Budget 2012

[halsey02]

I remember pinky saying that he will look after the sandwich class during the GE. Which part of the budget is for the sandwich class?

You believe his short tongue mumblings?, can't even pronounce "mee siam mai hiam", it became "mee siam mai hum", you want to know which sandwich he is taking about, most likely the "club Sandwich" from Polar Cafe, High Street.

We have to look after ourselves, from the predators out there, you believe at your own peril, vote wisely.

 

[chowka]

‘Absence of goodies and Baby Bonus in Budget 2012’

<cite class="byline vcard"></cite><cite class="byline vcard">
</cite><cite class="byline vcard">By Melissa Aw | Yahoo! Newsroom </cite>

<!-- yog-5u -->The announcement of Budget 2012 has received mixed responses from Singaporeans.

In his Budget announcement on Friday, Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam unveiled a “Budget for the future” but Singaporeans Yahoo! Singapore spoke to felt a number of “goodies” were missing.

Leonard Chong, an operations manager, said that most of the incentives that the government has proposed have no direct impact on him since he is not aged 50 and above. He also does not run a company and is not from a low-income family.

Chong was referring to the tightening of foreign workers proposed in the Budget and the slew of benefits in line for the elderly, the disabled and low-income Singaporeans.

When asked what stood out for him in the Budget, he said that there was a noticeable absence of “goodies” -- such as personal and corporate tax rate rebates. “Instead, the focus [is] on reducing foreign labour, [and focusing] on elderly workers and lower-income households. I think the majority of consumers will not gain any significant direct benefit,” he said.

“I think this is more of a ‘social budget’ which is targeting the groups that need more help. Given that we are not in a financial downturn, most of the population which is doing ‘okay’ is being left alone,” the 40-year-old added.

Gene Aw, a network security architect, also questioned the glaring absence of a Baby Bonus, in light of the government’s persistent efforts to improve Singapore’s birth rate.

“I did not hear anything mentioned about how the government is helping families with children mitigate the rising costs of upbringing and education; such as the increase in school fees and transportation costs,” said Aw, a father of three children.

“Only the U-Save [in the GST Voucher] is applicable to me which helps me offset the utilities bill. Personally, nothing much was catered for those not in the lower-income [but] overall, it’s good that the budget is doing more to help the ageing and the lower-income,” added the 39-year-old.

Meanwhile, Sulaiman Daud, a Mass Communications undergraduate thinks that the schemes and incentives introduced by the Budget are “reactionary instead of seeking to prevent problems from happening in the first place”.

The 24-year-old also questioned why needy students were not addressed in the Budget, saying that “all our fees are increasing … [and we have a] lack of accommodation”.

Sulaiman was referring to the recent tuition fee hike announced last week by the National University of Singapore (NUS), local polytechnics and the Institute of Technical Education (ITE) for the incoming cohort in Academic Year (AY) 2012.

Does the Budget really benefit the elderly?

Although this Budget lauds itself as being elderly-friendly, senior citizens whom Yahoo! Singapore spoke to were hesitant on the proposed benefits that they will receive.

Amongst the incentives proposed for the elderly in the Budget was the Silver Housing Bonus -- where elderly Singaporeans who opt to downsize their HDB flats will be awarded $20,000.

Said Ng Kim Kuek, 68: “I think [the bonus] is good because there is an additional $20,000 on top of the profit from selling my old flat. We [elderly] don’t need such a big flat… but even though the scheme is attractive, I won’t sell my flat because I’m used to living here.”

65-year-old Paul Loh echoed Ng’s views. “I can see how this appeals for people who are in need of money and are not working... [however] for some people who can look after themselves financially and are retired with their homes all paid, they see no reason to downgrade to a smaller flat,” he said.

Meanwhile, Din, a 52-year-old security officer felt that the increasing Central Provident Rates (CPF) will not help with the elderly, especially those who have just crossed into that age strata and are in their early 50s.

“The take home pay is the issue. Increasing [CPF contribution] for these people means that they will be taking less money home. Some don’t even bring home enough to put food on the table. Many senior citizens in this age range are working part-time and are earning about 50 dollars a day from working at places like McDonald’s,” he said.

‘Our policymakers seem to know what they’re doing’

On the other end of the spectrum, some citizens welcomed the other measures announcement by the government.

