Topic of Interest: #IRAS (88 Articles Found)

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$900 million given to landlords under rental relief framework

As the pandemic swept Singapore and many distressed tenants found themselves struggling to cope with their rentals, a relief framework put in place last year kept many businesses afloat while propping up their landlords. About $900 million in…

Complete guide to property tax for homeowners in Singapore

In Singapore, property taxes and duties need to be paid not only when purchasing residential property purchases, but also annually on all the properties you own. This article will focus on the latter tax on property ownership, and…

Rental relief unfair to landlords

As an individual landlord, I just received a notice from Iras detailing the amount of rental relief I am required to pass on to my tenant. For an individual landlord to apply to an assessor to reduce the…

Man ordered to pay more than $1 million in penalties over tax-related offences

One of the partners in a firm dealing with glass-reinforced concrete has been ordered to pay penalties totalling more than $1 million over tax-related offences. On top of this, Koh Che Song, 77, must also pay a fine…

Coronavirus: Qualifying landlords will get notice of tenant rental waivers by mid-August

The majority of property owners with tenants that qualify for rent relief under the amended Covid-19 (Temporary Measures) Act should receive notices regarding their Government cash grants by mid-Aug, MinLaw said on Thurs. Landlords cannot take enforcement action…

Assessor’s help available to work out rental issues

We refer to the letter by Mr Cheong Wing Kiat (Questions remain for landlords with new law to help SMEs with rent, June 13). The law passed in Parliament provides rent waivers and other relief to SMEs. SMEs…

Questions remain for landlords with new law to help SMEs with rent

I appreciate the Government’s good intentions in passing a law to help pandemic-hit SMEs cope with issues of rent (Law passed to help pandemic-hit SMEs cope with rent obligations, June 6). Law Minister K. Shanmugam made it clear…

Landlords that provide more relief to tenants will get more help with cash flow, loan commitments

Landlords facing cash-flow constraints as a result of providing relief to tenants under the proposed Covid-19 amendment Bill will get more help with their existing loan commitments as well as with easing their cash-flow needs. Landlords who are…

New Bill could level playing field between landlords and tenants

Landlords will have to dig deeper to help their pandemic-battered tenants under an upcoming Bill that some observers feel could level the playing field between commercial owners and tenants. The Government will provide a $2 billion cash grant…

CPF, HDB, IRAS to resume operations at service counters from Jun 2, by appointment only

Selected government service centres will resume operations from Jun 2, but by appointment only, as Singapore exits the COVID-19 “circuit breaker” period. These include the five CPF service centres, service counters at HDB Hub and HDB branches, as…

Covid-19: Property tax rebate to help individuals, business

Apr is typically the time for taxpayers like you and I to be filling for our taxes, be it personal tax or property tax. Well, that’s under usual circumstances. However, we are currently undergoing unprecedented times with the…

Iras does consider rental rebates in determining property’s annual value

We refer to Ms Sheryl Lee Shu Yi’s letter (Consider rental rebates in determining annual values, Apr 17). The annual value (AV) of a property for any given year is the estimated annual rental a property could fetch…

Coronavirus: Iras taxpayer counter services to close till May 4

Iras will temporarily close its e-Filing Service Centre and Taxpayer and Business Service Centre at Revenue House from Mon to May 4. Iras said on Sat that the closure was to encourage taxpayers to remain at home in…

Consider rental rebates in determining annual values

The circuit breaker measures necessary for breaking the chain of Covid-19 transmission came into effect on Apr 7. The unprecedented closure of workplaces and shops has, however, pushed many businesses into uncharted territory. The Government has moved swiftly…

MAS raises gearing limit to 50%, defers ICR implementation, MOF, IRAS extend timeline for tax transparency

On Apr 16, MOF, IRAS and MAS announced that MOF and IRAS will extend the timeline for S-REITs to distribute at least 90% of their taxable income from 3 months to 12 months after the end of their…

What is Annual Value of property and how do I check mine?

The annual value (AV) of your property helps the government decide the wealth of a household. Based on this and other criteria such as assessable income, the government decides how much it should give and take from us…

IRAS clears air on tax rebate; most landlords to pass on rebates

All types of shops, including those in mixed-use developments, will qualify for the property tax rebate for landlords, says IRAS. In its updated e-tax guidelines posted on Tues, the agency stated that commercial properties, including shops, restaurants and…

2020 Property Tax i-Bill: A mobile-first initiative for greater usability and convenience

IRAS has launched interactive Property Tax Bills (“i-Bills”) this 2020 Property Tax season to offer taxpayers greater convenience and personalisation on an interactive mobile platform. Over 700,000 residential property owners have benefited from this initiative, which was rolled…

Property rental, what you need to know from a tax perspective

From a tax perspective, the first thing you need to do before resorting to property rental is to ensure that your tenancy agreement is e-Stamped, and you should also make sure to pay income tax on the rental…

Request for waiver of ABSD denied

Shortly after graduating, I joined the workforce and added my name to the ownership of my parents’ HDB flat to help in the payment of the mortgage. I have been married now for several years and still do…

DBS working with taxman to offer Giro option for stamp duty payments from November

Iras collected S$4.6 billion from stamp duties – a tax levied on property transactions – in fiscal 2019 for the year ended Mar 31, 2019, but with most taxpayers paying for their stamp duties using cheques. DBS on…

What is property tax?

Well recognised as one of the most sustainable forms of wealth tax to generate revenue for a government, property tax is a levy on ownership of any immovable property, including land. The onus of payment is on the…

Lawyer suspended four years for failure to supervise clerk who turned out to be conman

A veteran lawyer ignored a series of red flags on the “unorthodox” conduct of his conveyancing clerk, who turned out to be a conman, misappropriating about $848,000 from 17 clients. The fraudster, Sim Tee Peng, later repaid a…

Real estate GST – All you need to know about what you are liable for

The sale and lease of properties in Singapore are subject to GST except for residential properties. Real estate GST is also chargeable on the supply of movable furniture and fittings in both residential and non-residential properties. However, fixtures…

Two landlords fined for omitting S$650,000 in rental income from tax returns

Two landlords who omitted hundreds of thousands of dollars in rental income from their income tax returns were on Wed fined and made to pay penalties of more than S$100,000 each. Lim Moy Hai, 68, and Chua Kok…

Property Tax Relief – Are you entitled to one?

Singapore has several property tax relief programs, with different levels of benefit available depending on the characteristics of the taxpayer. The most common form of property tax relief is the one provided for individual or married couple who…

Should you declare your rental income and expenses?

Should you declare your rental income and expenses? This is a question many property owners have to contend with. But any rent payments you receive when you rent out your property are subject to income tax and must…

Renting your property – what you need to know

From a tax perspective, the first thing you need to do before renting your property is to ensure that your tenancy agreement is e-Stamped, and you should also make sure to pay income tax on the rental income…

Private residential property buyers checklist

Private residential property buyers checklist is much needed for those purchasing a property. A private residential property buyers checklist highlights the things purchasers should check or do before and after purchasing private residential property. 1) Before the transfer…

5 myths of tax filing of rental income

Here are five common myths some property investors believe that can cost them when it comes to paying taxes.

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