99 to 1 % to avoid ABSD

[bolster]

Die Liao. But wait, what can the government do?

https://www.straitstimes.com/busine...ho-used-99-to-1-loophole-to-avoid-paying-absd

 

[Kunkka]

ask u top amount and pay absd for 50 50 split maybe?

 

[lovemyself123]

time to repent and pay up ABSD!!!

 

[crazythen]

Partnership with an American, Norwegian or any citizen from a country exempted from ABSD is one possible way. Special voting rights accorded to the 1% share but economics can be separately carved out to not reflect the 99 to 1 split.

 

[bolster]

ask u top amount and pay absd for 50 50 split maybe?

don’t think the IRAS can do anything. This problem has been there since day 1. Now then they complain? Legally, think the buyers are not wrong.

 

[bolster]

time to repent and pay up ABSD!!!

maybe instead of 99 to 1 %, do 98 to 2 %?

 

[sellipad2]

This has persist for SO Long liao, now then they start to send letter, all the youtube stars promoting 99-1 since 5 years back or more. Even if cant do 99-1, eventually will go to 98-2, 97-3...or 98.9-1.1

 

[mikezuper]

I dont get this, is this illegal?

 

[VanquishShadow]

I dont get this, is this illegal?

tax avoidance

 

[elvintay07]

Die Liao. But wait, what can the government do?

https://www.straitstimes.com/busine...ho-used-99-to-1-loophole-to-avoid-paying-absd

Talking cock only la. The Straits Times has learnt that letters are being sent to some first-time buyers of private real estate asking them to explain why they sold just 1 per cent of the same property to a relative barely a week after exercising the purchase option.
why is it some and explain? Why not all?
If IRAS charge them in court, then I start to worry. These rich ppl who got balls to do 99-1% are average joe? Maybe got a team of legal attorneys to advise them.

 

[elvintay07]

tax avoidance

I see what can be done. Pouring a glass of champagne to slowly watch the story unfold

 

[crazythen]

Talking cock only la. The Straits Times has learnt that letters are being sent to some first-time buyers of private real estate asking them to explain why they sold just 1 per cent of the same property to a relative barely a week after exercising the purchase option.
why is it some and explain? Why not all?
If IRAS charge them in court, then I start to worry. These rich ppl who got balls to do 99-1% are average joe? Maybe got a team of legal attorneys to advise them.

So true. To be able to understand the scheme, the risk and return, the legal reprisal and consequences, only the rich could afford to take on such diligence and action, and be prepared for the legal defence.

 

[everex]

Die Liao. But wait, what can the government do?

https://www.straitstimes.com/busine...ho-used-99-to-1-loophole-to-avoid-paying-absd

I am unable to read the article as it requires subscription. Can anyone paste the article here or provide a link that does not require paid subscription? Thanks.

 

[edmwing]

If illegal.. already tio charged. There is nothing IRAS can do. High chance some IRAS officers also did it

 

[drkcynic]

You guys really think IRAS are mugs?

"There is nothing IRAS can do"? Really?

The question for those doing the 99-1 should be, if IRAS does indeed do something, what can THEY do?

 

[googoogaga]

The article is behind a paywall. But it seems to me that they address special cases of 99 1 where the 1% is closed out within few weeks of OTP excercise. Not sure what is the benefit to home buyers by doing 99 1 just for few weeks after OTP. Maybe some property expert can explain.

 

[elvintay07]

You guys really think IRAS are mugs?

"There is nothing IRAS can do"? Really?

The question for those doing the 99-1 should be, if IRAS does indeed do something, what can THEY do?

I already said. U think these ppl who do 99-1% are peasants? Probably peasant are those who are good boys/ girls and do 50-50%. What can IRAS do to the ultra rich especially if that group are foreigners.

 

[The_Davis]

Iras can do what to haul the owners to court?

 

[bolster]

I already said. U think these ppl who do 99-1% are peasants? Probably peasant are those who are good boys/ girls and do 50-50%. What can IRAS do to the ultra rich especially if that group are foreigners.

The rich normally do trustee leh. More atas.

99-1% more for middle class, not here, not there. Wants to buy 2nd property but cannot afford to pay in full.

 

[bolster]

Iras can do what to haul the owners to court?

probably a warning to the law firm and potential buyers who plan to use this method.