How Singapore's HDB flat owners will benefit from revised tax structure in 2017

It was also reported that the owners who are facing financial crunch can approach IRAS for assistance

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A view of private residential apartments and public housing estates in Singapore Reuters

The next year will start on a good note for the Housing Board (HDB) flat owners who will have to pay lower or no poetry tax from 2017, according to the Inland Revenue Authority of Singapore (IRAS).

In a rental market spiralling downward, the HDB flat owners will be saving between 13.1 and 51 per cent for 2017. Though owner-occupiers of one- and two-room HDB flats will see some exception, the three-room flat owners are getting the best deal. In 2015 and 2016, the three-room flat owners paid $49.60 and $37.60 respectively, but they will be paying $18.40in 2017.

Owners of bigger flats are also paying less tax from next year as four-room flat owners will pay between $52 and $100 from this year's $71.20 to $119.20 and five-room flat owners will pay $83.20 to $131.20 in 2017 from $104.80 to $152.80, reported The Straits Times.

It was also reported that executive flats owners will pay $95.20 to $143.20 property tax which is somewhat lower than this year's $116.80 and $164.80.

IRAS also said this downward trend will benefit almost all private residential property owners. It also said that their property tax bills will reach the property owner by December and the tax should be paid by January end. However, if anyone fails to do so, a penalty of 5 percent penalty will be applied.

It was also reported that the owners who are facing financial crunch and might find the deadline tight can approach IRAS for assistance. The board will help them with deferment of payment and scheduled instalments.

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