According to PAP self same accounting methods, all corporate and personal income taxes should be refunded for all.
Since when they loan out a piece of 99yrwrs leasehold land to HDB for SGD$500M, they deny receiving any revenue whatsoever at all, denying enrichment of coffers (which increased by value of $500M), because they only 'converted' a use of physical assets (over lease hold period) into a fiat currency form.
This is a plainly facetious argument, since it's the leasehold and not freehold title which was actually sold.
So likewise, when I collect my salary, it is merely a conversion from my time and energy assets into a fiat currency form. In no way have I been enriched in the process and in fact, just like the PAP/government has incurred the opportunity cost of not being able to host political propaganda activities on the vacant land mass , I too have incurred the personal cost of not being able to day dream, study as the result of me hard at work, performing the duties of my day job.
The PAP even used the denial of revenue from land sales to HDB ($500M in case of AMK Central Weave) as a government income and denied that citizens had contributed anything to the reserves when by simple maths, $558K of the price of the average HDB AMK Weave was paid to government as land costs.
There is no denial that both the government and the reserves are enriched repeatedly from these leasehold land leases and the majority citizens, if not all inhabitants have become a perpetual milking cow for the incumbent government in power, since people would willingly pay a pound of flesh to receive shelter from inclement weather (and against other humans with morals, the likes of politicians amassing political power).
But the government has been very unfair to the citizens in this case, because they apply two very different and contradicting methods to classify income, which should logically be accounted for in similar ways, just amortised/ divided over whatever duration the service or loan is conducted over.
It would be only a matter of time when the entire government becomes a charade, where home prices are stratospheric and the government is into massive financial accounts manipulation and propaganda, such as the CPF HDB grant which has already reached many times a citizen annual salary level in some cases and inflation continues unabated.
More and more administrators will need to be hired to keep the skeletons inside the closet and discordances swept under the carpet.
And when this growing can of worms finally explodes, it will not just demolish the nation, but destabilise the entire South East Asia also.
================
S$500 million.
“The money that HDB will need to pay for the land must be paid back into the past reserves..."
https://www.todayonline.com/singapore/ang-mo-kio-bto-loss-s250m-desmond-lee-2010546
Since Central Weave @ AMK is 896 units, on average, each citizen who purchased a BTO HDB flat from HDB, on average, PERMANENTLY contributed $558K to the reserves for land they only TEMPORARILY borrowed to use.
Since when they loan out a piece of 99yrwrs leasehold land to HDB for SGD$500M, they deny receiving any revenue whatsoever at all, denying enrichment of coffers (which increased by value of $500M), because they only 'converted' a use of physical assets (over lease hold period) into a fiat currency form.
This is a plainly facetious argument, since it's the leasehold and not freehold title which was actually sold.
So likewise, when I collect my salary, it is merely a conversion from my time and energy assets into a fiat currency form. In no way have I been enriched in the process and in fact, just like the PAP/government has incurred the opportunity cost of not being able to host political propaganda activities on the vacant land mass , I too have incurred the personal cost of not being able to day dream, study as the result of me hard at work, performing the duties of my day job.
The PAP even used the denial of revenue from land sales to HDB ($500M in case of AMK Central Weave) as a government income and denied that citizens had contributed anything to the reserves when by simple maths, $558K of the price of the average HDB AMK Weave was paid to government as land costs.
There is no denial that both the government and the reserves are enriched repeatedly from these leasehold land leases and the majority citizens, if not all inhabitants have become a perpetual milking cow for the incumbent government in power, since people would willingly pay a pound of flesh to receive shelter from inclement weather (and against other humans with morals, the likes of politicians amassing political power).
But the government has been very unfair to the citizens in this case, because they apply two very different and contradicting methods to classify income, which should logically be accounted for in similar ways, just amortised/ divided over whatever duration the service or loan is conducted over.
It would be only a matter of time when the entire government becomes a charade, where home prices are stratospheric and the government is into massive financial accounts manipulation and propaganda, such as the CPF HDB grant which has already reached many times a citizen annual salary level in some cases and inflation continues unabated.
More and more administrators will need to be hired to keep the skeletons inside the closet and discordances swept under the carpet.
And when this growing can of worms finally explodes, it will not just demolish the nation, but destabilise the entire South East Asia also.
================
S$500 million.
“The money that HDB will need to pay for the land must be paid back into the past reserves..."
https://www.todayonline.com/singapore/ang-mo-kio-bto-loss-s250m-desmond-lee-2010546
Since Central Weave @ AMK is 896 units, on average, each citizen who purchased a BTO HDB flat from HDB, on average, PERMANENTLY contributed $558K to the reserves for land they only TEMPORARILY borrowed to use.
