What is Buyer Stamp Duty (BSD) ?
This type of stamp duty is tax remitted on the receipt of Option to Purchase (OTP) or Sale & Purchase Agreement (SPA). When you purchase your property, you need to sign the above official documents.
The Buyer’s Stamp Duty is payable on the exact purchase price or market valuation, whichever is higher. The purchaser is liable for paying Buyer’s Stamp Duty, and wherever a property is sold within the minimum holding period, the seller is accountable for paying Seller’s Stamp Duty.
Rates and Computation
BSD is computed based on the purchase price or market value of the property, whichever is higher.
What is Additional Stamp Duty (ABSD) ?
Additional Buyer’s Stamp Duty in short (ABSD) – is a stamp duty first announced on 8 December 2011 and further revised upwards on 12 January 2013 . It is a series of property cooling measures implemented by Singapore government to cool off the overheated market. Additional Buyer’s Stamp Duty (ABSD) is to be paid by certain groups of individuals that purchase residential properties on top of the prevailing buyer’s stamp duty (BSD), and is valid as below:
When is Stamp Duty Payable in Singapore?
This is to be paid by the purchaser or lessee in a period within fourteen days after the date of signed documents such as Sale & Purchase Agreement (SPA), Option to Purchase (OTP) or Tenancy Agreement – if the document is contracted in Singapore. But if the papers are contracted overseas, it would have to be paid within thirty days after date of its reception in Singapore. Note also that only a signed set of paper (documents) which has a stamp duty paid is admissible as evidence in court in cases of discrepancies.