[8/10/2026 8:36 pm] My comments[08/10, 1:24 pm] :
https://vt.tiktok.com/ZSbgujxF7/
PAP MPs suggest inheritance tax for high value properties.
[08/10, 1:26 pm] My comments):
https://vt.tiktok.com/ZSb43onan/
PAP MPs call for tax on owners that own multiple properties.
[08/10, 1:42 pm] My comments):
Top 1% of landed properties" in Singapore essentially refers to Good Class Bungalows (GCBs), though the actual inventory of GCBs is even smaller — accounting for roughly 0.6% to 3.5% of all landed and private residential assets in the country.
[08/10, 1:45 pm] My comments):
Multiple properties ownership refer to 3 or more properties.
This PAP MP say 1st property for staying should be exempt.
2nd property for rental income to finance retirement.
3rd properties and more should be taxed.
[08/10, 4:14 pm] My comments):
Source:- Google Gemini AI
AI Overview
The top 1% of properties in Singapore primarily refer to Good Class Bungalows (GCBs) and ultra-luxury detached landed homes or prime-district luxury penthouses.
EdgeProp Singapore +2
Key Characteristics of the Top 1% Properties
Good Class Bungalows (GCBs): These are the most prestigious and exclusive landed homes in Singapore.
They require a minimum plot size of 1,400 square meters (approx. 15,070 sq ft) and are strictly located within 39 gazetted GCB areas (such as Nassim Road, Bukit Timah, and District 10).
Detached and Large Bungalows: Standalone landed properties that do not share any common walls with neighbors, featuring substantial land sizes (400 sqm to under 1,400 sqm) and high privacy. Property Giant +1
Core Central Region (CCR) Penthouses / Luxury Condos: Ultra-high-end non-landed properties located in prime areas like Orchard, Marina Bay, or Ardmore Park (such as Sculptura Ardmore), fetching tens of millions of dollars per unit. Tatler Asia +1
Why They Represent the Top 1%
Scarcity: Landed properties make up only about 5% of Singapore’s total residential housing stock, and GCBs represent a tiny, tightly regulated fraction of that pool. www.landedproperty.sg +1Ownership
Restrictions: Landed properties (especially GCBs) face strict government rules, and foreign ownership is largely restricted unless special approval is granted (except for specific locations like Sentosa Cove).
Valuation: These properties routinely command multi-million to tens-of-millions or even $100M+ price tags, reserved for ultra-high-net-worth individuals (HNWIs) and family offices.
[08/10, 4:54 pm] My close friend comments:
What is the purpose of taxing merely top 1% . How much contribution to tax? Or to deter gcb ownership?
[08/10, 4:55 pm] My comments):
That's why in the comments column, alot of people raise the question, are they going to chase rich people away.
[08/10, 4:57 pm] My close friend comments:
How many gcb can a person own? Can he own enough to give one gcb or even 1 landed to each child? If not, the children will fight and in the end the way to resolve is to sell the properties and divide the sales proceeds.
[08/10, 4:58 pm] My comments):
I think tax collected quite limited.
But will annoy the ultra rich.
[08/10, 5:00 pm] My close friend comments:
Then what is the difference between leaving behind properties or other types of assets like company shares? Why specifically properties. Then old man buy commercial properties but just leave them to rot. Then children sell and benefit, can or not?
[08/10, 5:02 pm] My comments):
I don't like the ideas of inheritance tax.
But they only raise by MPs.
Ministers didn't say anything.
I look see look see first.
But many netizens already expressing reservation.
So let see how.
[08/10, 5:04 pm] My close friend comments:
Current additional buyer stamp duties make more sense, tackle at purchase point. Discourage endless buying, tax vacant properties may be a better move to further discourage hoarding of precious land use will be a better argument
[08/10, 5:05 pm] My comments):
Yes.
Like GST is ok.
Wealth tax and inheritance tax I don't like.
Tax too many time.
[8/10/2026 8:36 pm] My comments
Buy - tax 1 time, inheritance tax want to tax another time?
[08/10, 5:09 pm] My close friend comments:
Then also have to consider foreign talent whom sg is attracting. They are being taxed additional 60% if they were to purchase properties in sg. No choice, they have to rent. Then gov going to provide accomodation for them? Sg need Singaporeans to own 2nd properties to rent them out to these talents. They need several years to assimilate to Singapore culture, decide to settle down in sg tog with their families and hopefully, they are granted PR ship to purchase homes. Long road. Gov want to resolve their accommodation problems?
[08/10, 5:10 pm] My comments):
I think these MP suggest that 2nd house to rent out no tax.
3rd and more houses got tax.
[08/10, 5:13 pm] My comments):
But I feel that the tax revenue from these few people - not worth the hassle because tax collected will not be alot.
It will cause these rich people to leave.
End up middle and lower income people pay more taxes to compensate.
