{"id":47814,"date":"2022-01-25T15:19:04","date_gmt":"2022-01-25T07:19:04","guid":{"rendered":"https:\/\/www.99.co\/singapore\/insider\/?p=47814"},"modified":"2022-09-29T15:41:51","modified_gmt":"2022-09-29T07:41:51","slug":"wealth-tax-singapore","status":"publish","type":"post","link":"https:\/\/www.99.co\/singapore\/insider\/wealth-tax-singapore\/","title":{"rendered":"Wealth tax Singapore: How it could affect the property market"},"content":{"rendered":"<div id=\"bsf_rt_marker\"><\/div>\n<p>There has been growing debate in different societal circles, including within the government, about the pros and cons of a wealth tax in Singapore.<\/p>\n\n\n\n<p>This isn\u2019t unique to us, of course. In other countries such as the US, the UK, and China, wealth taxes have also become a hot button issue. With Covid-19 incurring unprecedented levels of public spending and exacerbating inequality in many counties, people are looking towards the ultra-wealthy to pay their dues.<\/p>\n\n\n\n<p>What are the pros and cons of a wealth tax, and what might it look like if implemented in Singapore? And, since we Singaporeans are nothing if not pragmatic, how will a possible wealth tax affect our property market?<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-s-a-wealth-tax-anyway\">What\u2019s a wealth tax, anyway?<\/h2>\n\n\n\n<p>In its most basic form, a wealth tax is a recurring levy people pay on the total sum of their assets. This can include property, cash, investments, businesses, cryptocurrency, cars, artwork and so on; it\u2019s up to the tax authorities to define what does and doesn\u2019t count as \u201cwealth\u201d.<\/p>\n\n\n\n<p>In Parliament, the Workers\u2019 Party\u2019s Jamus Lim has <a href=\"https:\/\/www.straitstimes.com\/singapore\/politics\/parliament-wp-mp-jamus-lim-proposes-wealth-tax-of-05-to-2-per-cent-on-the-richest\" target=\"_blank\" rel=\"noopener\">proposed the following wealth tax rates<\/a>:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>0.5% on net wealth in excess of S$10 million<\/li><li>1 per cent for wealth above S$50 million<\/li><li>2 per cent for wealth above S$1 billion<\/li><\/ul>\n\n\n\n<p>So, for example, if your total wealth assets add up to S$11 million, you\u2019ll need to pay wealth tax on S$1 million. At a tax rate of 0.5%, that\u2019s S$5,000 you need to cough up for the taxman every year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-why-would-singapore-need-a-wealth-tax\">Why would Singapore need a wealth tax?<\/h2>\n\n\n\n<p>Wealth tax sounds a lot like punishment for being rich. But its real point is to benefit society as a whole by providing revenue to fund public spending.<\/p>\n\n\n\n<p>Singapore has already spent unprecedented amounts on dealing with Covid-19 and <a href=\"https:\/\/www.straitstimes.com\/singapore\/budget-2021-singapore-to-dip-into-reserves-for-second-year-to-fund-11-billion-covid-19\" target=\"_blank\" rel=\"noopener\">had to dip into national reserves<\/a> in the past two years. But there are even more <a href=\"https:\/\/www.straitstimes.com\/singapore\/politics\/spore-will-continue-to-review-wealth-tax-seeks-balance-in-ways-to-supplement\" target=\"_blank\" rel=\"noopener\">expenses down the road to budget for<\/a>: healthcare for an ageing population, sustainability infrastructure projects, and funding to improve social mobility and decrease inequality.<\/p>\n\n\n\n<p>All these things cost money, and the money has to come from taxes. We\u2019re already paying income tax, <a href=\"https:\/\/www.99.co\/singapore\/insider\/property-tax-much-pay\/\" target=\"_blank\" rel=\"noopener\">property tax<\/a>, COE, and GST. Plus, the government has just increased <a href=\"https:\/\/www.99.co\/singapore\/insider\/cooling-measures-announced-absd-tdsr-ltv-16-december-2021\/\" target=\"_blank\" rel=\"noopener\">stamp duties<\/a> as part of the property cooling measures and will <a href=\"https:\/\/www.channelnewsasia.com\/singapore\/gst-hike-increase-pm-lee-hsien-loong-budget-2022-2409246\" target=\"_blank\" rel=\"noopener\">raise GST any day now<\/a>. Any further tax hikes would be unwelcome.