According to the article, "The taxman has collected more than half a billion dollars from additional stamp duties imposed as part of property cooling measures."
The main tax in question is the Additional Buyer's Stamp Duty(ABSD) implemented on December 8 2011:
1.1 Certain buyers of residential properties (include residential land) on and after 8
December 2011 would have to pay ABSD on top of the existing buyer’s stamp duty
(BSD).
1.2 Affected Buyers:
a. Foreigners and non-individuals.
b. Singapore Permanent Residents (PR) who already own 1 or more residential
properties, whether owned wholly, partially, or jointly with others.
c. Singapore Citizens (SC) who already own 2 or more residential properties,
whether owned wholly, partially, or jointly with others.
(Extracted from IRAS)
For more information on the stamp duty rates and its applicability to you, please refer to the document provided by IRAS at this link: http://www.iras.gov.sg/irasHome/uploadedFiles/Quick_Links/e-Tax_Guides/Stamp_duty/Stamp%20Duty%20ABSD%20on%20Purchase%20of%20Residential%20Properties%20Fourth%20Edition.pdf
Probable implications of this high tax revenue:
1. Renewed interest of foreigners in the Singapore Property Market thus resulting in the lowered effectiveness of these cooling measure
Possible cause of renewed interest in the Singapore Property market:
1. Expansion of the middle-class in China who have spare cash for investment. Real estate is often viewed as a form of low-risk investment with relatively stable returns.
2. Singapore as a safe haven for funds withdrawn from Europe and US over fears and uncertainty during the current sovereign debt crisis
3. Continued influx of foreigners(Those who plan to stay for the long-term would consider committing to buying property, while short-term immigrants push up demand for residential property in the rental market, increasing returns of those who invest in residential property).
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