Budget 2023: Buyer’s stamp duties for property purchases to be raised from Feb 15
For residential properties, the amount of the property’s worth above $1.5 million and up to $3 million will be subject to a 5% tax; the amount above $3 million will be subject to a 6% tax. This represents a substantial increment from the existing rate of 4%. It is anticipated that 15% of all residential properties will be impacted by the revisions.
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