IRAS offers reward for whistle-blowers on private property buyers evading ABSD
The Inland Revenue Authority of Singapore (IRAS) has announced that it will reward whistle-blowers with up to S$100,000 if they report private property buyers who are evading or reducing their Additional Buyer’s Stamp Duty (ABSD) using the “99-to-1” or similar arrangements.
IRAS is investigating private property purchases involving such arrangements, which allow buyers who already own property to avoid paying the full ABSD sum while still becoming the new property’s co-owner and co-applicant for bank loans to finance it.
This is part of IRAS’ efforts to combat tax avoidance and evasion, and it is not the first time the authority has offered a reward for information on such activities.
The audit will be done in phases, including transactions that took place after 2021, but IRAS has not yet specified whether decoupling arrangements will be investigated.
