By MoneyBees
Stamp duty on a shop, office, factory or warehouse: BSD at 1% to 5% on IRAS's rates, no ABSD, 9% GST, mortgage duty and Seller's Stamp Duty on industrial property sold within 3 years.
Buyer's Stamp Duty on non-residential property is 1% on the first S$180,000, 2% on the next S$180,000, 3% on the next S$640,000, 4% on the next S$500,000 and 5% on the rest, for purchases from 15 Feb 2023. A S$1,500,000 shop pays S$44,600.
No. IRAS charges Additional Buyer's Stamp Duty on residential property only, so companies and foreigners buying a shop, office or factory pay BSD alone.
Before GST. IRAS's stamp duty calculator for non-residential property asks for the purchase price or market value, whichever is higher, excluding GST.
Yes, if the seller is GST-registered. Sales of non-residential property are subject to GST at 9%; sales of homes are exempt. For mixed-use property, only the non-residential part is subject to GST.
No. SSD applies to residential and industrial property only. Industrial property bought on or after 12 Jan 2013 pays 15% if sold within a year, 10% within 2 years and 5% within 3 years.
The residential and non-residential rates apply to the value of each part. For land zoned commercial and residential, IRAS treats 60% of the gross floor area as residential and 40% as non-residential.
Within 14 days of signing the document if it is signed in Singapore, or within 30 days of receiving it in Singapore if it was signed overseas. IRAS charges penalties on late payment.
Yes. Mortgage duty is 0.4% of the loan amount, capped at S$500.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).