Chee Hong Tat on Government collection of property tax
Property tax (PT) is Singapore’s principal means of taxing wealth. For 2024, most owner-occupied residential properties saw their annual value (AV) increase by more than 20 per cent due to the increase in market rentals from 2022 to 2023. The 2024 residential PT revenue is expected to be around S$600 million higher than in 2023. Around two-thirds of the increase came from non-owner occupied properties. Second Minister for Finance Chee Hong Tat said this in response to Parliamentary questions on Tuesday (Feb 6). He said the Government closely monitors the rental market and reviews the annual value of properties every year. He also said the Government is prepared to consider if rebates are needed when it reviews the taxes payable.
Property tax (PT) is Singapore’s principal means of taxing wealth. For 2024, most owner-occupied residential properties saw their annual value (AV) increase by more than 20 per cent due to the increase in market rentals from 2022 to 2023. The 2024 residential PT revenue is expected to be around S$600 million higher than in 2023. Around two-thirds of the increase came from non-owner occupied properties. Second Minister for Finance Chee Hong Tat said this in response to Parliamentary questions on Tuesday (Feb 6). He said the Government closely monitors the rental market and reviews the annual value of properties every year. He also said the Government is prepared to consider if rebates are needed when it reviews the taxes payable.
Popular Shows
