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Property Taxation Guide

If you have a real estate property in Singapore then you will have to pay tax for it in the form of property tax. As long as you have a property in the country, you need to pay tax and the real estate assets that this tax is levied on include offices, factories, HDB flats, etc. In case you are a foreign individual living in the country, then you may not know much about how the taxation on properties is carried out and so on. However, you need not worry because you simply have to read this article for better understanding.


One thing you need to know is that no matter whether you are a citizen of Singapore or whether you are living in the country as a foreigner, you will have to pay tax if you or your company, as the case may be, owns a real estate property in the country. Generally the amount that you will need to pay to the government will depend on the value of the property because a certain percentage of the value is treated as tax. This value is not the same annually because the value this year may not be the same as the value of the property the previous year. Most of the time, the tax rate for most properties is at 10%; except a residential property that you own because this kind of property has a tax percentage of 4% only.


Every year property owners are expected to pay the tax by the end of January. This means that it is important you pay for the tax your property by the 31st of January every year. The tax that you will need to pay will be assessed by the Inland Revenue Authority of Singapore and you are going to receive the bill in the month of December.


Obviously, there are certain cases where your property may not be taxable and this is in any one of the following stances:

  1. If it is use for charitable purpose.
  2. If it is used as a place of worship.
  3. If it is used as a public school.
  4. If the real estate property is being used for the purpose of social development in the country.

Obviously you may not know everything that one should about property taxation in Singapore because you are not the citizen of the country but you should not have to fret about this because there is always help at hand. One thing you need to understand is that when you take the help of a professional, then it will become an easy job because the professional expert is going to guide on you how to pay tax on your property and if you have any other question, then also they will answer them for you.


At mortgagefinanceloan.com, we are offering the services of helping foreign clients with property taxation. So if you need any kind of help then do not hesitate to get in touch with us.

 
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