Singapore to impose additional property tax to stabilise market

Singapore is stopping the loopholes used by wealthy residents who have been purchasing multiple homes under opaque structures to avoid levies by imposing extra property taxes. The Ministry of Finance said authorities will impose a 35% additional buyer's stamp duty on homes transferred into a trust where there is no identifiable beneficial owner. Nicholas Mak, head of research at APAC Realty's ERA unit and Cushman & Wakefield, said the latest tax move is targeted at the wealthy. He said the latest move could deter some investors from snapping up homes in the city-state. The Ministry of Finance said the extra tax announced is intended to ensure a stable and sustainable residential property market and its introduction arises from the government’s periodic policy review.