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Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

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Wd40
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Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby Wd40 » Tue, 24 Feb 2015 1:02 pm

http://www.todayonline.com/singapore/bu ... income-tax

Finance Minister Tharman Shanmugaratnam today (Feb 23) announced a 50 per cent personal income tax rebate, subject to a cap of S$1,000, to help middle-income taxpayers, for the Year of Assessment (YA) 2015.


For YA 2013 we had a similar rebate capped to $1500, but didn't have it for YA 2014.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby zzm9980 » Tue, 24 Feb 2015 1:24 pm

Yes, scroll down and you can best see it is spent on lube and condoms...

He also announced an increase in personal income tax rates for the top 5 per cent of income earners, who earn at least S$160,000. This will take effect in YA 2017. Marginal tax rates for the highest income earners will increase by two percentage points, to 22 per cent. This applies to those earning above S$320,000.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby PNGMK » Tue, 24 Feb 2015 4:22 pm

zzm9980 wrote:Yes, scroll down and you can best see it is spent on lube and condoms...

He also announced an increase in personal income tax rates for the top 5 per cent of income earners, who earn at least S$160,000. This will take effect in YA 2017. Marginal tax rates for the highest income earners will increase by two percentage points, to 22 per cent. This applies to those earning above S$320,000.


Yes I've been waiting for an increase..... and now it's here.

For YA 2015, a personal income tax rebate of 50% of net tax payable, up to maximum of $1,000 is granted.

They've effectively introduced another tier into the tax scales. That $1000 only matters if you earn less than $200,000 approx - otherwise it's eaten up completely once you get to about $240,000 and of course it's a once off so most tax paying expats are going to be hit going forward from 2016.

New tax tables are here;

http://www.iras.gov.sg/irasHome/page04.aspx?id=1190
I have gay, black, Asian friends and then JR8.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby Wd40 » Tue, 24 Feb 2015 6:17 pm

Interesting statement: Top 5% earn more than 160k. I thought there are lot more people earning more than that.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby Wd40 » Tue, 24 Feb 2015 8:15 pm

PNGMK wrote:
zzm9980 wrote:Yes, scroll down and you can best see it is spent on lube and condoms...

He also announced an increase in personal income tax rates for the top 5 per cent of income earners, who earn at least S$160,000. This will take effect in YA 2017. Marginal tax rates for the highest income earners will increase by two percentage points, to 22 per cent. This applies to those earning above S$320,000.


Yes I've been waiting for an increase..... and now it's here.

For YA 2015, a personal income tax rebate of 50% of net tax payable, up to maximum of $1,000 is granted.

They've effectively introduced another tier into the tax scales. That $1000 only matters if you earn less than $200,000 approx - otherwise it's eaten up completely once you get to about $240,000 and of course it's a once off so most tax paying expats are going to be hit going forward from 2016.

New tax tables are here;

http://www.iras.gov.sg/irasHome/page04.aspx?id=1190


The $1000 rebate will have maximum impact for people who pay income tax of $2000 or lower as it is 50% of tax cut. In 2013, although the rebate was capped at $1500, it was only 30% tax cut so that one benefited wider range of people, even though the benefit to the lowest salaried people wasn't as much as this time.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby zzm9980 » Tue, 24 Feb 2015 10:10 pm

They also upped CPF cap to $6000/month.

There goes that $1000 once that gets picked up on.

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby JR8 » Tue, 24 Feb 2015 10:48 pm

Wd40 wrote:Interesting statement: Top 5% earn more than 160k. I thought there are lot more people earning more than that.


Oh no, I don't think the government is that large you know.

:wink:
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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby ecureilx » Wed, 25 Feb 2015 12:53 am

I was wondering who Mr Shanmugaratnam is, before I realised you are referring to Mr Tharman Shanmugaratnam !! :)

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby earthfriendly » Wed, 25 Feb 2015 5:08 am

Where is my Robin Hood? He can't be found in Singapore :cry: .................................. :P :devil:


http://www.channelnewsasia.com/news/sin ... l?cid=FBsg

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Re: Mr Shanmugaratnam has just given us a $1000 Ang Pow :)

Postby JR8 » Wed, 25 Feb 2015 9:38 am

'Mr Tharman's message to Singaporeans: To take collective responsibility to build their society for the future.'
------

So.... the higher taxes won't apply to expats? ... :-k


p.s.
http://en.wikipedia.org/wiki/List_of_mo ... _employees
'Economist Intelligence Unit - The Economist Intelligence Unit's Worldwide Cost of Living ranking[2] is based on price data that are adjusted for recent exchange-rate movements. The price of housing, generally the largest cost of living, is not included as this tends to be provided by the company and does not factor in adjusting the salary of the expatriate employee.'

Top ten locations surveyed (2014)
Rank City Country
1 Singapore Singapore
2 Paris France
3 Oslo Norway
4 Zürich Switzerland
5 Sydney Australia
6 Caracas Venezuela
6 Geneva Switzerland
6 Melbourne Australia
6 Tokyo Japan
10 Copenhagen Denmark

Finally SG beat Switzerland in something.
'Do it or do not do it: You will regret both' - Kierkegaard


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