It is a well-publicized fact that Singapore do not have a capital gains tax regime. Even our Malaysian neighbour has a Real Property Gains Tax, which imposes a 15% tax on gains from sales of property bought within 1 -2 years; 10% for those bought within 3 - 5 years and zero tax if one has held on to the property for more than 5 years.
One of our readers has suggested that the most effective way to cool our red-hot property market is via a capital gains tax.
The wife and I must admit that we do not know enough on the subject and our quest for answers (from the internet) thus far has revealed little.
So we are opening the questions to our readers:
1. Do you feel that a capital gains tax will be more effective than the measures that have been implemented (e.g. lower LTV, additional stamp duties) to cool the property market?
2. If so, why has the Government not