PAP gov gives S$900K tax exemption to rich family: is this a

bic_cherry SG

PAP gov gives elite S$900K tax exemption (61.5% discount): is this acceptable?

(Whilst marginalizing the common Singaporean)

How is this acceptable?

I feel so sad; I sometimes dont feel like living anymore

Admittedly: the following is the best possible scenario.

Mr Lee (hypothetical rich man of means) dies leaving an estate of $21.6M behind. His assets are as follows:
$9M: consisting of 9 properties valued at $1M each.
$12.6M in cash and shares etc.
Estate tax rates and exemptions: http://www.iras.gov.sg/ESVPortal/others/estate/index.asp

The tax payable on his estate is $600K. ($9M housing tax haven, first $600K tax exemption)

However, had old Mr Lee not been astute enough to place his riches in property, then his estate tax would have amounted to $1.5M.

So by utilizing the generous tax haven, Mr Lees family has legally exempted themselves from paying S900K of taxes.

This is a great abnormality in Singapore, and an aggravation to the already widening wealth divide in SG. A great distortion upon the harmony of our society, privileging the rich, marginalizing the poor.

This tax exemption encourages the rich to further invest in SG land: and it is this speculation (tax havens) that raises SG land (property) prices: to which are tagged HDB prices:
PAP: To understand the full extent of public-housing subsidy for new HDB flats, one should be comparing the market value of the flats with the sale prices charged by HDB, rather than look at the input costs of land and building. - http://forums.delphiforums.com/n/mb/message.asp?webtag=sammyboymod&msg=129387.1

It is the lack of housing options in SG that raises the price of property in SG. It is the hording of land by the rich (at low property taxes) that makes land in SG expensive.

How PAP gov can overlook this great allocation disparity: is an unimaginable evil to me.

Staying Together, Moving Ahead- http://www.pap.org.sg/articleview.php?id=589&mode=&cid=25 I look forward to.
Defending our land in National service: I put my life on the line

In terms of income taxes, road taxes, yes I can see a progressive manner of taxation: http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp ,

But in terms of the security of living in Singapore: there is none just a bomb shelter home as a symbol of the security I need here for my future.

I cannot afford a bomb shelter home
Few tax exemptions apply to me, I cannot afford the raise in GST.
I cannot afford to live in Singapore.

In the anticipated words of Mrs Goh CT: on a hypothetical freehold Nassim Rd Palace worth $20M, sitting on 200sqM of land, able to yield possibly $25K in rent per month, (annual value= 300K) will attract only an owner occupied concessionary property tax of $12,000 Peanuts to maintain, a good investment
The same land size that could house possibly 80 Singaporean families and defended by our National Servicemen
(S$12K would be the annual road tax for a 15yr old 5475cc car in SG: see progressive road taxes: http://www.onemotoring.com.sg/publish/onemotoring/en/lta_e_services/online_enquiries/road_tax_calculator/road_tax_calculation.html )

Marginalization of the majority

Singapore.

PAP.

Please inform me of any omissions/ errors;
Due to lack of energies/ resources, this draft carries no guarantee on the accuracy of information herein stated.

(human) SG

After the downfall of Thaksin because of Temasek’s deal, do you think the Lee families want to follow Thaksin’s fate?

Atobe SG

Something in this piece written is not exactly accurate, and as much as this Government can be blamed for the present situation, it is better to get things right.

We must recognised the fact that the "rich Singaporean" is obviously and simply smarter than the average Singaporeans forming the majority of the population - and that is how the "rich Singaporean" is able to get rich.

Having gained their wealth by being smarter, it is obvious that they will be similarly smarter - and more shrewd - to preserve their hard earned wealth, and will probably have the ability to pay for Financial Planners and Tax Consultants to help them to preserve their wealth.

This tax exemption encourages the rich to further invest in SG land: and it is this speculation (tax havens) that raises SG land (property) prices: to which are tagged HDB prices:
PAP: To understand the full extent of public-housing subsidy for new HDB flats, one should be comparing the market value of the flats with the sale prices charged by HDB, rather than look at the input costs of land and building. - http://forums.delphiforums.com/n/mb/message.asp?webtag=sammyboymod&msg=129387.1

It is the lack of housing options in SG that raises the price of property in SG. It is the hording of land by the rich that makes land in SG expensive.

How PAP gov can overlook this great allocation disparity: is an unimaginable evil to me.

It is not the "hoarding the land by the rich that makes land in SG expensive" - as it is the Singapore Government who is the biggest land bank owner in Singapore.

