e-Tax Guide on Property Tax Rebate for Qualifying Commercial Properties – Budget 2020

by | Feb 18, 2020 | Income Tax, Property Tax, Tech News

On or about 18 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide on Property Tax Rebate for Qualifying Commercial Properties — Budget 2020.

This e-Tax Guide provides details on the property tax rebate for qualifying commercial properties announced in Budget 2020. This e-Tax Guide may be updated in accordance with the full details of the rebate that will be published in the ministerial remission order at a later date.

As part of the Government’s Stabilisation and Support Package, owners of qualifying commercial properties will be granted property tax rebate for the period of 1 January 2020 to 31 December 2020 on their property tax payable.

(a) The rebate is 30% of the property tax payable for:

  1. Accommodation and function room components of hotels licensed under the Hotels Act;
  2. Accommodation and function room components of serviced apartments; and
  3. Meetings, Incentives, Conventions and Exhibitions (MICE) space components of prescribed MICE venues, namely Suntec Singapore Convention & Exhibition Centre, Singapore EXPO, and Changi Exhibition Centre.

(b) The rebate is 15% of the property tax payable for other qualifying commercial properties. Some examples include:

  1. Premises of an international airport i.e. Singapore Changi Airport;
  2. Premises of a prescribed international cruise or regional ferry terminal. The prescribed cruise and ferry terminals are Singapore Cruise Centre, Marina Bay Cruise Centre and Tanah Merah Ferry Terminal;
  3. Shops (e.g. retail and F&B), including those within hotels, serviced apartments, and the prescribed MICE venues under (a)(3);
  4. Premises of tourist attractions (e.g. Singapore Zoological Gardens,
  5. Singapore Flyer and Haw Par Villa).

(c) The rebate is 10% of the property tax payable for:

  • Marina Bay Sands; and
  • Resorts World Sentosa.

The above 30% and 15% property tax rebates do not apply to them.

No rebate shall be given to any premises or a part of any premises used for any residential, industrial or agricultural purpose, or as an office, a business or science park, or a petrol station.

Full details on the scope of the rebate will be published in the ministerial remission order at a later date.

The IRAS will send out the rebate notices by 30 April 2020, Owners of qualifying properties can expect to receive their refunds by 31 May 2020.

Source: IRAS website, 18 February 2020