Additional duties on property transfers into trusts not intended to be wealth taxes: Chee Hong Tat

In Parliament on July 5, questions were raised on new laws that impose additional taxes on transfers in residential properties and equity interests in property holding entities into living trusts. Mr Don Wee asked Senior Minister of State for Finance Chee Hong Tat about implications from the amendments to the Stamp Duties Bill. The government’s intent is to plug gaps in the system, in a move that experts said would mostly affect high-net-worth individuals.

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