RATIONALE FOR ADJUSTING BUYER’S STAMP DUTY RATES FOR HIGHER-VALUE PROPERTIES

MP Jamus Lim

Assoc Prof Jamus Jerome Lim (Sengkang): Just a quick clarification. I understand the motivation just like the hon Member, but it strikes me that why do we not just give a little bit more buffer on the front end? Perhaps some individuals will game the system? But rather than go through the exhaustive appeal route which in the long run, ultimately, would not matter if we give them an extra month. In the end, it eases some of these short-term appeal considerations, but in the long run, ultimately, it is still going to be progressive.

Mr Chee Hong Tat: Sir, I think what Assoc Prof Jamus Lim raised is different from what Mr Lim Biow Chuan raised. Mr Lim is not asking about the duration. We do provide some time in the conditions that the OTP is exercised on or before 7 March, or within the validity period, whichever is earlier. So, it is not that there is no grace period provided.

But what Mr Lim Biow Chuan asked is a slightly different thing. He is asking if there is a variation to the OTP that has been signed. 

As I explained, we do need to cater to a range of scenarios and possibilities, so we state the conditions upfront, so we do allow appeals and IRAS has approved the majority of appeals it has received so far.

Ministry of Finance
6 March 2023

https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=oral-answer-3141

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