Buyer's Stamp Duty (BSD) Remission: Who Qualifies and What You Get
Learn if you qualify for lower tax rates on your first residential property purchase and understand the rules regarding stamp duty.
This scheme provides relief through progressive tax rates for specific residential property purchases.
Who it's for
This remission is intended for individuals who are buying their very first residential property.
What you get
If you qualify, you will benefit from progressive tax rates based on the purchase price of your property. This means the amount of tax you pay is scaled according to the value of the home you are buying.
What it costs you
The tax must be paid within 14 days after the date of your Sale and Purchase Agreement. You should prepare these funds in advance to meet this deadline.
The catch to know
While this scheme helps with the basic stamp duty, it does not cover everything. If you are a non-citizen or if you are purchasing more than one property, you may be subject to heavy Additional Buyer's Stamp Duty (ABSD) charges on top of the standard rates.
How to apply
- Determine if your property purchase qualifies as a first-time residential purchase.
- Calculate your required tax based on the property purchase price.
- Ensure payment is made within the 14-day window following your agreement.
- Visit the official portal for more details: https://www.iras.gov.sg