Annual Breakdown Amounts of Additional Buyer's Stamp Duty Collected from Singaporeans Buying Second, Third and Subsequent Residential Properties Respectively over Last Five Years
Ministry of FinanceSpeakers
Summary
This question concerns the annual Additional Buyer's Stamp Duty (ABSD) collected from Singapore Citizens for their second and subsequent residential property purchases between 2017 and 2021. Mr Chua Kheng Wee Louis requested a breakdown of these amounts, to which Minister Lawrence Wong reported average annual collections of $244 million for second properties and $106 million for third and subsequent properties. Minister Lawrence Wong also provided corrected historical data to rectify errors identified by IRAS in a previous parliamentary response regarding stamp duty collections from various buyer profiles. The Minister clarified that for joint purchases involving mixed citizenship status, the transaction is categorized under the purchaser profile that attracts the highest applicable ABSD rate. These updated figures and categorization rules provide a corrected overview of ABSD revenue collected from Singaporean citizens over the last five years.
Transcript
31 Mr Chua Kheng Wee Louis asked the Minister for Finance over the last five years, what are annual breakdown amounts of Additional Buyer's Stamp Duty (ABSD) that have been collected from (i) Singapore Citizens buying a second property and (ii) Singapore Citizens buying a third and subsequent residential properties, respectively.
Mr Lawrence Wong: From 2017 to 2021, the average annual amount of Additional Buyer's Stamp Duty (ABSD) collected from Singapore Citizens (SCs) buying a second residential property was around $244 million. The average annual amount of ABSD collected from SCs buying a third and subsequent residential property was around $106 million. The annual breakdowns are provided in Table 1 below.
In working out the above information, IRAS had identified errors in an earlier set of data, which was provided in response to Mr Louis Chua's written Parliamentary Question on the breakdown of Buyer's Stamp Duty (BSD) and ABSD collected from SCs, Permanent Residents (PRs), foreigners and entities (including housing developers), and published on 11 January 2022. [Please refer to "Data on Residential Property Stamp Duties and Additional Buyer's Stamp Duties Collected in Last 10 Years", 11 January 2022, Official Report, Vol 95, Issue No 45, Written Answers to Questions section.]
The figures should instead be as in Table 2 below. IRAS apologises for the mistake.
For purchases where the parties are of mixed citizenship status (for example, SC and PR joint purchasers), the transfer is categorised under the profile with the highest ABSD rate (that is, SC-PR joint purchasers are categorised under PR).