Property developers are required to keep the following information and provide them to IRAS, upon request.
Purchase of land/ property
- Location/ address of the land/ property;
- Date of purchase;
- Purchase price and incidental expenses;
- Description of the proposed development;
- Name and identification number (NRIC/FIN/UEN, etc.) of the vendor and whether the vendor is in anyway related to the company, its directors or shareholders. If so, furnish nature of relationship and state whether the purchase price was reflective of the market value of the land/ property as at the date of purchase;
- Supporting documents to substantiate the intention of land/ property acquired, if it is not for development for sale (e.g. for long-term investment); and
- Means of financing the purchase (e.g. bank loans, overdrafts).
Development of property
- If development of the land/ property has commenced, state:
- Description of the development;
- Total number of units and floor area of units to be built;
- Date or expected date of TOP (Temporary Occupation Permit); and
- A schedule showing the allowable development costs.
Sale of developed property units
- Date of TOP;
- Computation showing the tax adjusted profit or loss on sale of developed property units;
- For each developed property unit sold to related parties, furnish:
- Official address of the unit;
- Full name and identification number (NRIC/FIN/UEN, etc.) of the purchaser and nature of relationship;
- Contracted date of sale, sale price and the floor area of the unit; and
- Whether the sale price was reflective of the market value of the property unit as at the date of sale.
No, it is not required to do so. However, the property developer should retain supporting documents such as directors’ resolutions and notes of board meetings stating the intention and submit them to IRAS, upon its request.
The allowable development costs include land cost, stamp duty, property tax, construction cost, architect fee, differential premium, development charge and financing cost.
Marketing and promotional expenses e.g. advertising fees, property agency fees, banners, brochures, architectural models and expenses incurred on show flat which is of a temporary feature for marketing purposes (i.e. the show flat will be dismantled and removed subsequently) are deductible in the year in which they are incurred.