{"id":3315,"date":"2024-05-08T13:51:46","date_gmt":"2024-05-08T05:51:46","guid":{"rendered":"https:\/\/pinegroveresidence.sg\/navagrove\/?p=3315"},"modified":"2024-05-08T13:51:46","modified_gmt":"2024-05-08T05:51:46","slug":"iras-to-claw-back-s60-million-from-buyers-who-used-99-to-1-loophole-to-avoid-absd","status":"publish","type":"post","link":"https:\/\/pinegroveresidence.sg\/navagrove\/iras-to-claw-back-s60-million-from-buyers-who-used-99-to-1-loophole-to-avoid-absd\/","title":{"rendered":"Iras to claw back S$60 million from buyers who used \u201899-to-1\u2019 loophole to avoid ABSD"},"content":{"rendered":"<p>As of April 2024, the Inland Revenue Authority of Singapore (<a href=\"https:\/\/www.iras.gov.sg\" target=\"_blank\" rel=\"nofollow noopener\">IRAS<\/a>) has identified 166 instances of tax avoidance related to the purchase of private properties, resulting in approximately S$60 million in Additional Buyer\u2019s Stamp Duty (<a href=\"\/frequently-asked-questions\/\">ABSD<\/a>) and surcharges to be reclaimed. Deputy Prime Minister and Minister for Finance Lawrence Wong disclosed this information on Tuesday, May 7, highlighting the use of the &#8220;99-to-1&#8221; arrangement by certain property buyers to diminish their ABSD obligations.<\/p>\n<p>Responding to a parliamentary inquiry, Wong explained that when property transactions are structured to evade taxes, the Commissioner of Stamp Duties has the authority to treat them as a single collective purchase and recover the appropriate amount of ABSD, along with a 50% surcharge.<\/p>\n<p>By April, <a href=\"https:\/\/www.iras.gov.sg\" target=\"_blank\" rel=\"nofollow noopener\">IRAS<\/a> had concluded its assessment of 187 such 99-to-1 cases, determining that 166 of them indeed involved tax avoidance. Wong further noted that approximately 10 cases, showing potential involvement of property agents, are currently under scrutiny by the <a href=\"https:\/\/cea.gov.sg\" target=\"_blank\" rel=\"nofollow noopener\">Council for Estate Agencies<\/a>.<\/p>\n<p>Senior Minister of State for Finance Chee Hong Tat, in a parliamentary session last year, mentioned that about 0.5% of private residential property transactions between 2018 and 2021 employed 99-to-1 or analogous purchase arrangements. Depending on the gravity of the offense, agents implicated in such breaches may face financial penalties or suspension of their registrations, Chee added.<\/p>\n<p><a href=\"https:\/\/www.businesstimes.com.sg\/singapore\/iras-claw-back-s-60-million-buyers-who-used-99-1-loophole-avoid-absd\" target=\"_blank\" rel=\"nofollow noopener\">The Business Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>As of April 2024, the Inland Revenue Authority of Singapore (IRAS) has identified 166 instances of tax avoidance related to the purchase of private properties, resulting in approximately S$60 million in Additional Buyer\u2019s Stamp Duty (ABSD) and surcharges to be reclaimed. Deputy Prime Minister and Minister for Finance Lawrence Wong disclosed this information on Tuesday, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3316,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[],"class_list":["post-3315","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general-property-news"],"_links":{"self":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/comments?post=3315"}],"version-history":[{"count":1,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3315\/revisions"}],"predecessor-version":[{"id":3317,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/posts\/3315\/revisions\/3317"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media\/3316"}],"wp:attachment":[{"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/media?parent=3315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/categories?post=3315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pinegroveresidence.sg\/navagrove\/wp-json\/wp\/v2\/tags?post=3315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}