Singapore Budget 2003
PRESS
STATEMENT
28
FEBRUARY 2003
NEW
PROPERTY TAX REBATE FOR COMMERCIAL AND INDUSTRIAL PROPERTIES
DPM / Minister for Finance announced in Parliament this afternoon
the new property tax rebate for commercial and industrial properties.
This statement provides further details on how the property tax
rebate will be computed and given to the property owners.
A
fixed rebate of up to $2,000 will be granted for all commercial
and industrial properties for the property tax payable for the six-month
period from 1st July 2003 to 31st December 2003. In addition, a
15% rebate will also be given for the balance property tax payable
for the same period.
To
illustrate, if the property tax for a commercial property is $100,000
for the period 1st July 2003 to 31st December 2003, the property
tax payable after the rebate is as follows:
Property
tax for 1 Jul to 31 Dec 2003 $100,000
Less fixed rebate $ 2,000
Balance tax payable $ 98,000
Less 15% rebate on the balance of tax payable $ 14,700
Property tax payable after rebate $ 83,300
Total
property tax rebate for 1 Jul to 31 Dec 2003 $16,700
Owners
of commercial and industrial properties can expect to receive their
revised property tax bills by the end of March 2003. Owners paying
their property tax through GIRO will also receive their revised
GIRO instalment
plans. Owners can expect to receive a refund of any excess property
tax paid by the end of April 2003.
The
total tax savings for the year will be $456 million, inclusive of
the rebates given for the first half of the year.
|
