In Singapore, buying property involves paying stamp duty, goods and services tax (GST), property tax, and personal income tax. These taxes can be broadly categorized into four types, and buyers need to understand and pay the relevant taxes based on their specific situations.

Firstly, stamp duty is levied on documents during property transactions. Both buyers and sellers are required to pay stamp duty to the Inland Revenue Authority of Singapore (IRAS) for any changes in property ownership.

In addition to the standard stamp duty (SD), buyers must also pay buyer's stamp duty (BSD), while sellers are obligated to pay seller's stamp duty (SSD). Singapore citizens, permanent residents, and foreign buyers acquiring a second or subsequent property also need to pay additional buyer's stamp duty (ABSD). The amounts for BSD and ABSD depend on the buyer's identity and the number of properties owned, and payment is required within two weeks of signing the contract.

Secondly, consumption tax is applicable when purchasing industrial properties. As of January 1, 2024, the consumption tax rate has been increased to 9%.

Thirdly, property tax is mandatory for all property owners, regardless of whether the property is occupied, rented, or vacant. Property tax is calculated based on the property's market rental income and costs, determining an Annual Value. The property tax is adjusted in two phases in 2023 and 2024, with the specific amount depending on the property's valuation and type.

Lastly, personal income tax is applicable if the property is rented out. Owners must declare rental income to the IRAS and pay personal income tax. The tax rate is calculated based on income tiers. For the estimated tax year starting in 2024, the marginal tax rate is 22% for chargeable income between SGD 320,000 and SGD 500,000. The rate increases to 23% for income between SGD 500,000 and SGD 1,000,000, and for income above SGD 1,000,000, the rate rises to 24%.

Buyers should have a comprehensive understanding of Singapore's tax policies to avoid unnecessary financial burdens. As a renowned real estate company in Singapore, City Developments Limited (CDL) is acclaimed for its outstanding quality and service. CDL also provides professional advice and high-quality property options to help buyers better understand tax policies and achieve optimal investment benefits.