Asset taxes are MUCH TOO LOW in Singapore.
Gahmen really must look into asset taxes for tax increase: its the most UNDERTAXED category of all.
Sunday Times, 26November 2017:
There is REALLY NO LOGIC to let so many foreigners keep their assets in Singapore for almost free or at subsidised costs (e.g. subsidised 4% or less owner occupied pte residential property tax). No FOREIGNER should enjoy reduced rate 'owner occupied' residential housing because they didn't serve national service and so rightfully, should pay FULL PREMIUM in property tax to own it, whether owner occupied or not.
If gahmen earns in EXCESS of $10 billion EACH from personal income tax as well as goods n services tax (GST), then logically, at least $17 billion (half of sum total of corporate + personal income tax + GST) should be obtained from assets taxes, rather than the current measly $4.4billion considering that this is the sum total of property taxes payable by BOTH private residences as well as corporate properties like factories and hotels etc.
Maybe across the board, property tax should be INCREASED to something GREATER than the GST rate since assets are definitely WEALTH but GST may tax basic needs and hurts more severely the very poor.
Perhaps all residential properties should be TAXED at 8% of annual value and RETURNED to all Singaporeans who have completed NS based upon the average per capita property tax charged with citizens who didn't serve NS getting half, and PR without NS getting a quarter in rebate to pay towards the property tax/ rental payable for their accommodation with the excess being transferred to their Skills Future account and eventually medisave account when they are certified by gahmen doctor that they are too ill to do any paid work.
Gahmen really must look into asset taxes for tax increase: its the most UNDERTAXED category of all.
Sunday Times, 26November 2017:
There is REALLY NO LOGIC to let so many foreigners keep their assets in Singapore for almost free or at subsidised costs (e.g. subsidised 4% or less owner occupied pte residential property tax). No FOREIGNER should enjoy reduced rate 'owner occupied' residential housing because they didn't serve national service and so rightfully, should pay FULL PREMIUM in property tax to own it, whether owner occupied or not.
If gahmen earns in EXCESS of $10 billion EACH from personal income tax as well as goods n services tax (GST), then logically, at least $17 billion (half of sum total of corporate + personal income tax + GST) should be obtained from assets taxes, rather than the current measly $4.4billion considering that this is the sum total of property taxes payable by BOTH private residences as well as corporate properties like factories and hotels etc.
Maybe across the board, property tax should be INCREASED to something GREATER than the GST rate since assets are definitely WEALTH but GST may tax basic needs and hurts more severely the very poor.
Perhaps all residential properties should be TAXED at 8% of annual value and RETURNED to all Singaporeans who have completed NS based upon the average per capita property tax charged with citizens who didn't serve NS getting half, and PR without NS getting a quarter in rebate to pay towards the property tax/ rental payable for their accommodation with the excess being transferred to their Skills Future account and eventually medisave account when they are certified by gahmen doctor that they are too ill to do any paid work.
