Proposed Amendments to the ABSD Bill to Prevent Exploitation by the Rich

This speech was given with regards to the proposed new Additional Buyers’ Stamp Duty rules, and delivered on 5 July 2022.

Deputy Speaker, I support the Bill.  However, the government should have introduced this Bill at least 10 years ago, around 2011 when the Additional Buyer Stamp Duty (ABSD) was introduced. 

We are disappointed that the government has allowed loopholes in the ABSD to be left open and exploited by some rich buyers of properties for so long.

We ask the government to tell us the number and value of properties transferred to living trusts since the introduction of ABSD in 2011.   And are there any properties being sold to realize a profit while under a living trust without paying the ABSD?

Given Singapore already has a tax regime that favours the rich, such tax loopholes are inexcusable and should be dealt with strictly.  Thus, we propose 2 amendments to this new Bill.  Firstly, to apply this new Bill retrospectively to all properties transferred to living trusts since the introduction of the ABSD in 2011 and ABSD should be collected retrospectively, based on ABSD rates at the time of the purchases.  

Secondly, the ABSD should be charged at the point of transfer from now on, only to be refunded after the settlor has passed away. This will eliminate the trouble of having to determine whether the living trust is genuine or not.

Deputy Speaker, in Mandarin please.

我支持这个关于向生前信托征收印花税的修正法案。但是,我觉得政府应该在10 年前就推出这个法案——也就是2011年推出额外买方印花税 ABSD 的时候。

我感到失望的是,政府长期以来允许一些富有的购房者利用这些ABSD 制度的漏洞。

我们要求政府告诉我们,自 2011 年推出 ABSD 以来,转移到生前信托的资产的总数量和价值。并且,是否在生前信托下,有资产没有缴交ABSD,就被套现获利?

鉴于新加坡已经有一个有利于富人的税收制度,我们不能容忍这些税收漏洞被滥用,必须严肃处理。因此,我们对这个新法案提出两项修正。首先,将这个新法案追溯于自 2011 年推出 ABSD 以来转移给生前信托的所有资产,根据购买时的 ABSD 税率,征收 ABSD税额。



Mr Speaker, I support the Bill and propose that a thorough review of property market policies be conducted by the government before Singaporeans are further disadvantaged.   Thank you.

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