Woo-hoo! Income Tax goring up again!!

[scbccb]

Upz to leeplenish reserves or pay salaries? :oIo:

 

[Fishypie]

What fucking Logic is this ..when economy is heading South; our taxes are going North ?.. :*::(

 

[Dinosaur]

What fucking Logic is this ..when economy is heading South; our taxes are going North ?.. :*::(

This is called poleetics. If I'm not wrong, tax increases usually take place after general elections and just before a general election there will be a very generous Budget announced in Parleement. Welcome to Sinkapore.

 

[LadyArwen]

For YA2012 onwards (which is what we will pay this year)... congratulations to those earning $80-$120. Lower tax! Everyone else is screwed!

• Those earning $20-$30k will increase by 1.5%
• Those earning $30-$40k will increase by 2.0%
• Those earning $40-$80k will increase by 1.5%
• Those earning $120-$160k will increase by 1.5%

Two new tiers added

• New Tier: Those earning $80-$120k will pay 11.5% (instead of 14%)
• New Tier: Those earning $200-$320k will pay 18% (instead of 17%)

Your ladyship says this is old news. YA2012 refers to tax for income earned in year 2011. Are earthlings all so slow in reacting?

 

[LeMans2011]

You are correct ma lady. The rates were announced in March 2011. Income tax rates changes are always announced a year ahead. Most of the rates are down unless there is something wrong with my ayes.

 

[nato33]

For YA2012 onwards (which is what we will pay this year)... congratulations to those earning $80-$120. Lower tax! Everyone else is screwed!

• Those earning $20-$30k will increase by 1.5%
• Those earning $30-$40k will increase by 2.0%
• Those earning $40-$80k will increase by 1.5%
• Those earning $120-$160k will increase by 1.5%

Two new tiers added

• New Tier: Those earning $80-$120k will pay 11.5% (instead of 14%)
• New Tier: Those earning $200-$320k will pay 18% (instead of 17%)

Is this based on Gross Income or after deductions?

 

[chonburifc]

heng arh, i am unemployed.

 

[RogerK]

heng arh, i am unemployed.

Bro you got rental income or not? Rental income also subjected to tax.

 

[ionzu]

For YA2012 onwards (which is what we will pay this year)... congratulations to those earning $80-$120. Lower tax! Everyone else is screwed!

• Those earning $20-$30k will increase by 1.5%
• Those earning $30-$40k will increase by 2.0%
• Those earning $40-$80k will increase by 1.5%
• Those earning $120-$160k will increase by 1.5%

Two new tiers added

• New Tier: Those earning $80-$120k will pay 11.5% (instead of 14%)
• New Tier: Those earning $200-$320k will pay 18% (instead of 17%)

good move to increase taxes. this has not happened in at least a decade.
but it will be extremely disappointing if this tax increase were simply to fund freebies for pre-2016.

 

[wMulew]

Dumbfuck opposition supporting retards, when they reduce income tax last year, no one cheered. When they increase, everyone complain. Same group of retards who wants government to do more for the poor, where do U think the money is coming from? Drop from the sky?

 

[ionzu]

where do U think the money is coming from? Drop from the sky?

it was supposed to come from things like estate duty tax, which has since been abolished.

looking forward to 18% GST.

 

[greedy and cunning]

good move to increase taxes. this has not happened in at least a decade.
but it will be extremely disappointing if this tax increase were simply to fund freebies for pre-2016.

yeah good news to all who asked for it.
of course it will be extremely disappointing if this is not used to fund the gambling in stock market.
all those "clever" sillyporeans would protest if otherwise.

 

[sense]

Two new tiers added

• New Tier: Those earning $80-$120k will pay 11.5% (instead of 14%)
• New Tier: Those earning $200-$320k will pay 18% (instead of 17%)

Where is your source?