Justin Tan, an undergraduate from NUS, supports the upgrading of public transport but questioned the large amount spent -- the government has pledged $1.1 billion for a Bus Services Enhancement Fund.

“It was a surprise because I expected a gradual amount [to be] increased annually relative to the success of the program,” the 21-year-old said. However, he added that this improvement is still needed as Singaporeans largely depend on public transport for travel.

Blogger Visakan Veerasamy agreed with Tan, expressing support for the government’s decision to improve the public transport system as he noted that this is a move that showed that the government is “responding to what people on the ground are concerned about”.

However, he too, was concerned with the large amount of money funded in for the upgrading of the public transport system as this is a “complex problem” where “throwing money” at it may be inadequate.

“[But], numbers aside, it’s good to know that our policymakers seem to know what they’re doing, and correct any inevitable mistakes along the way,” the 21-year-old said.

 

[ChaoPappyPoodle]

Not all complaints. They have tightened the flow of low-income foreign workers esp for the construction industry. But they have not stopped too many of the fair northern Indians who come in as IT people, health care staff and banking sectors. Construction sector banglas dont take our MRT trains - they got pickups to ferry them to work. They dont rent or buy HDB flats - they stay in dorms, isolated from locals. But the people who are really crowding your trains are the fairer new Indians, who come with their whole village elders, big strollers, prams work in occupations that our PMETs normally are in. There is nothing in the Budget that is stopping these flow.

The govt will gladly staunched the flow of Banglas and then pass the blame to Sinkies if not enough are around to build yr flats in time.

The construction FW worker will also not take up PR or Citizenship here. Therefor, with this change, they are actually increasing the % or even number of higher-paid groups of FTs.

 

[streetsmart73]

CPF = hidden taxation or 'spooky money' that does not exist.

Whenever the govt mentions contributions to CPF or Medisave or Workfare etc, you can safely ignore or filter out the information.

Things you should look out for: lower taxes, more rebates or direct cash payouts (preferably without CPF top-ups as a prerequisite).

The rest is all just inane blabber and noise.

hi there


1. bro, bingo!
2. no meat for the average joe and plain jane leh.
3. no impact.

 

[johnny333]

Not really surprised that there is nothing in this budget for me & other lesser mortals.

Must wait for the next GE before they try to buy our votes. By next GE more Sporeans should realise that the solution to their ills lie with the opposition & not with the PAP.
When the opposition holds 51% of the seats expect the PAP to become more pro lesser-mortals. Until then there are no spurs on their thick hides to motivate real change

 

[jw5]

Not really surprised that there is nothing in this budget for me & other lesser mortals.

Bro, perhaps it's because they found out how much you have invested.

Seriously though, u would have to be living from hand to mouth before this government will have anything for you in their budget.

 

[johnny333]

Bro, perhaps it's because they found out how much you have invested.

Seriously though, u would have to be living from hand to mouth before this government will have anything for you in their budget.

Maybe they DO KNOW HOW LITTLE I HAVE INVESTED Years ago I started moving my investments off-shore :o
The only hard asset I have in Spore is my home & some money in the bank. The value of my home has doubled & so even if the prices collapse I can probably break even. Anyway I bought the place to stay & not to speculate.

As a Sporean I of course have $$$ in the CPF which I can't get out. I've written it off as I'm a realist

 

[Char_Azn]

Maybe they DO KNOW HOW LITTLE I HAVE INVESTED Years ago I started moving my investments off-shore :o
The only hard asset I have in Spore is my home & some money in the bank. The value of my home has doubled & so even if the prices collapse I can probably break even. Anyway I bought the place to stay & not to speculate.

As a Sporean I of course have $$$ in the CPF which I can't get out. I've written it off as I'm a realist

This guy is one of the reason why increasing tax on the rich is moronic. U tax those with good income more, they just move it overseas. Nothing stopping them from moving out the country. All Ang Moh countries with ridculous tax rates suffers from the same problem

 

[johnny333]

This guy is one of the reason why increasing tax on the rich is moronic. U tax those with good income more, they just move it overseas. Nothing stopping them from moving out the country. All Ang Moh countries with ridculous tax rates suffers from the same problem

Why don't you ask LKY & company how much income tax they pay on their multi-million dollar salaries?
Last I heard is that they pay zero income taxes.

