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Don Wee on Stamp Duties (Amendment) Bill

03:23 Min

It is important to close loopholes that wealthy property buyers might use to avoid paying duties, said MP Don Wee in Parliament on Tuesday (Jul 5). He wanted to know if amendments in a new Bill involving the implementation of Additional Conveyance Duties for Trust (ACD (Trust)) would apply to trusts existing before the stipulated date of 9 May 2022, as well as to trusts incorporated overseas. Mr Wee also asked how much the new duties are expected to contribute to Singapore’s tax revenues and how the changes are likely to impact the country’s appeal to the ultra-high-net-worth group.

It is important to close loopholes that wealthy property buyers might use to avoid paying duties, said MP Don Wee in Parliament on Tuesday (Jul 5). He wanted to know if amendments in a new Bill involving the implementation of Additional Conveyance Duties for Trust (ACD (Trust)) would apply to trusts existing before the stipulated date of 9 May 2022, as well as to trusts incorporated overseas. Mr Wee also asked how much the new duties are expected to contribute to Singapore’s tax revenues and how the changes are likely to impact the country’s appeal to the ultra-high-net-worth group.

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