Breakdown of Singapore Taxes
-
(Keyboard mess up early)
Well....since a few people complain about the high taxes here, I feel that maybe I should show people these figures. This is not intended to side with anyone. But just to show the figures. You can be the judges.
Revenue figure for 2003 (In Millions)
Item Amount Percent
Income Tax $10,414 ( 42.3% )
Asset Taxes $1,243 ( 5.0% )
Motor Vehicles $1,290 ( 5.2% )
Custom duties $1,802 ( 7.3% )
Betting taxes $1,566 ( 6.4% )
Stemp duty $648 ( 2.6% )
GST $2,724 ( 11.1% )
Others $1,048 ( 4.3% )
Fees&Charges $3,587 ( 14.6% )
Other receipts $320 ( 1.3% )
Total $24,642
Note that the income tax refers to both individuals and companies.
Interesting note: If the total tax amount is divided by the population of 3.3M, then the tax per head is $7,700. -
which is for ciggys?Originally posted by Qitai:(Keyboard mess up early)
Well....since a few people complain about the high taxes here, I feel that maybe I should show people these figures. This is not intended to side with anyone. But just to show the figures. You can be the judges.
Revenue figure for 2003 (In Millions)
Item Amount Percent
Income Tax $10,414 ( 42.3% )
Asset Taxes $1,243 ( 5.0% )
Motor Vehicles $1,290 ( 5.2% )
Custom duties $1,802 ( 7.3% )
Betting taxes $1,566 ( 6.4% )
Stemp duty $648 ( 2.6% )
GST $2,724 ( 11.1% )
Others $1,048 ( 4.3% )
Fees&Charges $3,587 ( 14.6% )
Other receipts $320 ( 1.3% )
Total $24,642
Note that the income tax refers to both individuals and companies.
Interesting note: If the total tax amount is divided by the population of 3.3M, then the tax per head is $7,700.
-
You mean ciga? That would be under custom duties.Originally posted by oldbreadstinks:which is for ciggys? -
$ 7,700 per head ? Thats quite a lot. A lot of indirect tax kenna already also didnt know.
-
Interesting note: If the total tax amount is divided by the population of 3.3M, then the tax per head is $7,700.
What you did here is very misleading. Taxation is done on a progessive basis. The rich(i.e. higher income level/grp) gets taxed more. It would be fairer if you can get the breakdown by income groups rather than take a simple average like what you did. -
Glad you are aware of that.Originally posted by Ecxentrique:Interesting note: If the total tax amount is divided by the population of 3.3M, then the tax per head is $7,700.
What you did here is very misleading. Taxation is done on a progessive basis. The rich(i.e. higher income level/grp) gets taxed more. It would be fairer if you can get the breakdown by income groups rather than take a simple average like what you did.
I have the breakdown for income tax if you want to. But that is only one of the taxes accounting for less than 4 Billion of the tax collected (I.e. for the income taxes of 10 Billion, 6++ Billion comes from company taxes.
In reality, the total amount of tax an individual pays varies greatly. The gamblers, alcoholics, car owners all has to pay more taxes.
Also, there are really only 2.9M Singaporeans. And there are about 0.3M PRs and 0.7M Foreign workers. -
I don't think people here complain taxes are high. I think its more like income is low. i get this feeling that somewhere in Singapore's monetary flow, large portions of income are sapped by certain people.
-
It is not income is low. It is just our standard of living which is high.