any thoughts or comments?
frankly, i think it sux... the timing could not have been worse,
considering that we are facing the problem of unemployment, poor
economy and pessimism.
it is frankly, not just a "review" of property tax valuation, but
an outright increase in the tax rate... at a time when the gov't
should really be lowering the tax rate to stimulate consumer
spending... this, coupled with the GST hike, really does have the
effect of lowering the average family's ability to spend more to
stimulate the domestic economy...
Straits Times
APRIL 15, 2004
Property tax rise small, but it's 'not a good time'
Some HDB homeowners are concerned about Iras' review, although many
welcome Government's continued annual rebates
By Daryl Loo
IN FIVE years of living in his four-room Sengkang flat, writer
Isaac Tan hasn't had to bother much about his property tax.
The Government's property tax rebate covers most of it, and he
spreads the remainder over 12 interest-free Giro payments. So the
tax he pays each month is 'almost negligible'.
But instead of paying about $20 a year now, he will have to pay
about $83 when the tax rise takes full effect in 2007.
As expected, he and some of the other 15 people interviewed
yesterday were concerned about the increase.
The Inland Revenue Authority of Singapore said yesterday that it is
revising the annual values of all Housing Board flats, and the
property taxes payable by flat owners this year.
Except for one or two-room HDB flat owners, who still will not have
to pay property tax, most of those who own three-room or larger
flats will have to pay more.
Currently, 99.8 per cent of three-room homeowners and 73 per cent
of four-room homeowners do not have to pay out of pocket because of
property tax rebates given since 1994.
With the revision, 87 per cent of three-room flat owners and all
four-room flat owners will now have to pay.
'I don't see the increase as a huge sum to pay, but the jump raises
my eyebrows,' said Mr Tan. 'Singaporeans are still feeling the doom
and gloom of the economic slowdown after all.'
Ang Mo Kio resident Ronald Phoah, 57, a taxi driver, agreed. 'Is
this the right time?' he asked.
But there were others who thought the increases were not too much
to absorb.
Mrs Lynda Yap, 37, a human resource executive, said she is paying
$150 a year in property tax for her executive flat in Hougang. The
increase to $186 is 'quite minimal' for her.
Housewife Cindy Toh, 30, who lives in a five-room flat in Punggol,
agreed. 'I don't think the increase is a lot,' she said.
Others welcomed the Government's continued yearly property tax
rebates, which range from $25 to $150 a year, depending on the
annual value of the property.
Iras is also going to phase the increases in for those who own and
live in five-room or smaller flats. They need pay only one-third of
their tax bill next year, two-thirds in 2006, and the full bill
only from 2007.
Help is also available for those who can't pay, Iras said.
Taxpayers can approach its officers to find out more.
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Copyright @ 2004 Singapore Press Holdings. All rights
reserved.
