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Thread: When do I have to pay stamp duty?

  1. #1
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    Default When do I have to pay stamp duty?

    http://www.straitstimes.com/Invest/S...ry_231488.html

    April 27, 2008

    FINANCIAL QUOTIENT

    When do I have to pay stamp duty?

    Where do you see this?

    Mostly when you sign a sale & purchase agreement, an option to purchase or a tenancy agreement.

    What does it mean?

    Stamp duty is a tax you pay for the stamping of documents relating to properties and shares, for instance, leases or mortgages.

    Property buyers are required to pay stamp duty based on the transacted price of the property or its market value, whichever is higher. The duty must be paid within 14 days of the date of execution if the document is signed in Singapore.

    Why is it important?

    Stamp duty is a substantial payment that buyers have to consider before they buy a property.

    Penalties are imposed on you if the documents are stamped late or if the duty is underpaid. Also, the court considers only stamped documents as evidence.

    So you want to use the term. Just say...

    'If I get a stamp duty rebate, I can get that cabinet I always wanted.'

    Joyce Teo

  2. #2
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    Quote Originally Posted by mr funny
    http://www.straitstimes.com/Invest/S...ry_231488.html

    April 27, 2008

    FINANCIAL QUOTIENT

    When do I have to pay stamp duty?

    Where do you see this?

    Mostly when you sign a sale & purchase agreement, an option to purchase or a tenancy agreement.

    What does it mean?

    Stamp duty is a tax you pay for the stamping of documents relating to properties and shares, for instance, leases or mortgages.

    Property buyers are required to pay stamp duty based on the transacted price of the property or its market value, whichever is higher. The duty must be paid within 14 days of the date of execution if the document is signed in Singapore.

    Why is it important?

    Stamp duty is a substantial payment that buyers have to consider before they buy a property.

    Penalties are imposed on you if the documents are stamped late or if the duty is underpaid. Also, the court considers only stamped documents as evidence.

    So you want to use the term. Just say...

    'If I get a stamp duty rebate, I can get that cabinet I always wanted.'

    Joyce Teo
    How much is stamp duty nowadays?

  3. #3
    invest
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    For purchase of units
    1% for 1st $180k
    2% for 2nd $180k
    3% for above $360k


    example:
    buy hdb @ $300k
    stamp duty: $180k*1% + $120k*2%=$4200

    for property above $360k

    example condo @ $500k
    stamp duty= $500k *3%-$5400= $9600

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