Taxman collects $110m from ABSD

The taxman collected about $110 million in additional buyer's stamp duty between Dec 8 last year - when ABSD took effect - and March 31 this year.

The sum includes $66.2 million in ABSD from foreigners who bought 369 private homes over the near four-month period.

A caveats analysis shows that the number of caveats lodged for private home purchases by foreign buyers has fallen from 436, 391 and 530 in October, November and December respectively last year to 56, 137 and 78 in January, February and March this year. Foreign buyers' share of total transactions has also dwindled from 20 per cent, 17 per cent and 23 per cent in October, November and December 2011 to 7 per cent each in January and February and 4 per cent in March. The March figures are preliminary, with more caveats expected to stream in over the next few weeks.

Source: Business Times – 13 April 2012