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Wednesday, November 24, 2010

Duty Stamp Fee (IRAS) - What is it in Singapore Rental Context?

There has been a misconception that stamp fee are required to be paid only when buying of properties. There are many people oblivion of the fact that there is actually duty stamp fee in real estate or property leasing.

What is Stamp Duty?

Stamp Duty is actually the fee payable by the tenant to the landlord. In Singapore, only when the tenancy agreement or the rental contract is Stamped by the Inland Revenue Authority of Singapore or in short IRAS, it wibe considered as a valid contract or a legally binded document.

How much does Stamp Duty cost?

Many people do not know how to calculate stamp fee and would only rely on agent to quote the amount payable by the tenant. Agent would usually ask for a higher amount, this would one of the opportunity to make more money from the tenant. I would not call this cheating as it is a price quoted by the agent and the tenant being oblivion agrees to pay that amount.

Formula for calculation of Stamp Duty fee -

For one year tenancy agreement:

(Agreed monthly rental amount multiply by 12) divide by 250 (rounded up to the nearest dollar)

For two years tenancy agreement

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Articles that you may be interested in -

How To Buy Private Properties In Singapore?

How to Rent a Unit Without a Property Agent?

What are the advantages of consolidating your debts?

I am sure many people in the current world are feeling financial strain and stress. The root cause of the problem is usually Credit Cards. But there are also people who got their debts from business failure or family issues.

Debt plays a very important role in the economy, it contributes to the growth of the economy when everyone has a job and can pay their loans. But when people start to be out of job, these debts become bad debts and it could crash the economy.

Luckily, there is one type of loan known as the payday loan consolidation. It basically ends the debtors' worries by helping to reduce the total interest rates and make sure the payments are made on time. It is because all your loans are being centralised into one single loan and on the whole reducing the total interest rates payable.