pstrongAs of April, IRAS has audited 187 cases related to the scheme, uncovering 166 engaged in tax avoidance practices./strong/p pThe Inland Revenue Authority of Singapore (IRAS) is set to recover $60m from buyers who exploited the "99-to-1" loophole to avoid additional buyer's stamp duty (ABSD).
As of April, IRAS has audited 187 cases related to the scheme, uncovering 166 engaged in tax avoidance practices.
According to Deputy Prime Minister and Finance Minister Lawrence Wong, the"99-to-1" scheme involves buyers structuring property purchases in a way that manipulates the tax system, allowing them to significantly reduce their ABSD obligations.
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