Taxation Cheat Sheet for RES Exam Revision

TL;DR: For the RES exam, memorise the purpose, payer, calculation base, deadline and current rate for each tax. The highest-yield areas are Buyer’s Stamp Duty (BSD), Additional Buyer’s Stamp Duty (ABSD), Seller’s Stamp Duty (SSD), property tax and GST.

For property transactions, always check whether the question asks about the buyer or seller, whether the property is residential or non-residential, and whether the relevant date is the agreement date, acquisition date or disposal date. BSD and ABSD are generally calculated on the higher of the consideration or market value, and must normally be paid within 14 days after signing in Singapore.

For RES candidates, taxation is one of the five Paper 2 topics. Use this page as a last-minute Taxation quick reference, then revise the detailed Taxation topic and test recall with Free RES Practice. The key answer is simple: identify the tax, establish the taxable base and date, apply the correct rate, then check the deadline and any relief.

BSD is the buyer’s stamp duty charged on the acquisition of Singapore immovable property, calculated progressively on the higher of purchase price or market value. For residential property acquired on or after 15 February 2023, memorise this tier structure:

• First S$180,000: 1%
• Next S$180,000: 2%
• Next S$640,000: 3%
• Next S$500,000: 4%
• Next S$1,500,000: 5%
• Amount exceeding S$3,000,000: 6%

For non-residential property, the usual BSD structure is 1% on the first S$180,000, 2% on the next S$180,000 and 3% on the balance. BSD is separate from ABSD, so an eligible buyer may pay both. Stamp duty is not calculated simply by applying one rate to the entire price; apply each marginal rate to its corresponding band.

Exam rule: BSD is progressive, based on the higher of consideration or market value, and distinct from ABSD. This is the essential BSD summary for RES calculations.

ABSD is an additional stamp duty imposed on qualifying residential property purchases, payable on top of BSD. The rate depends mainly on the buyer’s profile and the number of residential properties owned. Current headline rates include:

Buyer profile	ABSD rate
Singapore citizen buying first residential property	0%
Singapore citizen buying second residential property	20%
Singapore citizen buying third or subsequent residential property	30%
Singapore permanent resident buying first residential property	5%
Singapore permanent resident buying second residential property	30%
Singapore permanent resident buying third or subsequent residential property	35%
Foreign person buying residential property	60%

ABSD and BSD are generally computed on the higher of the consideration or market value. Both are normally payable within 14 days after signing in Singapore, or within 30 days after receipt in Singapore where the document is signed overseas.

Exam alert: Do not confuse citizenship with residency, or ABSD with BSD. The correct ABSD rate depends on the buyer category, property count and applicable remission or treaty rules.

SSD is payable when a residential property is sold within the applicable holding period, using the higher of the selling price or market value as the taxable base. For properties acquired on or after 4 July 2025, the holding period is four years:

Holding period	SSD rate
Up to 1 year	16%
More than 1 year to 2 years	12%
More than 2 years to 3 years	8%
More than 3 years to 4 years	4%
More than 4 years	No SSD

For properties acquired from 11 March 2017 to 3 July 2025, the older schedule applies: 12% for up to one year, 8% for more than one to two years, and 4% for more than two to three years; no SSD applies after three years.

Critical date rule: For the revised regime, the relevant acquisition date is generally the date the property was acquired; an OTP exercised on or after 4 July 2025 is subject to the revised schedule. Always match the acquisition date before selecting the rate.

Property tax is an annual tax on property ownership, calculated using the property’s Annual Value (AV), not its purchase price. AV is broadly the estimated gross annual rent the property could reasonably command if rented out, excluding furniture and fittings. IRAS determines the AV and may revise it when rental conditions change.

For owner-occupied residential property, progressive owner-occupier rates apply. The current structure is tested by AV bands, so candidates should confirm the applicable year’s IRAS table before the examination. For non-owner-occupied residential property, higher progressive rates apply. Non-residential properties are generally taxed at 10% of AV.

Remember the distinction:

• BSD, ABSD and SSD: transaction-related stamp duties.
• Property tax: recurring annual tax on ownership.
• AV: rental-value basis used for property tax.
• Annual property tax: commonly payable by 31 January.

Exam rule: A property’s market value, selling price and AV are different concepts. Property tax uses AV; stamp duties generally use consideration or market value, whichever is higher. Confirm current rates through IRAS before sitting the exam.

GST is a consumption tax charged by GST-registered businesses on standard-rated taxable supplies; it is not automatically charged on every property transaction. Residential property sales and residential leases are generally exempt supplies, while the sale or lease of non-residential property is generally taxable when supplied by a GST-registered person.

GST commonly appears in RES questions involving:

• Commercial or industrial property transactions.
• GST-registered developers and businesses.
• Estate agency commission and other taxable services.
• Whether a stated price is GST-inclusive or GST-exclusive.

Use the wording carefully. If a price is GST-exclusive, calculate GST separately; if it is GST-inclusive, extract the GST component using the prevailing rate rather than adding GST again. Residential property and commercial property must not be treated identically.

