How to calculate stamp duties?
Buyer’s Stamp Duty
The current BSD rates are:
|Purchase price or market value of property||BSD rate|
How to calculate ABSD
Just like BSD, the amount of ABSD to be paid is based on the property’s purchase price or market value, whichever is higher.
The ABSD rates are dependent on the buyer’s residency status, i.e. whether you are a Singapore citizen, Singapore Permanent Resident or foreigner.
As of 16 December 2021, the ABSD rates are:
|Buyer’s residency status||ABSD rate on purchase of first property||ABSD rate on purchase of second property||ABSD rate on purchase of third and subsequent property|
|Singapore citizens||Not applicable||17%||25%|
|Singapore Permanent Residents||5%||25%||30%|
You will be regarded as purchasing an additional residential property if you already own a residential property in Singapore (whether you fully, jointly or partially own this first residential property).
How to Pay the BSD and ABSD
Refer to the table below on where BSD and ABSD can be paid and the accepted modes of payment:
|Location||Accepted payment modes|
|e-Stamping Portal (online)||eNETS, Bank transfer, cheque, cashier’s order|
|Inland Revenue Authority of Singapore (IRAS) Surf Centre e-Terminals||eNET, NETS, cashcard|
|SingPost Service Bureaus (at Chinatown, Novena, Raffles Place and Shenton Way)||Cash, cheque, cashier’s order, NETS|
BSD and ABSD have to be paid in full and cannot be paid in instalments.
You may also be able to use your Central Provident Fund funds to pay the BSD and ABSD. However if you are buying a resale condo, you will need to pay the BSD and ABSD first and then seek a reimbursement from your CPF account. Further information can be obtained from the IRAS website and the CPF website.
Deadline for Paying the BSD and ABSD
For property sale and purchase agreements signed in Singapore, the BSD and ABSD have to be paid within 14 days of the agreement being signed.
If however the sale and purchase agreement was signed overseas, the deadline is 30 days after the agreement was received in Singapore.
Consequences of late payment
If BSD or ABSD is not paid by the due date, you will be issued a Demand Note to remind you to make payment. The Demand Note will also state the penalty you have incurred for missing the payment deadline.
The penalties are:
- Delay in payment for up to 3 months: $10 or an amount equal to the BSD and ABSD payable, whichever is higher
- Delay in payment exceeding 3 months: $25 or an amount equal to 4 times the BSD and ABSD payable, whichever is higher
IRAS may recover the outstanding stamp duty by appointing your bank, employer, tenant or lawyer to pay the amount to it on your behalf. IRAS may also take legal action against you to recover the outstanding amount.
IRAS’ Voluntary Disclosure Programme
You will be charged 5% of the late payment calculated on a daily basis, if you voluntarily disclose to IRAS that you cant pay up.
The reduced penalty only applies for voluntary for Voluntary disclosures which qualify under IRAS’ Voluntary Disclosure Programme (PDF, 477KB).