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Additional Buyer's Stamp Duty for rental properties?
Jun 28, 2023
Additional Buyer's Stamp Duty for rental properties? Singapore
By   shicheng news
  • City News
  • Rental property
  • stamp duty
  • lease agreement
Abstract: The Inland Revenue Authority of Singapore (IRAS) announced yesterday (June 27) that it had recently been notified of an email from a fraudster posing as the Monetary Authority, requesting the recipient to pay the Additional Buyer's Stamp Duty (ABSD) and to verify the unpaid tax.

According to the announcement, the scammers listed in the email the location of the property, the names of the landlord and tenant, the amount of ABSD to be paid, etc., and stated that the ABSD would be refunded at the end of the lease term. The IRAS logo is also impersonated in the emails.

 

IRAS reminds the public that no additional buyer's stamp duty is payable on lease agreements and that the authorities have not sent such mailings to the public. If you receive such emails, ignore them, do not pay or follow the email instructions, do not provide personal, credit card or bank account details, and call the police immediately if you discover you have been defrauded.

 

Extended News:

 

1. The Singapore government announced late on April 26th the latest round of property cooling measures to promote a sustainable property market. The main thing is to raise the private residential buyer's stamp duty (ABSD), of which the foreign buyer has the most tax increase, from 30% directly doubled, pulled up to 60%!

 Additional Buyer's Stamp Duty for rental properties?

Specifically, the following:

 

The Inland Revenue Department (IRAS) is often impersonated by scammers. On November 29, 2022, IRAS issued a notice stating that a fake new postal website impersonating the IRAS logo has recently appeared. In the website, the scammers tricked users into clicking on a phishing link with the promise that they would receive cash back.

 

On November 30, 2022, IRAS issued another announcement about a scammer sending emails under the name of the tax office. The scammers attempted to trick recipients into thinking that the email was sent by IRS personnel by tricking them into clicking on a link in the email or downloading malware in an attachment.

 

In August 2021, IRAS warned the public of recent scammers posing as IRAS personnel who would trick the public into revealing credit card details by claiming to be from IRAS and informing taxpayers that they were facing penalties for unpaid taxes. The scammers then ask taxpayers to verify their credit card details in order to "pay" the penalty.

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Additional Buyer's Stamp Duty for rental properties?
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