SINGAPORE: A more progressive tax structure will be introduced for properties and cars to achieve greater social equity without hurting Singapore’s competitiveness.
The zero per cent property tax rate band, which currently applies to the first S$6,000 of annual value of properties will be widened to S$8,000.
Currently, property tax rates for owner-occupied residential property are at zero per cent, four per cent and six per cent, depending on the annual values of the properties.
In addition to the current four per cent and six per cent tax bands, the government will introduce new bands of eight per cent to 16 per cent.
Budget 2013: Property Tax Changes: