IRAS discovered 166 cases of tax avoidance; set to recover S$60M ABSD and surcharges

SINGAPORE: Deputy Prime Minister and Minister for Finance Lawrence Wong said on Tuesday that after reviewing cases involving tax avoidance, the Inland Revenue Authority of Singapore is set to recover about S$60 million.

She specifically asked how many referrals the IRAS has made to the Council for Estate Agencies and the Law Society, as well as whether there are any findings that the Government has to share about the results of this referral.She further asked if the government would be helping those who estate agents and lawyers have wrongly advised to obtain compensation.

“When such property purchase arrangements are made to reduce the tax payable, the Commissioner of Stamp Duties is empowered under Section 33A of the Stamp Duties Act to disregard the individual transactions and assess them as a single joint purchase and to recover the rightful amount of ABSD due, along with a 50 per cent surcharge,” Mr Wong said.

According to IRAS, “Liable buyers are required to pay ABSD on top of the existing Buyer’s Stamp Duty . ABSD and BSD are computed on the purchase price as stated in the dutiable document or the market value of the property .”He Ting Ru opens up about her health struggles in 2022, also says 'I’m grateful for the happy & precious moments the year served up'

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

IRAS to reclaim $60m from '99-to-1' ABSD loophole exploiterspstrongAs of April, IRAS has audited 187 cases related to the scheme, uncovering 166 engaged in tax avoidance practices./strong/p pThe Inland Revenue Authority of Singapore (IRAS) is set to recover $60m from buyers who exploited the "99-to-1" loophole to avoid additional buyer's stamp duty (ABSD).
Source: SBRMagazine - 🏆 13. / 51 Read more »

Iras to claw back $60m from 166 private property deals exploiting ‘99-to-1’ loophole to dodge ABSDIras completed review of 187 '99-to-1' cases of tax avoidance as of April 2024.
Source: The Straits Times - 🏆 8. / 63 Read more »

Condo sales to foreigners down 71% since ABSD hike in April 2023The drop in foreign buyers was more stark in the prime district.
Source: The Straits Times - 🏆 8. / 63 Read more »

Thai foreign minister abruptly resigns after being dropped as deputy prime ministerThai Prime Minister Srettha Thavisin has picked a new foreign minister, who has not been named. Mr Parnpree Bahiddha-Nukara resigned after losing his deputy prime minister portfolio in a cabinet reshuffle. Mr Thavisin has also relinquished the finance minister portfolio, appointing his advisor Pichai Chunhavajira.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

IRAS to claw back S$60 million from private property buyers who used '99-to-1' scheme to reduce ABSD"The '99-to-1' arrangement is a tax avoidance arrangement used by some property buyers to reduce the rightful Additional Buyer’s Stamp Duty payable on the purchase of a residential property," says Deputy Prime Minister Lawrence Wong.
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Iras Begins Issuing Tax Bills for Year of Assessment 2024Fresh graduates in Singapore may find filing their income tax returns challenging, but the Inland Revenue Authority of Singapore (Iras) provides guidance on what information to include, eligible reliefs and deductions, and common mistakes to avoid.
Source: The Straits Times - 🏆 8. / 63 Read more »