2013 budget and Income tax

Wd40 · Post by **Wd40** » Mon, 25 Feb 2013 8:54 pm

I just read that personal income taxes will be reduced by way of rebate of 30% rebate capped at $1500.

Even the income tax calculators have been updated in the IRAS site so fast.

With the spouse relief and child relief my income tax for last year will be just 4%.

I love you Singapore. I love you Tharman!

Wd40 · Post by **Wd40** » Mon, 25 Feb 2013 9:32 pm

The interesting thing about the Singapore income tax rates and the rebate is that as long as you taxable income after deducting all reliefs, is 90k or below, your income tax rate will be 3% or lesser.

But any incremental earnings above 90k gets taxed at 11.5%! I know majority of the working class locals or foreigners dont make 90k, so they are really paying peanuts for taxes in comparison to other countries!

movingtospore · Post by **movingtospore** » Mon, 25 Feb 2013 9:38 pm

For foreigners too or have they introduced two tiers?

Wd40 · Post by **Wd40** » Mon, 25 Feb 2013 9:40 pm

movingtospore wrote:For foreigners too or have they introduced two tiers?

Foreigners too! Thank God and Tharman for that

zzm9980 · Post by **zzm9980** » Tue, 26 Feb 2013 10:02 am

And with my newfound lower tax liability, I can go buy the BMW I want! Oh wait, vehicle fees up, cannot la...

zzm9980 · Post by **zzm9980** » Tue, 26 Feb 2013 10:03 am

Where did you find the calculator? First google hit is an IRAS spreadsheet for 2011, not 2012.

therat · Post by **therat** » Tue, 26 Feb 2013 10:31 am

I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.

zzm9980 · Post by **zzm9980** » Tue, 26 Feb 2013 10:35 am

therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.

The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.

Barnsley · Post by **Barnsley** » Tue, 26 Feb 2013 10:47 am

zzm9980 wrote:
therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.
The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.

Is it the top of the list here you are looking for.

http://www.iras.gov.sg/irasHome/taxcalculators.aspx

Sergei82 · Post by **Sergei82** » Tue, 26 Feb 2013 10:53 am

You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.

Barnsley · Post by **Barnsley** » Tue, 26 Feb 2013 12:00 pm

Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.

The rents can only go up if there is demand.

If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?

Wd40 · Post by **Wd40** » Tue, 26 Feb 2013 12:40 pm

Barnsley wrote:
zzm9980 wrote:
therat wrote:I think that is the one.

I saw a statement on the xls file
Are you aged 60 years and above on 31.12.2012?

Last year don't have such statement or requirement.
The only XLS I find says:

YEAR OF ASSESSMENT 2012 (For the year ended 31 Dec 2011)

And one more section below for YA2011.
Is it the top of the list here you are looking for.

http://www.iras.gov.sg/irasHome/taxcalculators.aspx

Yeah thats the one. Hats off to Singapore's efficiency. The day the new tax structure is announced and the calculators are already updated

Wd40 · Post by **Wd40** » Tue, 26 Feb 2013 12:55 pm

Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.

Yeah! The landlords and real estate agents screwing us is a given. Atleast from the tax front there is some relief.

Post by **x9200** » Tue, 26 Feb 2013 1:05 pm

Barnsley wrote:
Sergei82 wrote:You're still looking at taxes only, not at tax+housing "package"? A bit lower taxes will be more than offset by much higher housing rents due to the new property tax and recent cooling measures. Overall, we're still screwed.
The rents can only go up if there is demand.

If there is a restriction in the supply of foreign talents will not the demand go down thus rents will come down as landlords seek tenants?

With the plan of increasing the population using FT (what else) it does not look like the demand will go down. Making condition less favourable for property investment will on the other hand limit the No of properties available for the rental. Conclusion?

zzm9980 · Post by **zzm9980** » Tue, 26 Feb 2013 1:24 pm

Am I missing something? That's the one I found too. It's for FY2012.

http://www.iras.gov.sg/irasHome/uploade ... 1_IRAS.xls

Is this file:

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2013 budget and Income tax

2013 budget and Income tax

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