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Instead of raising GST, foreigners should pay up their fair share of property taxes l

bic_cherry

Alfrescian
Loyal
Instead of raising GST, foreigners should pay up their fair share of property taxes locally.

Singaporeans who serve NS defend the land and thus should be the ONLY ones enjoying discounted rate residential property taxes (for their living premises only). Foreigners who DO NOT serve NS should have to pay non-discounted, aka current 'Non-Owner-Occupied Residential Properties' rate taxes.

Better still, all residential properties should be made to pay similar tax rates across the board with Singaporeans and PR (especially those who have served NS) receiving property tax vouchers for the offset of a certain median amount payable in property tax (as recognition for defending the land and also ease of calculation of property tax):

e.g.:
The average (true) Annual Value of a Singapore HDB 5-room HDB property (housing 3 persons) is deemed as $18,000 yielding a property tax (@10% tax rate= S$1,800 p.a.): Each Singaporean should thus receive a property tax rebate of S$600, usable to offset completely the property tax of the property he resides (as owner/tenant) in with the excess of which placed into his CPF account, the shortfall (those living alone in large properties) topped up in cash), PRs will receive 33.3% the amount ($200) and foreigners= none.

This way, Singaporeans will feel rewarded for serving NS and foreigners will be able to contribute their fair share to taxes in Singapore (rather than leaching upon 'owner occupied tax discounts' for large properties only to sell them at a profit).

All residential properties should also be taxed at a flat rate since multi-generational families may live in larger housing units (higher AV) not because of wealth/ luxury but because they treasure the importance of close-knit family.

As per current laws, no Singaporean above age 21 should possess any other citizenship other than the present Singaporean one.

Seniors without income can continue to live in large properties with the help of reverse mortgage schemes which will allow the senior to draw cash as loans out of their large properties (to pay the property tax), if the equity in the property is sufficient in the long run (they didn't overstretch themselves in the property purchase in the first place).

Singaporeans need the priority to access local properties because they (a) served NS, (b) are legislatively banned from holding foreign citizenship (unlike foreigners who have the option to temporarily rent, get 1/3 equivalent property tax rebate by signing up as a PR or even sell an owned property later at a possible profit).

Already, foreigners on employment passes and S-passes pay either zero or miniscule work permit levies, as compared to many work permit holders (/ their employers) who have to sacrifice pay in excess of S$1000/month for each work permit holder employed. The non-receipt of S$600 property tax rebate vouchers is miniscule in comparison to their employment benefits in Singapore.

For Singapore to survive as a global city, it must treasure its citizens and never allow real estate to be anything other than a raw material contributing towards its overall productivity (and certainly not a speculative commodity).

Current 'Progressive Tax Rates for Non-Owner-Occupied Residential Properties':
0SQuoX3.jpg
Source: https://www.iras.gov.sg/irashome/page04.aspx?id=2094

Numerous warnings (2012-2013) about impending GST increase (to 10%) that all Singaporeans feel threatened by:
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Singapore%27s+growth+expected+to+slow+in+next+decade.JPG

GST+hike+%E2%80%98more+likely%E2%80%99+if+Govt+needs+to+raise+revenue+for+new+initiatives-TDY+%2822Aug2013%29.JPG
 

bic_cherry

Alfrescian
Loyal
Re: Instead of raising GST, foreigners should pay up their fair share of property tax

Same topic @ related forum:

sunzoner said:
cherry6 said:
Sauce thread: Instead of raising GST, foreigners should pay up their fair share of property taxes locally.
Problem is that our over-bearing gahmen has decided to that HDB needs a luxury arm too in the form of pinnacle @ duxton... Each unit now selling ~S$1million (resale)... Even more expensive than some private property, PR can invest too.
Then the solution is for HDB to stop building luxurious property rather than imposing a property tax which will affect majority who is not living there...
Property tax is ALREADY being charged on HDB flats and the luxurious HDB have ALREADY been built and sold, so any policy going forward needs to take account of the past.

Some owners (PR incl.) also rent out HDB flats for profit to other foreigners...
The solution will be to either stop sell HDB flats to foreigners or to stop the HDB rental market.
A/m response applies here too: (... any policy going forward needs to take account of the past.)


So indeed, HDB is no longer just public housing but not infrequently, a ~luxury/ investment item too.
This is a government policy - to pitch HDB as a strategic investment for retirement.
hence, the solution will be to stop voting for the party that advocate this.
Don't U have anything less drastic than throwing out the baby with bathwater (overthrow PAP) to suggest???!!!

And then there are NSmen staying in pte housing (sometimes ancestral home) but are also faced with high costs of living. There NSmen have shed sweat n blood in NS... so some residential land use based tax rebates should be accrued to them too, not just people (some foreigners with SG PR) living in HDB housing.
So the solution could be to pay higher allowance or salary to NSmen/NSF.
Possible, but that will mean even more taxes (revenue) need to be raised: and from where???!!!


The only thing terribly flawed now is how foreigners owning >S$5 million worth property (e.g. penthouse) enjoy nominally more in owner occupancy discounts/ rebates as compared to HDB families even though some of these homes are for holiday/ investment purposes only.
So the solution is to pay less in discounts/rebates on property owned by foreigners.
Which is just in BAD GRAMMAR what I have all along been saying right?
Maybe to clarify, I shall put it this way: just have a standard residential property tax rate for ALL residential properties (@8%AV) and every Singaporean receives a rebate (regardless of whether they stay in Singapore or not), PR get 1/3 of what Singaporeans get, foreigners=none. If unspent (no SGP residential address/ in excess of actual property tax), then excess is placed into CPF special acc or medisave (deduct for medishield life etc).


Guess the problem is larger than U imagine it to be for now.
So the solution is easier than what you have imagined and does not include new revenue for the state.

I gather your objectives are actually to help the state gather more revenue not the excuses you put fore in your argument....
U are cute, I only suggested one minor amendment, but U suggested overthrowing the PAP amongst many other suggestions and U say that your solutions are 'easier'!!!???!!!
In all 3 reports about impending GST increase, the fact that PAP needs more $$$ for social welfare policies is unequivocal, I am just making life easier for Singaporeans by taxing the right people and U accuse me for "help the state gather more revenue" for no reason...
 
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