Global

Details

  • Service: Tax, Global Indirect Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 5/23/2013

Singapore - Value of vacant land for tax assessment 

May 23: Singapore’s Court of Appeal reversed a decision of the High Court, and held that that the annual value of vacant land for tax assessment purposes is to be assessed at current market value based on the land’s full development potential, and that pre-sold unit need not be taken into consideration. Chief Assessor v. Glengary Pte Ltd., (2013) MSTC ¶70-021

Read a May 2013 report [PDF 565 KB] prepared by the KPMG member firm in Singapore: Tax Alert (May 2013)

Background

The taxpayer was involved in a condominium development in Singapore’s central business district. While the building was under construction, the Chief Assessor issued a property tax assessment that increased the annual value of the property by taking into account committed sales of units.


The High Court decided that the committed sales may be taken into consideration in the assessment of the land’s annual value, and that the annual value in this case was less than half of that originally proposed by the Chief Assessor.


Read TaxNewsFlash-Asia Pacific: Singapore - Land value assessments to consider committed sales




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