OBJECTIONS TO ASSESSMENT OF ANNUAL PROPERTY VALUES

Dr Teo Ho Pin asked the Minister for Finance (a) how many objections have been received since January 1998 concerning the assessment of annual value of property; and (b) what are the measures taken by his Ministry to expedite the handling of such objections.

Dr Richard Hu Tsu Tau: Since January 1998, the Inland Revenue Authority of Singapore (IRAS) has received about 1900 objections. The number of objections received is not higher than that for the corresponding period last year. This is despite the fact that IRAS has reviewed the annual values of more properties and raised more new assessments this year. Taken together, this indicates that the rate of objection has fallen. IRAS' efforts to review the annual values to reflect the prevailing rental level as quickly as possible also explains why the rate of objections is not high despite the weakening rental market.

Objections to annual values are always dealt with expeditiously. In cases where the owners provide sufficient information or grounds of objection, IRAS will ensure that these are dealt with within a month. Where more information is needed from the owners, IRAS will contact the owners to obtain more information or discuss their cases as quickly as possible.