It seemed pretty confusing to pty owners & investors after a proposed change on taxing profits from pty sales was reported. It generated enough concerns to send pty stocks down and ytd, MOF (Ministry of Finance) has to come out to clear the air.
Generally, gains from pty sale is not taxable as it is a capital gain, unless a person is deemed to be a trader. This sometimes creates confusion to pty owners who are not sure if they would be taxed.
The proposed change is to provide certainty to owners who sell only 1 pty within a 4yr period. However, it does not mean those who have sold >1 pty within the 4yr period will automatically be taxed. IRAS will assess based on the facts and circumstances of each case.
* MOF-Tax , ST-Tax , IRAS-PtyTrader *
Friday, July 10, 2009
To Tax Or Not to Tax
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