BUYER STAMP DUTY (BSD)
What is Stamp Duty?
Before we talked about what is Buyer ‘s Stamp Duty (BSD) in Singapore, let us brief understanding of what is a Stamp Duty. Stamp duty is a Tax on documents relating to the purchase of a property.
It is to be paid by buyer within 14 days after the date of documents (e.g. Sale & Purchase Agreement) if the document is signed in Singapore.
If the document is signed overseas, it has to be paid within 30 days after date of its receipt in Singapore.
Stamp Duty is to be paid to IRAS (Inland Revenue Authority of Singapore).
So what is Buyer’s Stamp Duty (BSD)?
Buyer’s Stamp Duty is tax paid on the acceptance to Option to Purchase (OTP)/ Sale & Purchase Agreements (S&P).
These are documents (OTP or S&P) that are prepared and signed when you purchase a property.
The buyer is responsible for paying Buyer’s Stamp Duty. Stamp Duty will be computed on the purchase price.