What Is Buyer's Stamp Duty ?
Buyer’s Stamp Duty is tax paid on the acceptance of Option to Purchase (OTP) / Sale & Purchase Agreements (S&P). These are documents (i.e. OTP or S&P) that are prepared and signed when you buy or sell your property.
Stamp Duty is payable on the actual price or market price whichever is higher. The buyer is responsible for paying Buyer’s Stamp Duty. Where Seller’s Stamp Duty is applicable, the seller is responsible for paying Seller’s Stamp Duty.
What Is Additional Buyer's Stamp Duty (ABSD) ?
Additional Buyer’s Stamp Duty (ABSD) was first introduced on 7 December 2011 to cool the residential property market. ABSD is to be paid by certain groups of people who buy or acquire residential properties (including residential land) on top of the existing buyer’s stamp duty (BSD).