I pay my income taxes & chose not to invest my money in Spore because I have little confidence in Spore. This was confirmed by what happened during the financial crisis & what I saw happening e.g. people had problems withdrawing their funds. The ATM fiasco, the skimming problems,...

I know you have blind faith in the PAP but that is going to get you into financial trouble. I don't squander my $ on cars, casinos, etc & am now comfortably off. Just because I am comfortably off I still feel sorry for many Sporeans who were betrayed by the PAP

 

[ginfreely]

Not really surprised that there is nothing in this budget for me & other lesser mortals.

Must wait for the next GE before they try to buy our votes. By next GE more Sporeans should realise that the solution to their ills lie with the opposition & not with the PAP.
When the opposition holds 51% of the seats expect the PAP to become more pro lesser-mortals. Until then there are no spurs on their thick hides to motivate real change

Yeah last time say cannot give subsidy to the people, why now can give so much subsidy to the poor? It is the power of the opposition! Only when the 60% wake up then they will do something for the middle income.

 

[johnny333]

Yeah last time say cannot give subsidy to the people, ........

Our neighbours have already discovered the power of "people's power". Once the 60% have discovered it, I doubt there will be a place in Spore for parties like the PAP. Only a matter of time before this happens. However it's not going to be easy for Sporeans e.g. probably zero CPF, maintaining a costly infrastucture, too many people people, inflation, insufficient water, ...

Sporeans can thank LKY for this.

 

[Char_Azn]

Why don't you ask LKY & company how much income tax they pay on their multi-million dollar salaries?
Last I heard is that they pay zero income taxes.

I pay my income taxes & chose not to invest my money in Spore because I have little confidence in Spore. This was confirmed by what happened during the financial crisis & what I saw happening e.g. people had problems withdrawing their funds. The ATM fiasco, the skimming problems,...

I know you have blind faith in the PAP but that is going to get you into financial trouble. I don't squander my $ on cars, casinos, etc & am now comfortably off. Just because I am comfortably off I still feel sorry for many Sporeans who were betrayed by the PAP

1)The million dollar salary ministers are subjected to income tax

2)U must be the only one having problems with withdrawing money from funds coz no one else had the problem. And SG bank savings are protected by the government to x amt. A lot of countries out there don't do that. As for skimming, it's a common every day occurrence in most countries, in SG it's actually the first time happening. As for the financial crisis, back in 97 and SARS crisis we weathered it better then all countries in the region and during the global financial crisis, we recover faster then most and had the highest growth in the world immediately after. Don't believe anything I say, go look it up. U think SG finance is screwed? U must have had your head screwed on wrong

3)And finally I have never stated anything U do was wrong. Also I have never blamed whatever the rich pple did by moving their money out of the country was wrong. It's their money and it's their right to do so. I quite clearly stated increasing the tax of the rich was wrong. U seem to need English comprehension lessons

 

[Debonerman]

. I quite clearly stated increasing the tax of the rich was wrong. U seem to need English comprehension lessons

And you need more English grammar lessons Mr Integrity!

 

[johnny333]

1)The million dollar salary ministers are subjected to income tax

2)U must be the only one having problems with withdrawing money from funds coz no one else had the problem. And SG bank savings are protected by the government to x amt. A lot of countries out there don't do that. As for skimming, it's a common every day occurrence in most countries, in SG it's actually the first time happening. As for the financial crisis, back in 97 and SARS crisis we weathered it better then all countries in the region and during the global financial crisis, we recover faster then most and had the highest growth in the world immediately after. Don't believe anything I say, go look it up. U think SG finance is screwed? U must have had your head screwed on wrong

3)And finally I have never stated anything U do was wrong. Also I have never blamed whatever the rich pple did by moving their money out of the country was wrong. It's their money and it's their right to do so. I quite clearly stated increasing the tax of the rich was wrong. U seem to need English comprehension lessons

It's surprised me that they are now actually paying some income taxes. I remember that in the past Ministers paid zero taxes.

As for having problems withdrawing money. I am not talking about those worker bees trying to withdraw their salaries but rather Indonesians with sizeable term deposits. From what I've heard is that they couldn't withdraw their funds in Spore. These funds were forcibly retained & rolled back into new term deposits. Many indonesians had faith in the Spore system but after that incident, the Spore brand is a tarnished thing. If it can happen to some indonesians, it can easily happen to a "lesser mortal".