Superficially, we are led to believe that it is the Urban Renewal Authority that set the price of land released to the Private Sector for development. If we look at the manner in which Singapore is governed, it will be a very big surprise if the Civil Servants are allowed to exercise such a wide latitude of decision making space .

More likely, it is the Political Leaders of this government that dictate the policy pricing on all land to be sold from their land bank - perhaps to absorb the large amount of savings in the CPF accounts of Singaporeans, and to knock the profit from the developer.

All property transactions will involve our CPF, is it any co-incidence that our CPF accounts are managed by the Government, who will also help themselves to the large amount of CPF savings by all Singaporeans, borrowing at dirt cheap rates the CPF funds for supposedly infrastructural developments - which are not easily convertible into CASH.

Instead of having to return the borrowed funds into our CPF accounts - which do not enjoy any higher interest rates - the high prices set by the Government on all property sold, will result in a "write-off" to the Government borrowings from our CPF Accounts.

Besides setting the sales price for the land to be developed - which allow the Government to take the first cut of any expected future profits of the developer - the Government also charges a stamp fee for all cycles of the transaction (from purchase of a barren land, stamp duties on contracts, to the contracts signed between the Developer and his Contractors, to the eventual multiple sales contracts with the various owners of the properties developed.

The Ministry of National Development and the URA even set the price levels on land "sold" to the HDB.

The "rich Singaporeans" - who got rich by being property developers - are not hurt by these greedy practices of this Government, as the property developers will merely add more costs onto the sales price of the project.

Are the "rich" to be blamed for the speculative aspect of the property market ?

There is a capital gain tax on any profits made, when it becomes obvious that such regular profits made will form the income of the speculator.

Atobe SG

continuation from above page:

Staying Together, Moving Ahead- http://www.pap.org.sg/articleview.php?id=589&mode=&cid=25 I look forward to.
Defending our land in National service: I put my life on the line

All the propaganda hype is merely a distraction - when the fact of Life in Singapore is for everyone to believe in "Staying Together, while the Rich Move Ahead".

Since the early 1990's, Dr Chee Soon Juan has been making a fuss on the large disparity and growing divide of Singaporean Society - and it is unfortunate that his aggressive and confrontational strategies have serve to distract Singaporeans from these main issues, allowing the Singapore Government to capitalize on his agression to gain sympathy for themselves and scorn towards CSJ.

Still there must be some truth to all the horror stories that CSJ had brought up since his entry into Singapore Politics, as the present Singapore Government under PM LHL is making a big wayang with multiple programs that are supposed to help the poor.

Unfortunately, the poor is not merely the odd 0.5 per cent in the lower strata of Singaporean Society - (as declared by the Government), but the larger numbers of Lower Middle Income Group - who have lost jobs during the last retrenchment - leaving many Singaporeans in their mid-40's and 50's struggling to find gainful employment when they are near to their twilight years.

Nothing has been done to help the growing number of Lower Middle Income Group - who are down grading, and skimping on almost everything in their daily lives.

Those who cannot cope with the hassle of Life, will hit the daily headlines with their acts of personal destruction.

In terms of income taxes, road taxes, yes I can see a progressive manner of taxation: http://www.iras.gov.sg/ESVPortal/iit/iit-se-a1.1.15+tax+rates+for+resident+individuals.asp ,

The supposedly progressive manner of income taxes and road taxes are no longer true, considering the imposition of the GST and the ERP that continuously collect from our shrinking wages every time when we spend on essentials, or cross the ERP gantry.

There is no discrimination in the GST and ERP - as they do not differentiate the Rich or the Poor, except that the Rich can afford it, or cover their expenditures as costs of the goods or services sold.

But in terms of the securit6y of living in Singapore: there is none just a bomb shelter home as a symbol of the security I need here for my future.

I cannot afford a bomb shelter home
Few tax exemptions apply to me, I cannot afford the raise in GST.
I cannot afford to live in Singapore.

Security exist in Singapore - overwhelmingly, but only for the sake of security for the Political Leadership - to perpetuate their continuous rule, to ensure that any Singaporeans brave enough to challenge the existing status quo shall be exposed for all the imaginable failings.

In the anticipated words of Mrs Goh CT: a freehold Nassim Rd Palace worth $20M, sitting on 200sqM of land, able to yield possibly $25K in rent per month, (annual value= 300K) will attract only an owner occupied concessionary property tax of $12,000 Peanuts to maintain, a good investment
The same size of land that could house possibly 80 Singaporean families and defended by our National Servicemen

Marginalization of the majority

Singapore

Please inform me of any omissions/ errors;
Due to lack of energies/ resources, this draft carries no guarantee on the accuracy of information herein stated.