[08/10, 5:13 pm] My comments):
因小失大。
[08/10, 5:13 pm] My close friend comments:
This is an emotive issue. Majority cannot accept other people having a windfall through inheritance, esp when sg economy has been steadily climbing for 6 decades pushing landed and gcb prices in land scarce sg to record prices. Look at our neighbours. Buy easy sell hard. Where got such problems?
[08/10, 5:16 pm] My comments):
I think let Minister respond to these MPs and see how.
Usually tax ultra rich people, Ministers are very careful as they are fearful of driving out the ultra rich.
[08/10, 5:16 pm] My close friend comments:
f they can rent out 3rd, 4th units, why tax? Means got demand. But if too rich and just buy and park money in properties, that's hoarding and gov have to look into it. It means ineffective demand on land use. Developers keep building, Singaporeans keep buying and leave properties vacant is wrong.
[08/10, 5:18 pm] My comments):
For example, recently the approval of onboarding of fund placement in financial institutions suddenly improve tremendously.
No more hassle and no need onerous submission.
Because rich people complain and some divert funds to foreign countries.
[08/10, 5:18 pm] My close friend comments:
Sometimes, they just want the bottom mp to raise the issue, let social media response, then they check ground emotions and arguments
[08/10, 5:19 pm] My close friend comments:
Make mps look stupid
[08/10, 5:20 pm] My comments): Yes.
I guess so.
That's why I didn't post immediately, because ground sentiment by rich people posting in the TikTok suddenly surge.
Many voice disapproval.
That's why I not jumping in to comment.
I want to see how Ministers respond in Parliament.
[08/10, 5:43 pm] My comments):
"Say no to hoarding homes: PAP MPs call for inheritance tax, multiple residential property tax.
"Wealth packed in housing is not flowing and building anything else," said Chen."
https://mothership.sg/2026/10/no-to-hoarding-homes/#:~:text=Say%20no%20to,else%2C%22%20said%20Chen.
[08/10, 5:58 pm] My comments):
Transport Minister Jeffrey Siow said that such topics "actually go beyond the scope of this bill", and encouraged members to file parliamentary questions at a later sitting.
Minister not responding to these MPs suggestions.
Maybe next sitting.
[08/10, 6:20 pm] My comments):
@Babe:
1. When this rich buy GCB or premium houses, they pay BSD and ABSD - tax 1 time.
2. And every year, they pay property tax. Tax 2nd time.
3. Now suggest to pay inheritance tax - tax 3 times.
As worldwide trends show, countries levying inheritance tax and wealth tax are the sure way to drive away these ultra rich people.
And the tax collection from inheritance tax are not alot in comparison.
When the ultra rich leave, usually the family office that we fought so hard to attract, our middle and lower class will have to pick up the slacks by paying more GST and income tax to compensate.
[8/10/2026 8:36 pm] My comments [08/10, 6:20 pm]:
I finally decided to comment in this MP comment section.
[08/10, 6:33 pm] My comments): @Babe:16/10, 10:58 am]:
The country’s top income tax rate stands at 45 per cent, while inheritances above 3 billion won are taxed at 50 per cent.
“That’s one reason why wealthy individuals are looking abroad,” says Lee Yoonsoo, a professor of economics at Sogang University. “When they get older, they want to pass their assets to their children.”
Their choice of destinations reflects their priorities. “Dubai is probably for asset protection,” he cites, highlighting its safe banking system and zero income tax.
Other popular destinations include Australia, New Zealand and Singapore. “Compared to Seoul, they provide better quality of life in some cases,” he adds. “The most important things are the stable tax environment and global networks.”
Indeed, following an investor backlash against plans to hike corporate tax and expand capital gains taxation, the Lee administration has rolled back on the latter proposal. Last month, the president also ordered that additional inheritance tax relief should be given.
Yet, the complexity of South Korea’s inheritance tax rules is partly why it “lags far behind its peers in attracting wealthy individuals”, says Lee Yoonsoo. “And the … visa system isn’t suitable for rich people to reside in the longer term.”
In the region, Malaysia, Thailand and Japan have introduced golden visa and long-term residency schemes, he highlights. “And Singapore leads the race with low taxes.”
“If I go back, … (with) all the wealth I’ve accumulated in Singapore, I’d have to pay half in Korea when I pass my wealth to my daughters,” he says. “I just regularly visit Korea. … I don’t think I’ll go back.”
[16/10, 11:00 am] My comments:
Inheritance tax and capital tax are the main drivers that chase away millionaires from the country.
