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Wednesday, 24 May 2017

The End Of Personal Income Tax


No longer a tax payer after paying the last income tax for YA 2017!


14 comments:

  1. Ehhh I tot u retired only in Sep 2016? That means YA2017 still kena...

    Unless your chargeable income is below the threshold, then thousand apologies ... Welcome to tax-free living!! :) :)

    ReplyDelete
  2. Death & Taxes; once started; can only end at their time come.

    ReplyDelete
  3. Still a tax payer. GST, property tax...just no more income tax

    ReplyDelete
  4. My tax free day (personal income tax) will come in 2019. :)

    ReplyDelete
  5. With more & more people on gig jobs (whether forced or voluntary), more are now income-tax-free.

    And minister complained they are missing out on GST too, with so many online transactions.

    Hopefully don't implement capital gains tax to make up difference! :O

    If I'm politician, I'd implement CGT over increasing GST.
    More politically acceptable -- but bad for us! :(

    ReplyDelete
  6. Personal tax ended but still has regular income flow in. :)

    ReplyDelete
  7. Capital gains tax?'

    Don't think so.

    Not too long ago, The G had tried their very best not to scrap the Estate Duty?

    LHL even said something IIRC like, "Estate Duty is quite substancial revenue for the G. Why scarp it?"

    But in the end what happened?

    i think if the G starts capital Gain Tax....... then Singapore as a Finanacial Centre may not be so attractive any more.

    ReplyDelete
    Replies
    1. Compare to Estate Duty, Capital Gain tax is even more lucrative for the G's coffer.

      If G founds it feasible, G would have imposed Capital Gain Tax long ago.

      Because not only Singaporeans but all Foreign Businesses will be affected.

      Delete
    2. Hahaha never say never... GST makes us less attractive as financial centre compared to HK, but we did it anyway. The govt calculated that it is lesser of 2 evils as compared to raising personal income and/or corporate income taxes. When you need the money, you need the money --- no choice have to get from somewhere.

      S'pore removed Estate Duty in 2008 mainly in response to HK removing it in 2006. Of course conspiracy theorists like to say also becoz of a certain very rich & very powerful wife going into coma.

      Now with HK ruled by Beijing, if it implements CGT, then don't be surprised for SG to follow. Especially as over the next 30 years, govt revenue is projected to grow much slower than govt expenditure e.g. aging population, mature economy.

      Like that, many of us will open foreign brokerage accounts liao. Hahaha!!

      Delete

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