Annual yields in property stamp duty hit S$2b

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Some S$2 billion in stamp duty from property transactions is collected by the government annually.

According to Josephine Teo, Minister of State for Finance, a total of S$10.87 billion in stamp duty has been collected from the sale and purchase of properties within the last five financial years, starting from 2006/07.

She made the statement in response to a query from Lina Chiam, a Non-Constituency Member of the House.

On the other hand, Transport Minister Lui Tuck Yew revealed that the Electronic Road Pricing (ERP) remitted S$149 million to the government in FY2009, S$159 million in 2010 and S$97 million for up to October 2011.

However, he reminded Parliament that the ERP aims to regulate traffic congestion and is not for generating revenue.

“The (ERP) rates are set and reviewed based on the latest traffic conditions and the key measure of the effectiveness of the ERP is whether it's able to keep traffic speeds within the optimal range, rather than the amount collected by each gantry,” said Mr Lui.

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