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Prepared by Umang Rawat (APD).
Because of differentiated tax rates on the basis of residency, the additional buyer’s stamp duty rates in Singapore is a capital flow management/macroprudential (CFM/MPM) measure that was introduced to address risks stemming from flows into the real estate market. It has been undertaken in tandem with Singapore’s macroprudential policy framework to address systemic risks coming from the housing market and so it is also considered a macroprudential measure. The use of CFM/MPM was targeted at reducing demand from foreigners.