The government in Singapore has moved to clarify proposed changes in income tax laws which many believed could be harmful to the country’s property industry.A change due to take effect in January next year was widely regarded as a move to combat speculation in the real estate sector as it was thought it would load more taxes on those who owned more than one property and sold them within four years for a profit.
But now the Ministry of Finance has said that there will be no tax on the gains from an individual who sells a property after 1 January if they have not sold any other property in the previous four years.
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