How to collect property tax in Singapore

In recent years, more and more China people have invested in real estate in Singapore. Taxation is one of the most concerned issues, so what is the property tax in Singapore? Let me introduce you.

Singapore property tax is mainly levied on real estate such as land, apartments and houses. Although houses in Singapore are divided into three categories: government apartments, private houses and apartments, all houses have to pay property tax, and the scope of collection is very wide.

Singapore's property tax system has a simple and reasonable structure, and pays more attention to promoting social equity and optimizing resource allocation. To put it simply, the rich levy more, while the ordinary people levy less, and adjust according to the different national economic policies.

The property tax in Singapore is a general property tax. As Singapore is a city country, there is no local administrative agency, which is responsible for the collection and management by the tax department under the central government, and how to calculate the property tax in Singapore is also formulated and implemented by this agency. The Inland Revenue Department of Singapore has a computer center, which is responsible for all tax collection and information inquiry. This is an efficient and complete system.

According to Singapore's latest policy, its property tax is calculated as follows:

1, the annual value of the property is less than S $6,000, and the property tax is exempted;

2. The annual value of the property is S $6,900, with the front 6,000 exempted and the back 900 charged at 4%, that is, S $36 (about 180 RMB);

3. If the annual value of the property exceeds S $24,000, the property tax of more than 6% shall be paid.

Remarks: the so-called annual value refers to the rent for renting a room (note that it is not the whole house) for one year, which is usually stipulated by the Singapore government.

In short, Singapore's property tax tends to be more vulnerable groups, with ordinary people paying less and the rich receiving more. In addition, the Singapore government will levy high land transfer fees and property fees for "rich houses" with an area exceeding 100 square meters. For 10% of the most difficult groups, the government provides subsidies or low-rent housing.

The Inland Revenue Department of Singapore will evaluate the average rent of your property according to the market price. For example, the market rent of Mr. Wang's apartment can reach S $3,000, while Mr. Wang generates S $36,000 or annual value in one year.

1: If the landlord lives in the house instead of renting it out, the tax rate will be charged as follows: (the former 60000 0%, the latter 59000 4% exceeds 65000 6%.

Example: 1: The above-mentioned property of Mr. Wang is occupied by himself, but the market rental value can reach S $36,000. He has to pay the first 6,000 of the total S $36,000 every year, and the property tax is 6000 x0% = 0 USD. The next 3000 SGD property tax is 3000 x4% = 65438 USD.

If the expected income of the real estate leasing market exceeds S $65,000 per year, the above formula will be followed.

2. If the property is leased to others, the property tax shall be levied at 10% of the rental income. For example, if Mr. Wang rents out his house to others, then the annual property tax he has to pay is $36,000 x10% = $3,600.

Calculation method of rental property tax (annual value * 10%)

The lessor's property tax rate is 10% of the annual value of the property. Therefore, if the above-mentioned property with an annual value of S $36,000 is used for rental, the annual property tax will be S $36,000 x10% = S $3,600.

Warm reminder:

In terms of property tax, there is no difference between apartments, private property or other types of real estate, and they must all be paid. The only difference is that you can apply to the government to say that I live in this house, so the tax rate can be reduced to 4%. In other words, even if I live in my own house, you can't help but pay less property tax.