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Singapore doubles tax for foreigners' home purchases

City-state raises duty to 60% from 30% to cool hot real estate market

The Singaporean government on April 26 announced tax increases on the purchase of residential property as it tries to cool a market heated up by the easing of the COVID-19 pandemic.   © Reuters

SINGAPORE -- Singapore announced the increase of taxes on purchases of residential property late Wednesday, as the real estate market in the city-state remains hot, fueled in part by interest from prospective buyers overseas.

Duties have all gone up for a range of buyers, with foreign purchasers hit with the biggest increase in levies, effective Thursday. For them, the Additional Buyer's Stamp Duty (ABSD), a tax on residential real estate purchases, was doubled to 60% from 30%.

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