cent of non-residential properties.

Mr Wong expects this increase to generate an additional S$500 million in revenue per year. However, he noted that the actual amount would depend on the state of the property market.

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