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- Dec 30, 2010
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Worst, the Inland Revenue Authority of Singapore (IRAS) will soon be scrutinizing every cabby's income tax declaration for the last five years.
Imagine, if a cabby under declares that he earns only $2,500/month (instead of $7,000/month), IRA had missed collected millions dollars of revenue from cabbies in the last 5 years. Instead of paying Zero income tax, a cabby should have paid $2,790 income tax per year, based on an $84,000 annual income. Multiply $2,790 for 5 years, the amount is $13,950. And multiply that with only 10,000 cabbies. The amount is $140 millions, enough for another over expenditure at the next Youth Olympic. Do you think the IRAS will keep an eye closed when they realized that they had missed that astronomical amount of revenue?
I think The Sunday Times news reports also contained lots of half truths and unsustainable facts. Let me explain from my perspective, knowledge and experience as a cabby for the last seven years.
- http://cabby65.blogspot.sg/2012/10/a-millionaire-cabby-with-7000-per-month.html
Imagine, if a cabby under declares that he earns only $2,500/month (instead of $7,000/month), IRA had missed collected millions dollars of revenue from cabbies in the last 5 years. Instead of paying Zero income tax, a cabby should have paid $2,790 income tax per year, based on an $84,000 annual income. Multiply $2,790 for 5 years, the amount is $13,950. And multiply that with only 10,000 cabbies. The amount is $140 millions, enough for another over expenditure at the next Youth Olympic. Do you think the IRAS will keep an eye closed when they realized that they had missed that astronomical amount of revenue?
I think The Sunday Times news reports also contained lots of half truths and unsustainable facts. Let me explain from my perspective, knowledge and experience as a cabby for the last seven years.
- http://cabby65.blogspot.sg/2012/10/a-millionaire-cabby-with-7000-per-month.html
