Buyer Stamp Duty is tax paid on the acceptance or exercising of Option to Purchase (OTP) / Sale & Purchase Agreements (S&P). Buyer Stamp Duty is payable on the actual price or market price whichever is higher. The buyer is responsible to the buyer stamp duty to IRAS within 14 days of exercising the OTP or S&P if it is signed in Singapore and within 30 days after receiving* the document in Singapore if the document is signed overseas.
Here is the payment schedule for the Buyer Stamp Duty:
|Payment Schedule||% of Stamp Duty|
If you are buying an S$1,500,000 Singapore residential property, the buyer stamp duty payable is S$44,600 and the calculation is as followed:
|Payment Schedule||Buyer Stamp Duty Payable|
|On the first $180,000||1% of $180,000 = $1,800|
|On the next $180,000||2% of $180,000 = $3,600|
|On the next $640,000||3% of $640,000 = $19,200|
|Remaining $500,000||4% of $500,000 = $20,000|
|Total Buyer Stamp Duty Payable||$1,800 + $3,600 + $19,200 + $20,000 = $44,600|
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