Before the crisis bank Spore deposits were guaranteed up to a measly $20,000. Compared to the US which is up to US$100,000. Spore had to guarantee 100% while in the US they increased it to US$250,000 of all savings to avoid a run on it's banks. I'm sure many can remember how terrified people were & there was some discussion on keeping savings in mattresses & milo containers

I have a Malaysian bank account & whenever I go to an ATM or online, there is always a reminder to take precautions. While in Spore many were caught by surprised because they were never warned. Only recently has our credit cards gotten the chip that has been common in Malaysian cards for years. Don't forget that DBS ATM network went down for almost a day. When you take all the missteps that have gone on in Spore one has to be concerned.

I'm just stating why I chose to keep my $$ offshore. Other reasons is that there is always a hidden cost. Take for example the CPF investment scheme. After people committed their investments, the gov't changed the rules allowing the charging of a monthly fee. Same thing happened to my brokerage account. Both my US & Malaysia broker charge zero fees to hold scripts. I'm a long term investor & I've held onto some US stocks for 10+ years. My Malaysian broker sends me a monthly statement & my US broker sends me a quarterly statement FOC(free of charge). I also get interest on the funds I keep in my brokerage accounts. When I closed my Spore brokerage account I found out that they were keeping some $ which wasn't reflected in the statements they were sending me

You may think I have my head screwed on incorrectly but I think otherwise. I've invested in Malaysian, Spore & US stocks. After factoring all the costs my Spore stocks returned the least. Made the most from the US market.

 

[ginfreely]

Hi johny333, just curious since you keep your $$ offshore in US and Malaysia stocks. How do you take care of the estate duty? Will that take a big chunk away esp US stocks?

 

[Char_Azn]

Blah Blah Blah

Whatever. Ur opinions, your money, you are free to do whatever you want with it. As long as U understand my previous post was aim at how not help the poor and I'm not trying to take potshots at the rich, I'm cool.

 

[Unrepented]

There is no more estate duties in sgp leow, if after jonny die leow, no one will ever know how much he accumulated over the years and pass on to his beneficiaries. Foreign income take back to singapore; singapore no tax, estate no tax, its home run all the way leow.

Hi johny333, just curious since you keep your $$ offshore in US and Malaysia stocks. How do you take care of the estate duty? Will that take a big chunk away esp US stocks?

 

[johnny333]

Hi johny333, just curious since you keep your $$ offshore in US and Malaysia stocks. How do you take care of the estate duty? Will that take a big chunk away esp US stocks?

As a non-US resident I don't have to pay any US taxes. Just have to submit a W-8BEN form to the broker. You have to update the non-US resident status by re-submitting this form once every 3 years.

So the only problem is to figure out how to arrange access to your trading account in case you die. Can think of some ways such as preparing a letter of instruction, converting my account to a joint account, etc.

For Malaysia I don't think there's a way to avoid taxes. When my Malaysian shares were being stored in Spore. Whenever I got a dividen, the Malaysian authorites would automatically deduct taxes & then forwarded the balance to my Spore account. In Spore the Spore authorities & my broker would take their cut & leave the balance to me:(

Now with a Malaysian trading account, the Spore authorities & my Spore broker can go fly a kite
In Malaysia I use a logon ID & password to access my trading account & the account is linked to my savings account. I can withdraw my funds using an ATM card. I doubt I'm liable for estate duties in Malaysia since I'm living in Spore

Found out that RHB has a nicer trading platform but they charge more per trade than Maybank. Maybank is one of the cheapest.

 

[johnny333]

There is no more estate duties in sgp leow, if after jonny die leow, no one will ever know how much he accumulated over the years and pass on to his beneficiaries. Foreign income take back to singapore; singapore no tax, estate no tax, its home run all the way leow.

Actually one of the reasons I got interested in oversea trading was to avoid Spore taxes:o
Back in those days even the interest earned from banks were taxable unless you put in in POSB account.

However that's ancient history & now I find it cheaper to invest in overseas markets
It's just not worth it to invest in Spore. You got to put up with the costs $$. Even going to the casino requires "extra" fees because I'm a Sporean.

 

[johnny333]

Whatever. Ur opinions, your money, you are free to do whatever you want with it. As long as U understand my previous post was aim at how not help the poor and I'm not trying to take potshots at the rich, I'm cool.

No problem. I'm not a rich guy. Just someone who's sharing why I am avoiding the local markets in favor of the markets overseas.