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As the Singapore Government's principal revenue collection body, IRAS collects Income Tax, Goods and Services Tax (GST), [4] Property Tax, Estate Duty, Betting and Sweepstakes Duties, Stamp Duties and Casino Tax.
Stamp duty on a conveyance on sale of land is charged at progressive rates ranging from 1.5% to 8.5% of the amount of consideration. The maximum rate of 8.5% applies where the consideration exceeds HK$ 21,739,130.
Examples of such taxes include some forms of stamp duty, real estate transfer tax, and levies for the formal registration of a transfer. In some jurisdictions, transfers of certain forms of property require confirmation by a notary .
The Singapore Land Authority (SLA) is a statutory board under the Ministry of Law of the Government of Singapore. SLA optimises land resources for Singapore's social ...
George argued that taxing the land value is the most logical source of public revenue because the supply of land is fixed and because public infrastructure improvements would be reflected in (and thus paid for by) increased land values. [7] A low-rate land value tax is currently implemented throughout Denmark, [8] Estonia, Lithuania, [9] Russia ...
From the nineteenth century Singapore used revenues of the Straits Settlements. In 1948, the first revenue stamps exclusively for use in Singapore were issued. Three values were issued - $25, $50 and $100 - and the stamps portrayed King George VI. The $25 and $100 were reprinted in 1951 and 1953 respectively using a different perforation.
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To address the development of trades in uncertificated stock, the UK Finance Act 1986 introduced the Stamp Duty Reserve Tax (SDRT) at a rate of 0.5% on share purchases, [70] raising around €3.8bn per year, of which 40% is paid by foreign residents. [6]