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

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

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CityFarmer Offline
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#1
26-11-2013, 05:10 PM
Lower property tax next year, one of the reasons to cheer at year-end...Big Grin

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.
...
http://www.todayonline.com/singapore/low...-next-year
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countonme Offline
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#2
26-11-2013, 06:27 PM
How about those renting out 1 or 2 units of the rooms? Is the rental income being taxed ?
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opmi Offline
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#3
26-11-2013, 08:16 PM
(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.
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pianist Offline
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#4
26-11-2013, 09:34 PM
Fully owner ocuppied house has to subject to property tax? Doesn't seem to make sense
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Muck Offline
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#5
27-11-2013, 12:11 AM
(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.
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#6
27-11-2013, 12:32 AM
(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...
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CityFarmer Offline
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#7
27-11-2013, 09:02 AM
(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...Big Grin
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Muck Offline
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#8
27-11-2013, 09:34 AM
(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.
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NTL Offline
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#9
27-11-2013, 09:42 AM
Whether is it leasehold or freehold, the land still belongs to the country at the end. In most countries, it is like that.
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countonme Offline
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#10
27-11-2013, 10:04 AM
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.
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