Breakdown of Revenues from Income Tax on Net Annual Value of Residential Properties
08 May 2023Parliamentary Question by Mr Chua Kheng Wee Louis:
To ask the Deputy Prime Minister and Minister for Finance for the income tax on the Net Annual Value (NAV) of residential properties which tax has been removed with effect from Year of Assessment 2010 and based on Year of Assessment 2009, what is the respective breakdown for (i) the amount of tax revenues derived from this tax (ii) the number and proportion of residential properties that have been subjected to this tax and (iii) the 25th percentile, median and 75th percentile of the NAVs for properties that have been subjected to this tax.
Parliamentary Reply by Deputy Prime Minister, and Minister for Finance Mr Lawrence Wong:
The removal of income tax on the Net Annual Value (NAV) of residential properties was done as part of a broader move to raise Property Tax rates, and make them more progressive, so that properties with higher Annual Values (AV) are taxed at higher rates. We are unable to provide the requested information on the breakdown of revenue collected from the income tax on NAV as it was abolished almost 15 years ago.