So do Singaporeans prefer the present tax arrangment or PAYE
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anyone please feel free to express your idea on this topic for more information you may also look into the website
www.feedback.gov.sg
my opinion are that it doesnt benefit for average income earners.
1.They claim it will better for us to manage our money for tax paying.
-for those earning let say <45k a year we pay less than $400 depending on individual claim. so amount for us to manage properly is only $400/year. so how can it help me? and the govt might just take away our tax credit from govt $400 a year.
2. They claim it maybe deducted on a monthly/quaterly by employer and claim in the current year might be submit in the beginning of the year. and if claim changes, employee can resubmit claim again.
- i have experience when i have wrongly file for my income tax and request reassessment and it took about 2 months to finalise and another 1 mth to take effect. the claim system will create more paperwork for individual taxpayers should the claim be different at the beginning of the year and any revise tax amount will only be take effect few months later upon rebate by govt. as such for majority of us, it will end up paying slighly more. and instead govt giving us 1 year credit term, we end up giving credit terms to MOF.
- however i do agree in certain extend it benefits companies and country more than ourselves. Govt can reduce risk of company bankrupcy not able to pay taxes, improve cash flow for the govt and company mainly. govt reduce the risk of tax evasion by individual either leaving the country and never return or return years later.
how it effect us? profiting company making a big profit might be giving smaller bonus to employee as year end profits might be smaller due to tax paying every mth or quarterly. as most of our bonus are usually end of the year.
does it benefits you?? yes only when govt waive off 1 year tax free due to overlapping tax. otherwise, no no for me. -
I would prefer the new system (ie employer deducts the tax).
But what would the situation be if my employer deducts my tax but does not pay the government (like some employers do not pay cpf and get charged in court or go bankrupt). Would I still be liable to pay the government. -
I have not seen a good reasonable arguemenf for it yet.
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do you mean good reasonable arguemenf against it or in favour of it?Originally posted by Qitai:I have not seen a good reasonable arguemenf for it yet.
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Pay n pay again....haiz....
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For the change. What's so bad about the current method? And what's so good about the proposed method?Originally posted by oldbreadstinks:do you mean good reasonable arguemenf against it or in favour of it? -
[quote]Originally posted by Qitai:
For the change. What's so bad about the current method? And what's so good about the proposed method?[/quote]
For me personally its good cos I have poor money management and hence its better to have tax deducted from my salary cos currently what happens is that I spend my money and always have difficulty paying tax. -
kiri, probably u earn a lot of money and pay alot of taxes. otherwise i prefer current system. coz i dont pay alot. and i prefer current credit system. by the way, even if u pay alot of taxes for previous year income, you can still pay in installment so isnt it still the same as you pay monthly for current fiscal year?
like what qitai says, i still dont see a reason for us to change? only more goodies taken from us. -
I agree. There's no need to change. Changing will only add more hassle and confusion.Originally posted by Qitai:For the change. What's so bad about the current method? And what's so good about the proposed method? -
if only govt listen to us. anyway i have a strong feeling is going to implement in 2007. somehow all this collecting feedback is just to make ppl feel alittle happier that their opinion counts.
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i don't get you? if the govt's not going to listen to us then why does the feedback collecting mean that the people are happier because their opinion counts?Originally posted by reyes:if only govt listen to us. anyway i have a strong feeling is going to implement in 2007. somehow all this collecting feedback is just to make ppl feel alittle happier that their opinion counts.