Singapore plans to raise property levies for luxury homeowners as it seeks to tax wealthy residents in the island-state after the government imposed more measures to curb property speculation last month.
The higher tax will apply to the top 1 percent of homeowners who live in their own residences, or 12,000 properties, Singapore Finance Minister Tharman Shanmugaratnam said in his budget speech yesterday, without giving a definition of what constitutes a high-end home. The government will also raise tax rates for vacant investment properties or those that are rented out, he said. Full story
