Business

Issue on paying tax for vacant properties raised

Paying property tax on untenanted property was among the several issues ERA property agents raised with Minister for Social and Family Development Tan Chuan-Jin at the company's Asia-Pacific Business Conference at the Marina Bay Sands yesterday.

Prior to 2014, there was a concession that provided a tax refund for a vacant property.

These owners are now hit by a triple whammy: not having the tax refund, not having tenants and still having to pay maintenance fees, despite having bought the properties when the policy providing tax refunds was in place, said ERA chief operating officer Marcus Chu. Mr Tan noted these concerns but said such owners are likely to be in the higher income segment of the population.

"We hear the concerns on this front, and this is something which the Ministry of Finance will closely look at. Should there be a need for us to perhaps step in with various relief efforts, we will do that," he said.

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