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Coffeeshop Chit Chat - SG Gover to earn more thru Stamp duty</TD><TD id=msgunetc noWrap align=right>
Subscribe </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>thyesoontai <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>6:30 am </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 3) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>29082.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>The Singapore Government has earned quite a huge sum from property and stamp duty taxes, yet they impose a new rule on investors.
From the Today Paper -
Budget Book surprises
Property tax, stamp duty revenue boost Government coffers due to property boom
by Teo Xuanwei Feb 23, 2010
IT WAS a year when Singaporeans were expected to tighten their belts and companies were anticipating lean times.
But there were pleasant surprises for the Government in FY2009, and its income stream swelled higher than forecast - most notably, arising from receipts from the surprising property boom.
According to the Budget Book, which lists Government revenue and expenditure in the past year as well as the estimates for the year ahead, the Government collected $1.97 billion last year in property tax - a stark contrast to the initial estimates of $1.03 billion.
Of this sum, tax revenue on private properties formed the bulk at $1.77 billion.
The Government also got $2.29 billion in stamp duty, which was significantly more than double the $989 million it had estimated it would receive.
Income tax receipts - combining corporate and personal income - at $17.03 billion, were also 16.8 per cent higher than estimated, the figures released yesterday showed. Meanwhile, tax revenue from motor vehicle trades contributed nearly $1.80 billion - nearly 13 per cent more than official forecasts.
There were areas, however, where the Government was hit harder than it had expected.
The dividends it earned from government-owned companies, statutory boards and other investments amounted to just $2.37 billion - which was $1.33 billion less than it had first estimated. Interest on investments and bank accounts - $4.48 billion - also reaped slightly poorer returns.
In the financial year ahead, the Government estimates that receipts from private property tax will increase by a further 39.8 per cent to hit $2.47 billion.
And with the second integrated resort opening in the coming months, betting taxes are also estimated to increase by 19.4 per cent, to $2.08 billion.
Investment and interest income is expected to rebound to register an 11.9-per-cent increase - due to an anticipated 64.1-per-cent hike in dividends. On the whole, total receipts are expected to climb 6.9 per cent this year to hit $55.7 billion.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
From the Today Paper -
Budget Book surprises
Property tax, stamp duty revenue boost Government coffers due to property boom
by Teo Xuanwei Feb 23, 2010
IT WAS a year when Singaporeans were expected to tighten their belts and companies were anticipating lean times.
But there were pleasant surprises for the Government in FY2009, and its income stream swelled higher than forecast - most notably, arising from receipts from the surprising property boom.
According to the Budget Book, which lists Government revenue and expenditure in the past year as well as the estimates for the year ahead, the Government collected $1.97 billion last year in property tax - a stark contrast to the initial estimates of $1.03 billion.
Of this sum, tax revenue on private properties formed the bulk at $1.77 billion.
The Government also got $2.29 billion in stamp duty, which was significantly more than double the $989 million it had estimated it would receive.
Income tax receipts - combining corporate and personal income - at $17.03 billion, were also 16.8 per cent higher than estimated, the figures released yesterday showed. Meanwhile, tax revenue from motor vehicle trades contributed nearly $1.80 billion - nearly 13 per cent more than official forecasts.
There were areas, however, where the Government was hit harder than it had expected.
The dividends it earned from government-owned companies, statutory boards and other investments amounted to just $2.37 billion - which was $1.33 billion less than it had first estimated. Interest on investments and bank accounts - $4.48 billion - also reaped slightly poorer returns.
In the financial year ahead, the Government estimates that receipts from private property tax will increase by a further 39.8 per cent to hit $2.47 billion.
And with the second integrated resort opening in the coming months, betting taxes are also estimated to increase by 19.4 per cent, to $2.08 billion.
Investment and interest income is expected to rebound to register an 11.9-per-cent increase - due to an anticipated 64.1-per-cent hike in dividends. On the whole, total receipts are expected to climb 6.9 per cent this year to hit $55.7 billion.</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
