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Old 25-09-2012, 10:23 AM   #1
richardg
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Default $500m in taxes collected from property cooling measures

dont get it, why should our homes be available to foreigners to retain their wealth?
Issit a WTO thingy? Any experts can advise?

we are so small, we cant tahan the volatility of home prices due to their "investment".
Dont think so this kind of investment we want!

==


$500m in taxes collected from property cooling measures

AsiaOne
Monday, Sep 24, 2012

SINGAPORE - More than half a billion dollars have been collected from the additional stamp duties imposed as part of property cooling measures.

Out of these half a billion dollars, $450 million were collected from the additional buyer's stamp duty between Dec 8 last year and the end of last month.

The remaining $51 million come from the seller's stamp duty ever since it was implemented in February 2010, the Inland Revenue Authority of Singapore (IRAS) told The Straits Times.

It collected about $2.5 billion in stamp duty from sale and purchase agreements in the financial year ended Mar 31, 2011.

About $261 million of the ABSD take came from foreigners who are not permanent residents (PRs).

They bought 1,400 homes in the nine months leading up to the end of August. They make up a quarter of the buyers who have paid the additional tax.

The English daily said these figures reflect foreigners' warming sentiment towards local property after the market's initial cooling.

The Straits Times said foreigners paid $66.2 million in ABSD on the purchase of 369 private homes within the first four months of the tax being implemented.

The tax take and transactions later peaked to about $200 million collected in the next five months on more than 1,000 homes bought.

A property executive said Singapore remains high on foreigners' list of considerations amidst the continued uncertainty in the global economy as the republic is still a safe haven for high-networth individuals looking to preserve their wealth.

Last edited by richardg; 25-09-2012 at 10:26 AM.
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Old 25-09-2012, 10:42 AM   #2
Ah_ZhaN
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I think I'm more concerned about where these $500 millions going to...
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Old 25-09-2012, 02:37 PM   #3
loveikan
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We can read, we can woah about it but what can we do. Haiz
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Old 26-09-2012, 11:35 AM   #4
ray2828
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when it comes to making money, nobody does it better than the pappies.
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Old 26-09-2012, 11:43 AM   #5
Qking86
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Quote:
Originally Posted by ray2828 View Post
when it comes to making money, nobody does it better than the pappies.
I agree.. They r the best..
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Old 26-09-2012, 01:50 PM   #6
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Quote:
Originally Posted by ray2828 View Post
when it comes to making money, nobody does it better than the pappies.
more like sucking blood
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Old 26-09-2012, 02:38 PM   #7
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Their way of solving problem is to make more n more money for themselves... in the end, who suffered?
.
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Old 26-09-2012, 04:09 PM   #8
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Wonder u guys got better idea than their cooling measures ?? can share share yrs idea leh. cos I find that if they don do anything, anyone would buy second house. So other than set law to restrict one family buy one, impose extra cost is right way leh.
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Old 26-09-2012, 04:48 PM   #9
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Cut HDB prices and return 150 K to those buy HDB between 2008 up till measure kick in... restrict PRs from buying HDB... so simple mathematics cannot count.

Our president can at least get something to do mer. Ha...
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Old 27-09-2012, 05:35 PM   #10
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Quote:
Originally Posted by CBTG View Post
Wonder u guys got better idea than their cooling measures ?? can share share yrs idea leh. cos I find that if they don do anything, anyone would buy second house. So other than set law to restrict one family buy one, impose extra cost is right way leh.
Just increase the interest rates considerably for 2nd house buyers
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