Ever wondered what is stamp duty – specifically, property Buyer’s Stamp Duty (BSD) in Singapore? Property BSD is basically a Singapore stamp duty or tax levied on buyers. In this article, we have included a nifty Buyer’s Stamp Duty calculator, as well as useful information on what BSD is, BSD eligibility criteria, the various BSD exemptions, BSD payment modes, and more.
Do note that on 14 February 2023, Deputy Prime Minister and Finance Minister Lawrence Wong delivered the Budget 2023 statement in Parliament, where he announced the BSD for higher-value residential and non-residential properties would be raised.
Read on to learn more about BSD in Singapore and how these latest changes will affect prospective property buyers and the Singapore property market at large.
What Is Buyer’s Stamp Duty (BSD) in Singapore?
Buyer’s Stamp Duty, or BSD for short, are taxes on documents related to either the purchase or lease of a property. BSD is a tax levied on all property purchases, even HDB flats, within Singapore. The tax applies only to the buyer.
The amount of BSD you have to pay depends on whichever is the higher of the following:
- Purchase price of the property (as stated in the signed sale and purchase agreement)
- The market value of the property (based on the property’s valuation reports)
Even if you manage to negotiate a condo unit valued at $2 million down to $1.8 million, your BSD rate will still be calculated based on the original $2 million, since it’s the higher of the two amounts.
It’s an offence to use a document that hasn’t had its stamp duties paid. Should you ever find yourself in court over any property disagreements, only documents that have had their stamp duties paid will be accepted as evidence.
BSD Rates in Singapore (2024): How Much is Buyer’s Stamp Duty?
First $180,000
1%
1%
Next $180,000
2%
2%
Next $640,000
3%
3%
Next $500,000
4%
4%
Next $1.5 million
5%
5%
In excess of $3 million
6%
5%
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How to Calculate Buyer’s Stamp Duty (BSD)
Here’s the formula for calculating Buyer’s Stamp Duty (BSD) in Singapore.
| Property value | The formula for quick BSD calculation |
| $180,000 or less | 1% x purchase price or market value = BSD you have to pay |
| Between $180,000 to less than $360,000 | (2% x purchase price or market value) – $1,800 = BSD you have to pay |
| Between $360,000 to less than $1 million | (3% x purchase price or market value) – $5,400 = BSD you have to pay |
| Between $1 million to less than $1.5 million | (4% x purchase price or market value) – $15,400 = BSD you have to pay |
| Between $1.5 million to less than $3 million | (5% x purchase price or market value) – $30,400 = BSD you have to pay |
| More than $3 million | (6% x purchase price or market value) – $60,400 = BSD you have to pay |
BSD is always rounded down to the nearest dollar.
For example, if you’re a Singapore Citizen buying a condominium valued at $5 million, your BSD calculation would then go something like this:
1% of the first $180,000
$180,000 x 1% = $1,800
2% of the next $180,000
$180,000 x 2% = $3,600
3% of the next $640,000
$640,000 x 3% = $19,200
4% of the next $500,000
$500,000 x 4% = $20,000
5% of the next $1,500,000
$1,500,000 x 5% = $75,000
Remaining Amount of $2,000,000
$2,000,000 x 6% = $120,000
So, the BSD payable for a $5 million property would be a total of $239,600.
HDB Buyer’s Stamp Duty: Is There Buyer’s Stamp Duty (BSD) for HDB Flats?
Yes, BSD is applicable for all property and/or land purchases in Singapore – regardless of whether it is private property of HDB flats. The HDB Buyer’s Stamp Duty (BSD) is calculated based on the same rate as all other properties (as above). For HDB, Buyer’s Stamp Duty is payable within 14 days from HDB’s letter of in-principle approval.
If the HDB flat is still under construction (e.g. BTO or balance flat), then you may use your CPF to pay it directly. If you are buying a resale flat, you must pay the BSD in cash first and seek reimbursement later on.
BSD or Buyer’s Stamp Duty Calculator
Not great with numbers or just can’t be bothered with the math? Or jJust use our PropertyGuru stamp duty calculator to work out your stamp duties payable on your new home.
Buyer’s Stamp Duty (BSD) Increase in 2023
Before 20 February 2018, the BSD rate was up to 3%, and it applied across the board, to both residential or non-residential properties.
