1. Since independence in 1965, there is NO CAPITAL GAINS TAX in Singapore. As a consequence, no income tax is due on sales of shares, properties, intangible assets, etc, since 1965. May all be aware, in 1965, most were still not sure of how this red dot island would even survive, in face of communism, racial violence, neighboring nations with eyes on expansion, little educated citizens, etc, etc...except the confident, & by their courage, confidence, vision, faith & hardwork, were the ones whom benefitted that none can begrudge.
2. Mdm Kwa Geok Choo, the beloved wife of our respected Founding Father the late Mr Lee Kuan Yew, sadly passed away in 2010. She was a lawyer by profession, an honest profession & rightfully earned her salaries as per free market rates & conditions, which NONE SANE would disagree.
3. Estate Duty tax was abolished in 2008, long even before the late Mdm Kwa's sad passing whom died peacefully in her sleep in 2010.
4. The reason why the Estate Duty tax was abolished was that, as wealth was generated in other ways such as by entrepreneurial means, even when there was little initial capital, inheritance tax did not seem as impactful.
It was GST, that was introduced in 1994, that was far more impactful - as those who spend more will be able to contribute more in taxes, for social expenditure as as healthcare, education, security, etc to uplift citizens lives, while those who have less will spend less, but will be given rebates, to help them to meet living expenses, amongst many other practical ways where possible such as subsidized skills upgrading courses,etc, as we are a society that will leave none behind if one chooses not to be left behind in the face of opportunities & turmoil.
