Tenant
When expatriate companies take out a lease, the company is usually termed the tenant, whilst the employee is the occupant. The lease agreement will then be signed by the tenant (company) and the landlord. Some expats may take a personal lease, in which case they are the tenant who enters into direct agreement with the landlord.
Rent
is the monthly amount payable to the landlord for the entire term of the lease. It is normally paid in advance at the beginning of the month. When you are renting a private apartment or condominium, this rental amount will usually include the monthly maintenance charge paid to the Management Corporation of your development.
Goods and Services Tax (GST)
The lease of residential properties is exempt from GST (5%) but the lease of furniture, fixtures, fittings and maintenance charges is taxable.
Stamp Duty
Stamp duty on the lease agreement is a statutory requirement and is normally paid by the tenant. The amount of stamp duty payable is based on the rental amount and the period of lease.
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