Property tax is a kind of wealth tax imposed on property ownership in Singapore, irrespective of whether the property is occupied or vacant. It is applicable to Government-built HDBs and private homes. The government imposes progressive property tax rates in Singapore to encourage home-ownership in the country. These rates are different for owner-occupied and non-owner-occupied homes.
Singapore also enforces an income tax on investment homes – i.e., tax on the income earned from rentals. As such, any profit or the net amount left once you have added together your rental income and deducted any allowable expenses is taxable.
Foreigners in Singapore are also required to pay property tax and tax on rental income. Read our blog on what you should know about property taxes in Singapore for foreigners.
Rental income is taxable when it is due and payable to the landlord of the property (not on the date of actual receipt). Income generated from renting a Singapore property can be subjected to income tax. The property itself will be subjected to property tax. A Singapore tax resident pays resident tax rates on his or her rental income. The term “rental income” refers to the full amount of rent and related payments the property owner receives when they rent out the property. This amount is made up of the rent of the premises, maintenance, furniture, and fittings.
Benefits of engaging Singapore Tax Accounting Services while filing Property Tax:
Domain expertiseSingapore Tax Accounting Services, with experts on Singapore’s property tax in its team, can advise you the best strategy to undertake on property tax and on rental income tax. We provide services in computing and filing these taxes as well and much more.
Minimise your Property TaxOur tax professionals will offer advice on how you can utilize different schemes in Singapore; this will help reduce your property tax liability.
Utilise all the schemes & reliefs to just pay ‘effective tax’Singapore has a progressive personal tax structure. The marginal rates are from zero to 22 percent. This tax framework lets residents use various reliefs, which allows them to lower their effective tax rates. At Singapore Tax Accounting Services, we will guide you through the schemes and reliefs you qualify for and help you achieve your effective tax rate.
Avoid penalties and proper filingOur team compromises of experienced and qualified Chartered Accountants (CA). As such, we are a leader in Singapore accounting and tax statutory matters. By ensuring you meet all compliance requirements set out by IRAS and adhere to the proper taxonomy, we can help you avoid penalties imposed by the tax administrator.
No surprisesWith us, you will understand your taxes and our service costs. This will help you manage your company financials better.
Assess your property tax and file correctly on time
Get the help of our tax experts. We have been handling both major assessment issues, small commodity properties as well as large properties with complex valuation profiles. You can trust us to do your property tax filing right.