<\/p>\n\n\n\n<p>Implementing a wealth tax certainly seems like a more desirable way to boost Singapore\u2019s tax revenue \u2013 and the money would come from those least likely to feel the pinch, too.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-are-the-cons-of-a-wealth-tax\">What are the cons of a wealth tax?<\/h2>\n\n\n\n<p>The biggest problem with wealth tax is implementation. It\u2019s exceedingly tricky to impose a wealth tax model that (a) doesn\u2019t drive too many rich people and companies away and (b) doesn\u2019t cost a ridiculous amount of resources to administer.<\/p>\n\n\n\n<p>That\u2019s why the <a href=\"https:\/\/taxfoundation.org\/wealth-taxes-in-the-oecd\/\" target=\"_blank\" rel=\"noopener\">direct wealth tax system has largely failed<\/a> in most European countries. For example, when France introduced one in 2011, its <a href=\"https:\/\/www.investorschronicle.co.uk\/education\/2021\/02\/11\/lessons-from-history-france-s-wealth-tax-did-more-harm-than-good\/\" target=\"_blank\" rel=\"noopener\">millionaires and billionaires simply packed up and left<\/a>, resulting in significant financial losses.<\/p>\n\n\n\n<p>Even if Singapore is careful not to trigger such an exodus, the ultra-wealthy can simply shift their wealth into alternative assets that are difficult to value, making tax collection a costly administrative nightmare.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter is-resized\"><a href=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/02\/taxi.jpg\" class=\"img-link media-img img-link media-img\"><img decoding=\"async\" src=\"https:\/\/www.99.co\/singapore\/insider\/wp-content\/uploads\/2019\/02\/taxi.jpg\" alt=\"Taxi driving through ERP\" class=\"wp-image-22671\" width=\"700\"\/><\/a><figcaption>Besides parliamentary debates about a wealth tax, there are also discussions about the GST (to be hiked from 7 to 9% anytime between 2022 and 2025).<\/figcaption><\/figure><\/div>\n\n\n<h2 class=\"wp-block-heading\" id=\"h-what-will-wealth-tax-look-like-in-singapore\"><b>What will wealth tax look like in Singapore?<\/b><\/h2>\n\n\n\n<p>For the above reasons, Singapore\u2019s strategy is unlikely to be a direct tax on wealth. Instead, it\u2019s more likely to take on the following well-established forms:<\/p>\n\n\n\n<p><b>Luxury property tax: <\/b>The government can add a \u201csurcharge\u201d tax on <a href=\"https:\/\/www.99.co\/singapore\/insider\/luxury-property-floorplans-ultra-rich-jho\/\" target=\"_blank\" rel=\"noopener\">luxury properties<\/a>, which neatly rides on our existing property tax system. This makes sense from an administrative standpoint. Property transactions require legal paperwork and have a well-established valuation framework, so they\u2019re relatively simple to tax, unlike certain other assets like cryptocurrencies or collectables.<\/p>\n\n\n\n<p><b>Estate or inheritance tax: <\/b>A one-off tax on assets, including property, inherited from a deceased person. The majority of OECD countries practise this form of tax.<\/p>\n\n\n\n<p><b>Capital gains tax on property: <\/b>A tax on profits made by selling property, over and above the existing <a href=\"https:\/\/www.99.co\/singapore\/insider\/sellers-stamp-duty-before-selling-within-three-years\/\" target=\"_blank\" rel=\"noopener\">Seller\u2019s Stamp Duty<\/a>. This idea has been <a href=\"https:\/\/www.channelnewsasia.com\/singapore\/big-read-wealth-tax-economy-covid-19-pandemic-2342236\" target=\"_blank\" rel=\"noopener\">floated by some economists<\/a>, but we think it\u2019s unlikely since it may threaten Singapore\u2019s cherished values around homeownership and upgrading \u2013 and thus do more economic harm than good. In Australia for example, foreigners who bought properties off-plan can only resell them to Australian citizens or PRs (not foreigners) and are subject to capital gains tax as part of their income tax assessment (some exemptions if the property was their primary residence).