July 2023: The government has provided an array of tax incentives to individuals and developers to encourage home ownership. A lump sum paid out of a registered home ownership savings plan that is used for the purchase of an interest in or for the construction of a permanent house for occupation by the depositor within twelve months immediately following the year of withdrawal is exempt from income tax. The law also provides an affordable housing relief to resident individuals where in a year of income the persons is eligible to make an application under an affordable housing scheme and is saving for a purchase under an affordable housing scheme.
