Despite several rounds of cooling measures introduced since 2011 to cool the property market, the Income Revenue Authority of Singapore (IRAS) actually collected more taxes last year from higher stamp duties.
According to its latest annual report released last week, IRAS noted that there is a 6.8 percent increase in total tax revenue due mainly to higher stamp duty collection from a larger number of property transactions.
IRAS collected $4.9 billion dollars from stamp duties alone for the financial year ended March 31, 2018, over $3 billion more than a year ago, a spike of 49.6 percent.
The latest cooling measures introduced on 6 July 2018 has dampened the property market especially en bloc activity. However, it remains to be seen if it will affect the taxman’s coffers next year.