Capital gains tax was abolished in Singapore a few years ago.
I was therefore surprised to hear from a friend that a property sold before TOP may incur capital gains tax. I invested in several residential properties before retiring last year and may sell one of them this year, rest will be rented out. When consulting IRAS’ website, there is limited information on this issue. An accountant say I should incorporate, but it is difficult to see cost/tax benefits.
Can anyone shed light on the capital gains tax issue, or suggest an accountant or website please?
SINGAPORE EXPATS FORUM
Singapore Expat Forum and Message Board for Expats in Singapore & Expatriates Relocating to Singapore
Capital gains tax on property investment
Generally, capital gains from property sale is not taxable. However, if a person has no other jobs, and transect a few deals in a year, IRAS will then deem the person to be a property trader, and thus, then the act of buying and selling is not considered capital gains, but trading income, which it taxable.
This is the IRAS website on this issue.
http://www.iras.gov.sg/irasHome/page03.aspx?id=152
This is the IRAS website on this issue.
http://www.iras.gov.sg/irasHome/page03.aspx?id=152
I understand capital gains in other countries is a big topic, but
Taxation in Sg is relatively simple. Very few exemptions at the personal level.
It's much more interesting at the corporate level, thus the rationale why professionals wld recommend incorporation. How interesting it gets depends alot on the experiece of the tax professional.
Taxation in Sg is relatively simple. Very few exemptions at the personal level.
It's much more interesting at the corporate level, thus the rationale why professionals wld recommend incorporation. How interesting it gets depends alot on the experiece of the tax professional.
i suggest you call or pay a visit to IRAS. that may solve your queries faster unless we have IRAS staff in this forumSinvestor wrote:Thanks. I have consulted the website, but the capital gains tax issue is not described in great detail here. Do you have any other resources to suggest?
Guides and information -> Singapore Stocks
-
- Similar Topics
- Replies
- Views
- Last post
-
-
It's incorrect to say "there is no capital gains tax in Singapore"
by PNGMK » Mon, 14 Mar 2022 8:18 am » in Financial Investment - 3 Replies
- 2142 Views
-
Last post by malcontent
Mon, 14 Mar 2022 3:39 pm
-
-
-
How can a foreigner bring funds into Singapore for property investment?
by NSEWC » Wed, 23 Feb 2022 8:50 pm » in Property Talk, Housing & Rental - 12 Replies
- 2923 Views
-
Last post by Lisafuller
Mon, 28 Feb 2022 1:38 am
-
-
-
Foreign property mortgages from OCBC or other Singapore bank (USA property specifically)
by American » Sat, 01 Dec 2018 2:16 pm » in Property Talk, Housing & Rental - 7 Replies
- 4859 Views
-
Last post by PNGMK
Tue, 04 Dec 2018 12:45 pm
-
-
- 1 Replies
- 1372 Views
-
Last post by sundaymorningstaple
Wed, 12 Sep 2018 11:07 pm
-
- 1 Replies
- 2692 Views
-
Last post by PNGMK
Wed, 29 Aug 2018 8:45 pm
Who is online
Users browsing this forum: No registered users and 1 guest