IRAS Media coverage

• 11 Jan 2013 Media Release : Additional Measures to Ensure a Stable and Sustainable Property Market
  
• 11 Jan 2013 Media Release : Second Protocol to the Agreement for the Avoidance of Double Taxation between Singapore and Vietnam comes into force
• 9 Jan 2013 Media Release : Singapore and Austria Update Interpretative Notes on the Exchange of Information Article under Existing Avoidance of Double Taxation Agreement
• 27 Dec 2012 Media Release: Second Protocol to the Agreeement for the Avoidance of Double Taxation between Singapore and the United Kingdom comes into force
• 21 Dec 2012 Tax Crime: Two Caught for Fraud in Tourist Refund Claims
• 6 Dec 2012 Media Release: Agreement for Exchange of Information between Singapore and Bermuda enters into force
• 27 Nov 2012 Media Release: Revision in Annual Values of HDB Flats in 2013
• 22 Nov 2012 Tax Crime: Remisier Convicted for Tax Evasion
• 5 Nov 2012 Media Release: Singapore and Poland sign enhanced Agreement for Avoidance of Double Taxation
• 30 Oct 2012 Media Release: Singapore and Bermuda sign Agreement for Exchange of Information
• 25 Oct 2012 Tax Crime: Fraudulent GST claims put sole-proprietor in jail
• 19 Oct 2012 Media Release: Additional Protocol to the convention for the avoidance of double taxation between Singapore and Italy to enter into force
• 19 Oct 2012 Tax Crime: First trader charged for false declaration in GST Registration
• 18 Oct 2012 Media Release: Singapore and Jersey sign Agreement for Avoidance of Double Taxation
• 14 Oct 2012 Speech: Global Performance Excellence Award (GPEA) Dinner - Acceptance Speech by Mr Moses Lee, Commissioner of Inland Revenue

http://www.iras.gov.sg/irasHome/page.aspx?id=12870

 

[sense]

You are correct ma lady. The rates were announced in March 2011. Income tax rates changes are always announced a year ahead. Most of the rates are down unless there is something wrong with my ayes.

Announced in www.iras.bullshit.com?

• 19 Apr 2011 Media Release : e-Filing rate of 96% up from 94% last year
• 14 Apr 2011 Tax Treaty : Singapore and Spain sign Agreement for Avoidance of Double Taxation
• 8 Apr 2011 Tax Treaty : Singapore-Ireland Avoidance of Double Taxation Agreement Comes Into Force
• 5 Apr 2011 Media Release : Productivity and Innovation Credit: Free Consultation Clinics for SMEs from 13 April
• 5 Apr 2011 Speech : Speech by Mr Moses Lee, Commissioner of Inland Revenue at Budget Seminar 2011 - Launch of Assisted Compliance Assurance Programme (ACAP)
• 10 Mar 2011 Media Release : Tax filing made easier for 1.7 million individuals
  
• 4 Mar 2011 Tax Crime : Second Company Convicted of Abusing Tax Exemption Scheme
• 24 Feb 2011 Tax Treaty : Singapore and Switzerland Sign Revised Avoidance of Double Taxation Agreement
• 16 Feb 2011 Media Release : FY2011 Budget Statement To Be Delivered At 3.30PM On Friday
• 11 Feb 2011 Tax Crime : First CPA charged for assisting company to evade tax
• [Update] Media Release issued on 7 Mar 2012
• 7 Feb 2011 Tax Treaty : Singapore and Estonia Enhance Tax Cooperation

http://www.iras.gov.sg/irasHome/page.aspx?id=11440

 

[sickpuppy]

Thank God I retired last year living in matlasia dunno got kanna income tax or not? Don't know even if I need to fill up my income tax form this year since I did not have any income last year?

 

[Fook Seng]

Thank God I retired last year living in matlasia dunno got kanna income tax or not? Don't know even if I need to fill up my income tax form this year since I did not have any income last year?

Nowadays, the IR8C is submitted electronically by the employer. There is no need to submit that. You probably will still receive a letter from IRAS requesting you to log on and submit. So just go online and click submit. If you have no other qualifying income, should be quite straight forward.

 

[sickpuppy]

Nowadays, the IR8C is submitted electronically by the employer. There is no need to submit that. You probably will still receive a letter from IRAS requesting you to log on and submit. So just go online and click submit. If you have no other qualifying income, should be quite straight forward.

Thanks for the info but if employer does not send in my IR8C since I am not working there anymore does IRIS auto deduct still thinking I am working there?