Budget 2013: More progressive tax structure for properties and cars

[kongsimi]

Budget 2013: More progressive tax structure for properties and cars
By Hetty Musfirah | Posted: 25 February 2013 1212 hrs


SINGAPORE: A more progressive tax structure will be introduced for properties and cars to achieve greater social equity without hurting Singapore's competitiveness.

The zero per cent property tax rate band, which currently applies to the first S$6,000 of annual value of properties will be widened to S$8,000.

Currently, property tax rates for owner-occupied residential property are at zero per cent, four per cent and six per cent, depending on the annual values of the properties.

In addition to the current four per cent and six per cent tax bands, the government will introduce new bands of eight per cent to 16 per cent.

Deputy Prime Minister Tharman Shanmugaratnam, who announced these changes in his Budget Statement on Monday, said 950,000 owner-occupied residential properties will be able to enjoy some tax savings.

High-end investment properties will also see significant increases in tax rates.

Instead of the current rate of 10 per cent flat, they will be increased to between 12 per cent and 20 per cent.

As for passenger cars and taxis, there will be a new tiered Additional Registration Fee (ARF) structure.

The ARF for car models with an Open Market Value of more than S$30,000 of vehicle's open market value will be 140 per cent.

Any value beyond S$50,000 will attract an ARF rate of 180 per cent.

The changes will apply to vehicles registered with Certificates of Entitlement obtained from the first bidding exercise in March 2013.

- CNA

 

[kongsimi]

Published February 25, 2013
'Wealth tax' for high-end homes
By
Lee U-wen

THOSE living in the most expensive homes in Singapore will have to pay higher property taxes, said Finance Minister Tharman Shanmugaratnam on Monday in his annual Budget speech.



He said that those living in the high-end of owner-occupied residential properties will see their property tax rates go up, while lowering the tax rates for the majority of people living in owner-occupied residential properties.



Currently, property tax rates for owner-occupied residential properties are zero per cent, 4 per cent and 6 per cent, depending on the annual values of these properties.



The zero per cent band will be widened to S$8,000 of the annual value, up from the current S$6,000. There will also be two new tax bands - 8 per cent to 16 per cent - introduced.

 

[Cestbon]

These 2 week will see many snatch up high end car.

 

[myfoot123]

Every year talk so much to help the poor by dumping million here and billion there. Than talks about helping to upgrade, improve productivity, reduce people burden and help family pro-create. All hot air, never show us the detail on how they plan to implement it. After budget, every damned thing will be back to normal, all the million and billion dollars remained locked in the coffer for Ho Jinx to gamble.

 

[kopiuncle]

old uncle also confused
give this and give that
will my life be better after the budget
let us wait and see hor

 

[Kinana]

Basically a luxury tax. Better than inc one tax

 

[Logitech]

Than talks about helping to upgrade, improve productivity, reduce people burden and help family pro-create. All hot air, never show us the detail on how they plan to implement it.

Housing is also getting more expensive too. Everything that we buy is getting expensive.