Law Soc: IRAS - Temporary relief measures on extension of time for ABSD remission
Publisher: Law Society
Effective: 06 May 2020
The Government has announced on 6 May 2020 the temporary relief measures for property developers and individuals affected by disruptions to construction timelines and sales of housing units resulting from the COVID-19 pandemic. The temporary relief measures took effect on 6 May 2020 and include the following:
- Extension of time for the commencement and completion of residential development, and sale of housing units in residential development projects in relation to the remission of Additional Buyer’s Stamp Duty ('ABSD') for housing developers.
- Extension of time for the sale of the first residential property in relation to the remission of ABSD for the second residential property purchased by a Singaporean married couple.
Click here to read the announcement or click here for more information about the key changes for Developers and Singaporean married couples.