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
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.
