Local buyers close deals before the new policy is implemented

According to news from Sina US stock on the 20th, Beijing time, Singapore's Ministry of Finance announced on Monday that starting February 20 (Tuesday), the stamp duty for buyers of real estate worth over 1 million Singapore dollars will be raised from 3% to 4%.

As soon as this unexpected news came out, some of the new apartment project demonstration units were crowded last night. Singaporeans are rushing to catch the last train and subscribe for units before the stamp duty is raised, in order to save a considerable amount of money.

This is the first time since 1996 that Singapore has adjusted buyer's real estate stamp duty. Singapore Finance Minister Wang Ruijie pointed out when presenting the government budget on Monday that Chinese people often suggest raising the tax rate for the rich or levying property taxes such as capital gains tax. This just reflects the desire of the Chinese people for a progressive tax rate system. The richer they are, the more they should give back to society.

The buyer's stamp duty takes an incremental approach; the higher the transaction price, the higher the tax rate. The original tax rate ranged from 1% to 3%, but starting today, if the real estate transaction price is over 1 million yuan, the portion of the tax rate over 1 million yuan will increase from 3% to 4%.

Residential transactions with prices of 1 million yuan and below will not be affected by the new measures, which means that the stamp duty on the vast majority of housing resale transactions will remain unchanged. The Ministry of Finance has also enacted transition provisions. Those who signed a purchase right yesterday or before and who exercise their right to purchase within three weeks can pay stamp duty at the old tax rate.