Over-declare income by $60K

OverTheCounter · Mar 8, 2013

If I over-declare my income by $60K for two years straight, I can get a credit card with much larger credit limit from at least 3 or 4 different banks.

What's the catch? Other than paying a slightly higher tax than I should actually be paying?

I_Hate_Pappies · Mar 8, 2013

OverTheCounter said:
If I over-declare my income by $60K for two years straight, I can get a credit card with much larger credit limit from at least 3 or 4 different banks.

What's the catch? Other than paying a slightly higher tax than I should actually be paying?

Lesser or no subsidies, no angbao, mean testing and so on.

eatshitndie · Mar 8, 2013

why would you be paying a higher tax when you were to make a false declaration and possibly defraud the credit card company?

Alamaking · Mar 8, 2013

U your own boss? Medisave higher also...

OverTheCounter · Mar 8, 2013

eatshitndie said:
why would you be paying a higher tax when you were to make a false declaration and possibly defraud the credit card company?

Because if I put myself into a higher tax bracket, my income tax rate will increase.

OverTheCounter · Mar 8, 2013

Alamaking said:
U your own boss? Medisave higher also...

Sup Sup Soei lah ... once I get those credit cards I can use them to top up anything.

Alamaking · Mar 8, 2013

OverTheCounter said:
Sup Sup Soei lah ... once I get those credit cards I can use them to top up anything.

.............. speechless.......

Froggy · Mar 8, 2013

Use cash is safer, believe me. Credit card may do you in one day if you not careful. I almost become a walking dead recently.

wMulew · Mar 8, 2013

The level of stupidity displayed by moronic opposition supporting retards is incredible

I_Hate_Pappies · Mar 8, 2013

wMulew said:
The level of stupidity displayed by moronic opposition supporting retards is incredible

You are right here, wise pappies supporters will only under declare their income. :oIo:

jw5 · Mar 8, 2013

OverTheCounter said:
If I over-declare my income by $60K for two years straight, I can get a credit card with much larger credit limit from at least 3 or 4 different banks.

What's the catch? Other than paying a slightly higher tax than I should actually be paying?

In addition to the fact that it's illegal, you want higher credit limit for what?

UltimaOnline · Mar 8, 2013

Over-declaring means you pay a lot more CPF (including MediSave) as well as a lot more income tax. Bear in mind that PAP will continue to make CPF and tax increasingly 'progressive'.

And, as others have pointed out, it's very dangerous living on credit, or even transacting on credit. If an investment goes wrong, triggering a domino effect of losses, it's the beginning of the end for you.

And one other risk of over-declaring : if you should one day decide you can't tahan the higher CPF and taxes, and decide to stop over-declaring, the CPF and IRAS may become suspicious and start investigating you, bringing in CPIB and CAD, in which case all kinds of other worms may spill out (eg. they find porn on your home PC which they confiscated as part of their investigations), and you could get charged and imprisoned for something completely unrelated to the original act of over-declaring.

OverTheCounter · Mar 8, 2013

jw5 said:
In addition to the fact that it's illegal, you want higher credit limit for what?

The over-declaring itself is illegal, or the credit card application using artificially high income is illegal?

Narong Wongwan · Mar 8, 2013

OverTheCounter said:
Sup Sup Soei lah ... once I get those credit cards I can use them to top up anything.

You want to faster meet financial doom dun mind I give you a leg up.
PM me for more lobangs for fast credit....

I_Hate_Pappies · Mar 8, 2013

Narong Wongwan said:
You want to faster meet financial doom dun mind I give you a leg up.
PM me for more lobangs for fast credit....

You soliciting business here ah? Remember to pay boss commission hor. :biggrin:

jw5 · Mar 8, 2013

OverTheCounter said:
The over-declaring itself is illegal, or the credit card application using artificially high income is illegal?

The latter act is illegal, and the former act leading to the latter as well.
The former act by itself without any underlying reason probably not illegal, but they may refer you to IMH.

You haven't answered my original question: You want higher credit limit for what?

Raiders · Mar 8, 2013

Narong Wongwan said:
You want to faster meet financial doom dun mind I give you a leg up.
PM me for more lobangs for fast credit....

You need people to help you spray paint? IHP, KNNBCCB and me should make a good partnership :biggrin:

Raiders: (splash paint)

IHP: What the fuck is this?! What the fuck is this Raiders?!:oIo:

KNNBCCB: KNNBCCB lah, Kin zao lah, my kap kia cannot take 3 person :o

nirvarq · Mar 8, 2013

joetys said:
Use cash is safer, believe me. Credit card may do you in one day if you not careful. I almost become a walking dead recently.

Same, I refuse to use credit cards, I use Debit card for Visa & Mastercard etc. Use one for online use just top up $100~200 no need scared online theft.

Use one for normal shopping or food etc.. just top up 1~2k or whatever i deem fit, won't over spend then owes credit card companies kena sue bankrupt worst ... :P

Credit cards make most people spend what they haven't earn...

I_Hate_Pappies · Mar 8, 2013

Raiders said:
You need people to help you spray paint? IHP, KNNBCCB and me should make a good partnership

Swee, i m looking for additional income. Bold in Red and font size 7 for the paintwork, swee boh? :biggrin:

Raiders · Mar 8, 2013

I_Hate_Pappies said:
Swee, i m looking for additional income. Bold in Red and font size 7 for the paintwork, swee boh?

Pls read my post again. I updated the job scope liao.

Over-declare income by $60K

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