Tax

SG MEDIA SAYS RAISING TAX IS THE BEST WAY FORWARD!

So, is it any wonder that our Press Freedom ranking is 151st in the world? Almost every time that we hear that taxes need to be increased because of increasing social spending – there are hardly any details on the projected sums and how the increased tax revenue will be used?

This is not the norm for practically every developed country in the world when they talk about raising taxes.

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RAISING OF TAXES IS INEVITABLE, 70% VOTED FOR THIS

But investments and social spending are costly, and the Government must make sure it can afford them, he said. Speaking to about 2,000 activists at the PAP convention, Mr Lee said that while Singapore has enough revenue for this term of Government, spending has been going up and must rise further. And as Singapore’s spending needs grow, he stressed that Finance Minister Heng Swee Keat was right when he said that raising taxes is not a matter of whether, but when.

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PRIVATE HIRE DRIVERS HEAD GETTING TOO BIG, EVERYTHING THEY WANT TO BE EXCUSED

But, as time goes by, private hire vehicles have evolved, and now have become more like taxi services, minus off the taxi licensing fees. Now, it is very obvious that private hire vehicles are getting bigger in number. Rental companies have been popping up ever since. More cars are on the road, thus causing more traffic jams. And they even have an association who is asking LTA to allow them the use of a taxi stand/stop, asking also from IRAS to discuss their tax matters.

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OXLEY ROAD CHARITABLE DONATION ENOUGH FOR 6 YEARS TAXES?

Did the seller take a charitable donation tax deduction? If so, the estimated tax credit is about $13.2 million (2.5 times tax deduction assuming the highest marginal tax rate of 22 per cent). The seller’s annual salary is reported to be $2.2 million – which would compute to an estimated annual income tax of about $450,000.

So, does it mean that the estimated charitable tax credit of about $13.2 million may be enough to pay for about six years (maximum carry forward of five years) of the seller’ income tax?

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IRAS WANTS TO COLLECT $58.74 FROM DEAD SINGAPOREAN MAN

A reader sent a photo of a letter from the Inland Revenue Authority of Singapore, which is addressed to the family of the recently deceased Mr Garbrel. According to the letter, the IRAS is demanding payment for $58.74 in owed income taxes from the family of the late Mr Garbrel.

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