Exam rule: First identify the supply, supplier and GST-registration status; then determine whether it is standard-rated, zero-rated, exempt or outside scope. The safest taxation revision approach is to separate GST treatment from stamp duty treatment because one transaction can involve both different taxes and different taxable bases.

Stamp duty is charged on dutiable instruments, and the payment deadline is a frequent RES examination trap. For documents signed in Singapore, BSD and ABSD are generally payable within 14 days after the date of the signed contract or agreement. If the document is signed overseas, payment is generally due within 30 days after the document is received in Singapore.

Key terms to remember:

• Dutiable document: the legal instrument on which stamp duty is imposed.
• Consideration: the price or value given for the transaction.
• Market value: relevant where it exceeds the stated consideration.
• Remission: a statutory or administrative reduction subject to conditions.
• Refund or relief: available only where specific eligibility rules are met.

Do not assume that an ABSD remission is automatic. Common reliefs, including married-couple relief, have strict conditions, timelines and replacement-property requirements. A buyer may also need to pay first and claim a refund or remission later.

Exam rule: When a question gives an agreement date and an overseas signing location, calculate the deadline from the correct trigger. The required answer is usually the applicable payment date, not the completion date.

The fastest way to solve taxation questions is to compare each tax by trigger, payer, base and timing. Memorise the following summary before attempting case-study MCQs:

Tax	Main trigger	Usually paid by	Main basis
BSD	Acquisition of property	Buyer	Higher of consideration or market value
ABSD	Qualifying residential acquisition	Buyer	Higher of consideration or market value
SSD	Residential disposal within holding period	Seller	Higher of selling price or market value
Property tax	Ownership of property	Owner	Annual Value
GST	Taxable supply by GST-registered business	Customer, collected by supplier	Taxable value of supply

For an exam calculation, write four labels first: tax type, taxpayer, taxable base and relevant date. Then apply the rate. This prevents common errors such as using AV for BSD, using purchase price instead of the higher market value for stamp duty, or applying SSD to every sale regardless of the holding period.

**For RES exam candidates, this topic falls under Taxation in Paper 2. Practice questions in the Prepare app should be used to reinforce identification before calculation.

What taxation facts should RES candidates memorise first? Memorise BSD tiers, ABSD buyer categories, the 4 July 2025 SSD change, property-tax AV, GST treatment and stamp-duty deadlines.

Is the RES passing mark 75%? No. The current formulation is a passing mark of 60 for each paper, subject to CEA review. Taxation questions are part of Paper 2, so a strong topic score cannot compensate for failing the paper overall.

How do I distinguish BSD and ABSD? BSD is the general buyer’s stamp duty; ABSD is an additional duty for qualifying residential purchases. A transaction may attract both.

Does every property sale attract SSD? No. SSD depends on the property type, acquisition date, disposal date and applicable holding period. For acquisitions on or after 4 July 2025, the residential schedule runs for four years at 16%, 12%, 8% and 4%.

Where should current rates be checked? Use IRAS guidance, the Estate Agents Act (Cap. 95A), Planning Act, Land Titles Act and relevant HDB Resale Procedures. The RES Exam Guide provides broader exam context. The definitive answer is that taxation revision requires matching the correct tax to its trigger, base, rate and deadline.

A correct RES taxation answer usually comes from identifying the transaction facts before performing any arithmetic. Run this checklist for every question:

• Is the property residential or non-residential?
• Is the question about buying, selling, owning, leasing or supplying a service?
• Who is liable: buyer, seller, owner, supplier or customer?
• Is the calculation based on price, market value, AV or taxable supply value?
• Does the question state a relevant acquisition date or disposal date?
• Does the 4 July 2025 SSD regime apply?
• Is the buyer a citizen, permanent resident or foreign person?
• Is GST included or excluded from the quoted price?
• Is a remission or relief expressly available?
• Is the deadline 14 days after Singapore signing or 30 days after overseas receipt?

Revise the official IRAS tables immediately before the examination because rates and administrative rules can change. The Prepare app offers practice questions across all 13 RES exam topics, making it useful for checking whether taxation recall transfers to mixed Paper 2 case studies. For a complete study plan, see the RES Course Guide.

Use official sources as the final authority whenever a revision note conflicts with an older textbook or practice question. The core references for Singapore taxation questions are:

• IRAS, Buyer’s Stamp Duty, for progressive BSD bands and calculation rules.
• IRAS, Additional Buyer’s Stamp Duty, for buyer profiles, rates and payment deadlines.
• IRAS, Seller’s Stamp Duty for Residential Property, for the 4 July 2025 acquisition-date rule and four-year schedule.
• IRAS property-tax guidance, for Annual Value and owner-occupier or non-owner-occupier treatment.
• Estate Agents Act (Cap. 95A), for estate agency regulatory context.
• Planning Act, for planning and use-related property context.
• Land Titles Act, for registration and title concepts.
• HDB Resale Procedures, for HDB transaction processes and related administrative requirements.

For general RES preparation, remember that the examination has two papers and each paper requires at least 60 marks, subject to CEA review. The best Taxation revision notes are therefore short, current and calculation-focused: tax trigger, liable party, taxable base, rate, date and deadline.