"Singapore Inc hopes AI access will stop finance high-flyers moving to Hong Kong - as Hong Kong is introducing sweeping tax cuts.
https://www.ft.com/content/7d2969fd-85aa-43fb-ae04-97d1d0ee2463?syn-25a6b1a6=1#:~:text=Singapore%20Inc%20hopes%2
[08/10, 6:36 pm] My comments):
@Babe:"Google cofounder Sergey Brin has spent $102 million to fight California’s proposed billionaire tax—he could owe $13 billion if he loses".
https://fortune.com/article/how-much-has-google-cofounder-sergey-brin-spent-to-oppose-california-billionaire-tax-102-million-owe-13-billion-if-loses/#:~:text=WEALTH-,Google%20cofounder%20Sergey%20Brin%20has%20spent%20%24102%20million%20to%20fight%20California%E2%80%99s%20proposed%20billionaire%20tax%E2%80%94he%20could%20owe%20%2413%20billion%20if%20he%20loses,-By%20Sasha%20Rogelberg
"India should tax income, not wealth or inheritance: Economist Daniel Waldenstrom".
Many countries have abolished wealth tax and inheritance tax.
https://m.economictimes.com/news/economy/policy/india-should-tax-capital-income-not-wealth-or-inheritance-economist-daniel-waldenstrom/articleshow/134655613.cms#:~:text=India%20should%20tax%20capital%20income%2C%20not%20wealth%20or%20inheritance%3A%20Economist%20Daniel%20Waldenstrom
[16/10, 11:06 am] My comments:
If millionaires migrated, they will stop creating business and jobs. And many Singaporeans will lose their jobs. Economic growth will be dampened.
In addition when that happens, the tax burden fully falls on the middle income and the lower income groups.
This means an even higher GST tax will need to be levied for the loss of tax income - and no GST vouchers will be issue to these 2 groups as the GST tax collection can barely cover other government expenditures with lesser leftover for GST vouchers and CDC vouchers.
----
[13/11, 11:15 am] My comments: "Singapore ranked third top destination for world’s wealthy: Savills" because Singapore not levying inheritance tax, wealth tax and estate duty.
[08/10, 6:50 pm] My comments):
@Babe:因小失大。
Collect based on social justice, based on fairness - can result in dire consequences.
[08/10, 7:05 pm] My comments):
@Babe:Singapore is experiencing a K-shaped Economy.
That's 6% GDP fuel by the few ultra rich through AI growth.
If your inheritance tax chase away the top stroke of the K, the ultra rich will leave - and the rest of the bottom K stroke will plummet - and our economy will plunge straight down.
[08/10, 8:33 pm] My comments):
@Babe:Tax collection must be done skilfully, that is the ultra rich must be willing to pay.
Eg. COE, BSD, ABSD, stamp duty, GST etc - they will willingly pay because they enjoy the luxury, goods and services and won't mind paying extra tax.
The moment you levy inheritance tax, wealth tax or estate duty on them - it will make them furious and leave Singapore.
Because they think that you want to deplete their wealth, prevent them from handing over their hard earned assets to their children.
And the rest of Singaporeans will in turn have to pick up the tab and pay higher taxes that are usually pay by the ultra rich - with no excess for tax transfer by the rich.
If we want to levy tax, we cannot come in from the angle of "social justice".
We have to do it skilfully through "behavioral science", understand "human nature".
Economics are "consumer behavior" that drive "market behavior".
The moment you come in from social justice angle, you will be fried without knowing why.
[8/10/2026 8:59 pm] My comments
@Babe:If the ultra rich pull out because of the inheritance tax or wealth tax, Singapore "K-shaped" Economy become "n-shaped Economy".
Grow a bit and then plummet all the way down.
Singaporeans all suffer.
[8/10/2026 10:04 pm] My comments:-
@Babe:[08/10, 9:20 pm] My close friend comments:
Apparent exodus of super-rich suggests UK is no longer billionaires’ playground | The super-rich | The Guardian https://share.google/8rEvIA9ejHTj5DCEW
[08/10, 9:21 pm] My close friend comments:
Ultra rich leaving UK. Good or bad if that happens to Singapore?
[08/10, 9:21 pm] My comments:
Yes.
That's why I don't agree with WP Jamus Lim inheritance tax and wealth tax.
These 2 Pap MPs I also don't agree.
[08/10, 9:23 pm] My close friend comments:
Sometimes they just want to say it to make the average people happy. Can win many votes mah.
[08/10, 9:25 pm] My comments:
That's why when minister say not responding to their suggestions in Parliament until next sitting - means Nov, I then decide to put in my comments.
Don't want to let oppies latch onto their suggestions and let it fester.
Better stop it at its bud.
@Babe:1. Singapore collected an average of about S$75 million per year from estate duty before it was abolished.
2. Financial Year 2025 (IRAS / Budget): Total GST collection reached S$20.0 billion to S$21.3 billion (driven by the GST rate increase to 9% and resilient private consumption).
3. $75 million estate duty vs $21.3 billions from GST largely contributed by the ultra rich (without the benefits of tax transfer).
So if the ultra rich leave Singapore, does remaining Singaporeans willing to finance $21.3 billion GST without tax transfer versus the meagre amount of $75 million inheritance tax that can be collected from the ultra rich?
Does GST need to increase to 20%, 30% and personal income tax increase to 50%, 60%?
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