Property Tax

Property-Tax

Anyone who possesses a property in Singapore has to pay property tax Singapore. Our team of experts at SingaporeAudit.com.sg will help you pay the exact tax, calculated using our property tax calculator and the prevailing tax rates.

The property tax in Singapore is imposed on all kinds of properties such as vacant lands, offices, residential complexes, immovable properties and so on. The owner of a Singapore property is liable to pay the property tax to the Inland Revenue Authority Singapore (IRAS). It is calculated as per the existing tax rates based on a percentage of annual value of the property. It is mandatory to pay the property tax in advance each year.

Property Tax Rates of Singapore 2014

A property tax rate of flat 10% is levied on non-residential, i.e., commercial and industrial properties. The main motive behind keeping a flat rate (not progressive) for businesses and industries is that, the cost of running a business should be minimum. On the other hand, residential properties have a progressive tax system, in which the owner-occupied properties are taxed at a lower rate than non-owner-occupied properties, depending on the annual value of the property.

Progressive Tax Rates for Non-Owner-Occupied Residential Properties (Exclude residential land)

Annual Value of the Property ($) Tax Rate Effective 1 Jan 2014 Tax Rate Effective 1 Jan 2015
First 30,000 10% 10%
Next 15,000 11% 12%
Next 15,000 13% 14%
Next 15,000 15% 16%
Next 15,000 17% 18%
AV above $90,000 19% 20%

 

Progressive Tax Rates for Owner-Occupied Homes

Annual Value of the Property($) Tax Rate Effective 1 Jan 2014 Tax Rate Effective 1 Jan 2015
First 8,000 0% 0%
Next 47,000 4% 4%
Next 5,000 5% 6%
Next 10,000 6% 6%
Next 15,000 7% 8%
Next 15,000 9% 10%
Next 15,000 11% 12%
Next 15,000 13% 14%
AV above $130,000 15% 16%

Properties Exempted From Property Tax Singapore

Although, all the properties existing in Singapore come under the ambit of Singapore taxation, there are certain buildings or properties that are exempted from paying tax according to the Section 6(6) of the property tax act of Singapore.

  • Singapore government funded public schools.
  • Properties promoting social development in Singapore.
  • Properties meant for charitable purposes.
  • Religious worship places.

Property Tax Filing Due Date

The Singapore property tax must be paid by January 31 each year to the Inland Revenue Authority Singapore (IRAS).

Singapore Audit offers you the tax services in Singapore that include calculation of the property tax rates, filing of tax returns and other related formalities associated with the property taxation Singapore.

Please feel free to contact us on +65 6536 0036 or drop in an email at info@singaporeaudit.com.sg

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