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Singapore has eased stamp duty rates on properties sold soon after they are purchased.
Currently, seller's stamp duty (SSD) is payable by those who sell a residential property within four years of purchase, at rates of between 4 percent and 16 percent of the property's value.
The Government has decided to reduce this period to three years. It has also decided to lower the SSD rate by four percentage points for each tier. The new SSD rates will range from 4 percent (for properties sold in the third year) to 12 percent (for those sold within the first year).
The Stamp Duties (Amendment) Bill also makes changes to the regime to treat, for stamp duty purposes, transactions in residential properties on the same basis irrespective of whether the properties are transacted directly or through a transfer of equity interest in an entity holding residential properties.
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