As part of the property cooling measures introduced on 20 February 2018, the BSD rate in Singapore was revised to add an extra tier of 4% for amounts above $1 million, for residential properties only. The rates for residential properties under $1 million and non-residential properties remained the same as before.
Effective from 15 February 2023, the BSD tax was increased for residential and non-residential properties, up to 6% and 5%, respectively.
Previous Buyer’s Stamp Duty (BSD) Rates (on or Before 14 February 2023)
These BSD rates are no longer valid, but just in case you were wondering, here is a table of the BSD rates before the latest revision in February 2023.
First $180,000
1%
1%
Next $180,000
2%
2%
Next $640,000
3%
3%
Remaining amount
4%
3%
Aside from BSD or Buyer’s Stamp Duty in Singapore, What Other Taxes Do I Need to Pay?
As a buyer, another type of stamp duty that you may have to pay is called Additional Buyer’s Stamp Duty (ABSD), which is one of the property cooling measures introduced by the government.
The amount of ABSD you have to pay depends on several criteria, such as your residency status and your property ownership at the time of purchase. Here are the current ABSD rates in Singapore:
| Buyer profile | ABSD payable (on or after 27 April 2023) |
| Singapore Citizens buying their first property | No need to pay ABSD (no change) |
| Singapore Citizen buying a second property | 20% |
| Singapore Citizens buying their third and subsequent properties | 30% |
| Singapore Permanent Residents (PR) buying their first property | 5% (no change) |
| Singapore PR buying a second property | 30% |
| Singapore PR buying third and subsequent properties | 35% |
| Foreigners buying any property | 60% |
| Entities (companies or associations) buying any property | 65% |
| Housing developers for any residential property | 35% (additional 5%; non-remittable) |
| Trustee buying any residential property | 65% |
When you sell your property, you might also need to pay Seller’s Stamp Duty (SSD), so do factor in those costs when making property transactions.
Are There Any BSD Exemptions Where I Don’t Need to Pay Buyer’s Stamp Duty in Singapore?
There are some instances where BSD in Singapore won’t be applicable:
- Aborted sale and purchase of properties
- Transfer of HDB flat within the family
- Transfer of assets between associated permitted entities
- Transfer of assets upon reconstruction or amalgamation
- Acquisition of a residential property on, or before 19 February 2018 (the OTP is granted on or before 19 February 2018, and is exercised before 12 March 2018)
- Acquisition of residential land for non-residential development
If your property purchase falls under any of these categories, you can write to IRAS within 14 days of acquiring the property. You will need to send in a copy of the acquisition, the original letter of undertaking to comply with the remission conditions, and other documents or evidence necessary for the application.
BSD Payment and E-Stamping: When and How to Pay Buyer’s Stamp Duty in Singapore?
You have 14 days to pay your BSD, from the date of the execution of the sale. If the transaction happens overseas, the BSD must be paid within 30 days of receiving the documents in Singapore. You can’t pay for the BSD in instalments, so you’ll need to ensure you have enough to cover the full amount.
Information that you should prepare beforehand include the personal particulars of both seller and buyer, the address of the property, and the value/price of the property.
You can e-stamp and pay the duties using the corresponding e-form from the IRAS’s e-Stamping website, using eNets, cheque, or a cashier’s order. Other avenues to pay for your BSD include e-Terminals at the IRAS Surf Centre and SingPost Service Bureaus.
Can I Pay My Buyer’s Stamp Duty (BSD) Using CPF?
You might also be eligible to use your CPF to pay for BSD. You’ll have to pay for your BSD first and then apply for a one-time reimbursement from your CPF account together with your application to use your CPF savings to buy the property.
What If I’m Late in Paying My Buyer’s Stamp Duty?
If you don’t pay your BSD in Singapore by the deadline, IRAS will take action against you. A demand note will be sent to you as a reminder when the payment is not made by the due date.
BSD Late Payment Penalties
- Less than 3 months past deadline: $10 or BSD amount, whichever higher
- More than 3 months past deadline: $25 or four times the BSD amount, whichever higher
If you’ve missed the deadline, but it’s been less than three months, you’ll have to pay a penalty of either $10 or an amount equal to the duty payable, whichever is higher.
If your delay exceeds three months, then the penalty is whichever is the higher of the two: $25, or a whopping four times the duty payable.
The IRAS may take legal action against you if you ignore the Demand Note and miss the stipulated deadline. They may also appoint your bank, employer, tenant, or lawyer to pay it on your behalf.
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