99-to-1 loophole

Singapore's 99-to-1 Loophole: How Millionaires Outnumber Londoners

Discover how IRAS exposed tax avoidance in property purchases, leading to $60 million reclaim efforts from '99-to-1' exploiters in Singapore!

In a surprising revelation, the Inland Revenue Authority of Singapore (Iras) uncovered 166 cases of tax avoidance in private property purchases as of April 2024. This discovery sheds light on the '99-to-1' loophole that allowed individuals to exploit the system. IRAS has taken strong action, auditing 187 cases related to the scheme and initiating efforts to reclaim $60 million from those involved in the loophole. The meticulous scrutiny by IRAS has brought attention to the importance of compliance and transparency in Singapore's property market.

The significant number of millionaires in Singapore has surpassed the count in London, according to a recent report. This wealth disparity highlights the financial opportunities and challenges present in the city-state. As IRAS continues its crackdown on tax avoidance practices, it underscores the government's commitment to maintaining a fair and accountable tax system for all residents. The ongoing efforts to address loopholes like the '99-to-1' scheme demonstrate Singapore's dedication to upholding fiscal integrity and fairness in the property sector.