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Singapore to raise property tax rates for luxury homeowners

Posted on 26 February 2013

Singapore plans to raise property levies for luxury homeowners as it seeks to tax wealthy residents in the island-state after the government imposed more measures to curb property speculation last month.
The higher tax will apply to the top 1 percent of homeowners who live in their own residences, or 12,000 properties, Singapore Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday, without giving a definition of what constitutes a high-end home. The government will also raise tax rates for vacant investment properties or those that are rented out, he said………………………………………..Full Article: Source


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