Lower taxes for 95% of owner-occupied homes next year

Lower property tax next year, one of the reasons to cheer at year-end...

Lower taxes for 95% of owner-occupied homes next year

SINGAPORE — Most owner-occupied homes will pay lower property tax bills next year as a result of the Progressive Property Tax Rates, the Inland Revenue Authority of Singapore (IRAS) announced today (Nov 26).

All owner-occupied HDB flats and three quarters of private homes that are not rented out will pay lower property tax in 2014. In total, 95 per cent of owner-occupied homes will see lower property tax bills.

Taking into account non-owner-occupied homes, 80 per cent of all homes will pay lower property tax in 2014.
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http://www.todayonline.com/singapore/low...-next-year

How about those renting out 1 or 2 units of the rooms? Is the rental income being taxed ?

(26-11-2013, 06:27 PM)countonme Wrote: How about those renting out 1 or 2 units of the rooms? Is the rental income being taxed ?

by law, those rental income is also assessible under income tax.

for property tax, dont know can separate or not.

Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

(26-11-2013, 09:34 PM)pianist Wrote: Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

Care to explain why you think so? Does not seem unusual to me - it is a tax on property owned.

(27-11-2013, 12:11 AM)Muck Wrote:

(26-11-2013, 09:34 PM)pianist Wrote: Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

Care to explain why you think so? Does not seem unusual to me - it is a tax on property owned.

But the properties were LEASED !!!
Not owned...

(27-11-2013, 12:32 AM)Zelphon Wrote:

(27-11-2013, 12:11 AM)Muck Wrote:

(26-11-2013, 09:34 PM)pianist Wrote: Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

Care to explain why you think so? Does not seem unusual to me - it is a tax on property owned.

But the properties were LEASED !!!
Not owned...

Services are also taxable...

(27-11-2013, 12:32 AM)Zelphon Wrote:

(27-11-2013, 12:11 AM)Muck Wrote:

(26-11-2013, 09:34 PM)pianist Wrote: Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

Care to explain why you think so? Does not seem unusual to me - it is a tax on property owned.

But the properties were LEASED !!!
Not owned...

Ahahaha.... I see where you're getting at. Still, leasehold property still means you have bought rights to that property, albeit for a specified period. This is not unique to Singapore. Besides, ppty tax is applied to both leasehold or freehold, even if owner-occupied.

Whether is it leasehold or freehold, the land still belongs to the country at the end. In most countries, it is like that.

How about between locals and foreigners/PRs, any difference in tax amount?

(27-11-2013, 09:34 AM)Muck Wrote:

(27-11-2013, 12:32 AM)Zelphon Wrote:

(27-11-2013, 12:11 AM)Muck Wrote:

(26-11-2013, 09:34 PM)pianist Wrote: Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense

Care to explain why you think so? Does not seem unusual to me - it is a tax on property owned.

But the properties were LEASED !!!
Not owned...

Ahahaha.... I see where you're getting at. Still, leasehold property still means you have bought rights to that property, albeit for a specified period. This is not unique to Singapore. Besides, ppty tax is applied to both leasehold or freehold, even if owner-occupied.