By Mr. Propwise

It’s still early days, but in this article we look at the early impact of the ABSD on sales in December 2011, and also some clarifications by the tax authorities on the finer details of whom it applies to.

Clearer guidelines on ABSD

With the revision of the e-Tax Guide by Inland Revenue Authority of Singapore (IRAS), several points of confusion over the ABSD were clarified.

Does ABSD apply on the pre-discount or post-discount price?

As many developers have started to offer cash rebates and vouchers to attract buyers, one question involves the amount of stamp duty that a foreigner has to pay – 10% of the discounted price or of the pre-discount price. The answer to this is that if not all buyers had received the discount and the final price paid is lower than what most other buyers paid, the foreign buyer will have to ...