IRAS collects S$17.9b

• Love Story

  5 Sep 05, 00:08

  http://forums.delphiforums.com/n/mb/message.asp?webtag=sammyboymod&msg=80657.1
  
  Time is GMT + 8 hours
  Posted: 23 August 2005 2148 hrs
  
  IRAS collects S$17.9b in taxes for FY 2004/05
  By Loh Kim Chin, Channel NewsAsia
  
  SINGAPORE : Contributions from property tax grew nearly 28% for the financial year 2004/05, compared to a year ago.
  
  According to the latest annual report of the Inland Revenue Authority of Singapore (IRAS), property tax amounted to S$1.7 billion.
  
  It cited the lapsing of property tax rebates for commercial and industrial properties from January last year for the increase.
  
  The brisk property market also resulted in a near 10% rise in Stamp Duty collection to S$815 million.
  
  Due to an increased Goods and Services Tax (GST) rate, GST contributions grew 17% to S$3.5 billion.
  
  Contributions from Income Tax and Goods and Services Tax amounted to S$13.5 billion or 75% of total tax revenue collection.
  
  Estate Duty collection nearly doubled to S$357 million.
  
  Meantime, collection from income tax came in at almost S$10.1 billion, up 3% on year.
  
  As a whole, IRAS collected taxes amounting to S$17.9 billion, an 8.6% increase.
  
  This represents 65% of the total government operating revenue and 10% of the Gross Domestic Product.
  
  - CNA /ls
• mistyblue

  5 Sep 05, 00:20

  its not how much the system collects
  its how the money is rechanneled into useful GDP generating projects/actitives and on the people instead of being wasted on pointless investments and on foreigners
• Love Story

  5 Sep 05, 00:31

  The probleem with S'pore now is that it no longer "seen" as one the many attractive places for investment by other countries partly because other nations are fast catching up offering competition, as a result on the social side there will be unemployment issues to worry about
  
  Furthermore, the the System in S'pore is not accomodating to the civilians. Housing prices remains high. The problem here is the housing, If the land belongs to the govt, they can offer subsidised housing like in the '80s and let the old way of trading HDB flats in the market. Buy and sell. and a part of the fee goes to the HDB. And renting out to foreigners , rules can be laxed here as it could give s'poreans some income even if they are unemployed.
  In this way thr FT policy may work out instead of opening the floodgates without any leeway to help citizens