Singapore's Property Cool Off Raises Tax Income
Singapore's ongoing cooling off measures for an overheated property market will raise tax revenue by over S$1 million according to a report in The Straits Times.
In January of this year real estate purchases incurred an addition stamp duty tax of 15%.
Despite the move, which was meant to deflect speculation, has seen both local and foreign purchasers continue to eat up new development offerings.
Guess the scenario has created a win win for both the market and the government.