Can we trust the judgment of a woman who have no feeling of the value of peanuts but has the brain to understand what makes "a good investment" ?

In any case, which 80 Singaporean families can afford to stay in this prime area of a freehold Nassim Road property ?

Atobe SG

Double post

ShutterBug SG

Here's what the man says - but in my opinion, it's hilarious;

============================================
Temasek Holdings accountable if Shin Corp deal fails: PM Lee
By Noor Mohd Aziz, Channel NewsAsia | Posted: 15 January 2007 1812 hrs

SINGAPORE : Prime Minister Lee Hsien Loong said Temasek Holdings is accountable, if its purchase of Thailand's Shin Corp fails.

He spoke in an interview with Reuters on the sidelines of the ASEAN summit in Cebu.

Last year, Temasek Holdings led a $3.8 billion acquisition of Shin Corp - a deal which is now said to have dropped in value.

Mr Lee said it was a "commercial proposition," and if it did not work out, it would be "Temasek's fault and it has to answer for it."

Reiterating that it was not a government matter, he also said it is premature to talk about losses on the Shin Corp deal. - CNA /ls

dragg SG

they will tell you its a long term investment and thats it.

ShutterBug SG

Sounds to me, more like Long Term Mistakes...

<Precious> SG

Much as I feel the govt may have made some rather big boo-boos, you have unfortunately made many assertions based on misconceptions, some of which also seem groundless. You perhaps may not have got your facts right. There are too many for which pointing each out will be odious and may be improper.......

However, one glaring error is to equate the PAP with the govt as if they are inter-changeable. They are separate and wholly different entities so that to use them as if they are one and the same is totally erroneous..........!!! Rolling Eyes

Atobe SG

If those "some rather big boos-boos" that are being referred to here concerns the Shin Corp transaction, the fact of the matter is quite clear as gathered from all the available published facts.

The fact is clear that for a S$3 BILLION buy over of Shin Corp, Temasek had resorted to some "cheap scheme" of maintaining full 100 per cent control, so as to circumvent Thai Law that makes it illegal for foreigners to have full control of any Thai Company.

Why should a Government Linked Company from a Country that is reputed for its RULE OF LAW - resort to such "cheap scheme" to have full control of a S$3 BILLION investment ?

It is a joke that with a star studded line up of reputable Singapore Ministers, we should accept a PREMIER Government OWNED Company - such as Temasek - to operate in a fashion similar to some cheap TWO DOLLAR Singapore Company.

However, one glaring error is to equate the PAP with the govt as if they are inter-changeable. They are separate and wholly different entities so that to use them as if they are one and the same is totally erroneous..........!!!

Unfortunately, it is a fact that the PAP have always consider themselves "THE Government" - and legitimately so, as they have held power since self-government from Colonial Rule to independence from Malaysia.

The term - "symbiotic relationship" - have always been highlighted, whenever it is convenient, and such a link will be avoided during crisis that is too embarrassing for the link to be pursued with any vigor.

Lowclassman SG

Well Said Atobe!!!

The ongoing upgrade in defence is seemed to me like.......... The govt is protecting themselves than protecting the country!!!!! Mad

charlize SG

Yes, answer for it.

Only answer. Laughing

Maurince SG

'Lee' of the same name flock together.. Somehow i smell the act of 'Lee'..

foomwee88 SG

The way this temasick throws our $ ,it is a Long Term Failure!!!! which cant be rectified at all.

Devil1976 SG

I thought that has always been the case...?

Coquitlam SG

In view of all this, don't have thoughts about not living anymore....

My suggestion, MIRGATE.....though things are not perfect elsewhere, its definietly better....don't you all things sometimes things are too perfect to be true here???? think again.....

ShutterBug SG

I know this is irrelevant,...

But Atobe, I feel like taking English lessons from you...!

YOu write so marvelously well!

Mr. Green

4getmenot SG

geee.. if tomasick solely stands on its own, why the need to discuss with the thai PM on the issue at all and declare that shin corp issue should not be a political issue? and why keep bringing the story up from the government only to deny that it does not have any involvement on the dealings of Tomasick? doesn;t tomasick draws its finance from the ministry of finance?

(human) SG

Whatever temasek investment it is considered as national's investment because the fund is drawn from Ministry Of Finance. So any thing that gone wrong, people will start burning Singapore's flags.

will4 SG

I think the figure for 800 Sporean migrating each year is too high for the
government to take n as u knew many PR still hanged on to their

original citizenship.