Consultants say it won't hurt Singapore's wealth management hub; it also sends message on en bloc fever
WHILE some sort of tax on the wealthy had been expected in Monday's Budget, few thought it would take the form of a hike in buyer's stamp duty (BSD).
The move however, has received praise from tax consultants and other experts. They say it's less disruptive and easier to implement than alternatives such as capital gains tax or estate duty, which could hurt Singapore's reputation for wealth management and its competitiveness as a financial hub.