<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-how-might-wealth-tax-affect-the-property-market\">How might wealth tax affect the property market?<\/h2>\n\n\n\n<p>Before you panic about more tax bills to pay, the average Joe should rest easy knowing that you\u2019re not the target of such taxes. Bear in mind that the lowest net wealth threshold proposed by the Workers&#8217; Party is S$10 million \u2013 even some millionaires are not the target of wealth taxes!<\/p>\n\n\n\n<p>If the government did introduce a luxury property tax in the short term, the <a href=\"https:\/\/www.straitstimes.com\/business\/invest\/luxury-properties-in-spore-selling-like-hot-cakes\" target=\"_blank\" rel=\"noreferrer noopener\">market for luxury penthouses and landed homes<\/a> (which was overheated in 2021) would take a hit. The dampening effect may trickle down to other private property segments, though we expect it to be reasonably contained. Still, it\u2019s something for property investors to look out for.<\/p>\n\n\n\n<p>Conversely, in the longer term, wealth taxes may make the property an even more appealing asset for Singaporeans to hang on to.<\/p>\n\n\n\n<p>That\u2019s because, as <a href=\"https:\/\/www.straitstimes.com\/singapore\/politics\/spore-will-continue-to-review-wealth-tax-seeks-balance-in-ways-to-supplement\" target=\"_blank\" rel=\"noreferrer noopener\">Minister Indranee Rajah alluded to<\/a>, the revenue may be used to fund public spending on sustainability infrastructure (e.g. public transport nodes and green spaces), healthcare (e.g. hospitals and care facilities) and education (e.g. preschools and adult education hubs).<\/p>\n\n\n\n<p>And where will these new facilities be located? In our neighbourhoods, of course! We\u2019re guessing many residential estates will benefit from such spending, which can add more value to our lives and our homes.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-wealth-tax-are-you-for-or-against-let-us-know-in-the-comments-section-below\"><b>Wealth tax: are you for or against? Let us know in the comments section below.\u00a0<\/b><\/h2>\n\n\n\n<p>If you found this article helpful, 99.co recommends checking out <a href=\"https:\/\/www.99.co\/singapore\/insider\/singapores-long-term-plan-review-for-the-next-50-years-and-beyond\/\" target=\"_blank\" rel=\"noopener\">Singapore\u2019s Long-Term Plan Review for the next 50 years and beyond and <\/a><a href=\"https:\/\/www.99.co\/singapore\/insider\/high-net-worth-individuals-bought-sold-bungalows-property-singapore-recent\/\" target=\"_blank\" rel=\"noopener\">Ultra-high-net-worth individuals who bought or sold bungalows or entire property blocks in Singapore recently<\/a><a href=\"https:\/\/www.99.co\/singapore\/insider\/singapores-long-term-plan-review-for-the-next-50-years-and-beyond\/\" target=\"_blank\" rel=\"noopener\">.<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>There has been growing debate in different societal circles, including within the government, about the pros and cons of a wealth tax in Singapore. This isn\u2019t unique to us, of course. In other countries such as the US, the UK, and China, wealth taxes have also become a hot button issue. With Covid-19 incurring unprecedented&hellip;<\/p>\n","protected":false},"author":127,"featured_media":47820,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"59689,50070,5322,45473,21171,20235","_relevanssi_noindex_reason":"","_lmt_disableupdate":"no","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[53593,53589,57131],"tags":[53975,57191,56946,56947,53680],"persona":[57126],"class_list":{"2":"type-post","16":"entry","17":"has-post-thumbnail"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v25.7.1 (Yoast SEO v25.7) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Wealth tax Singapore: How it could affect the property market - 99.co<\/title>\n<meta name=\"description\" content=\"What is a wealth tax, and what will it look like if implemented in Singapore? 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