|
4.14 Presently, all property leases are levied
with stamp duty. To reduce the tax burden on families
living in rental flats, and the inconvenience
to businesses and the general public, I have decided
to exempt from stamp duty leases with annual rents
that do not exceed $1,000. This change will benefit
some 3,500 households that start a new lease or
renew the lease of 1- and 2-room HDB rental flats
each year. The exemption will also cover the fixed
duty levied on 99-year leases that some 32,000
households enter into each year when they purchase
flats from HDB. About 30% of all leases will now
be exempted. Households and businesses can expect
to save about $340,000 a year from 1 April 2003
onwards.
|
