How to make money in Singapore?

[Filloz]

You play with GST.

If your business is below $1m revenue and profitable, you adjust your GST declaration when importing.
Import $10000 value, you declare $12000. You pretend to pay a bit more GST (can claim back for businesses) and significantly reduce your taxable profits.

If you business has cashflow issues, you just churn (buy-sell, sell-buy, buy-sell, sell-buy) your sales, you can claim a bit extra more GST refund from IRAS and as long as revenue stays below $2m, you will be off IRAS's radar screens. Then use the increased revenues and take more bank loans to ease your cashflow issues.

If you have illegitimate incomes, you start a GST-registered business. Just pay GST to whitewash your incomes. Nobody can touch you because you paid protection money to Lawrence.

As long as your numbers stay low, you will not be flagged.

 

[Patriotmissile]

Can come out with your own dog or cat coins and peddle to gong jb in sinki to buy.

 

[Bacccarat]

@glockman
became a multi Billionaire collecting carboards and old newspapers.

 

[Filloz]

Take Cash, Don't Leave Paper Trail.

Budget Day has announced that income tax will increase.

A successful FB operator Atrium Sales is famous for asking cash from retailers in return for their endorsement. They have almost no overheads, so almost all their revenues or benefits-in-kind are net-profits. By taking cash and not issuing invoices, she can claim that they are unbiased, but shrewdest they are. I am not talking about thousands or tens of thousands each year. Just imagine, the troubles that retailers went through to balance their P&Ls, in order to justify endorsement expenses in her portal without any receipts or proof-of-payment.

Women are like that, bitch over small savings, penny wise - pound foolish.

 

[parrardee]

Carry balls like John Tan, but then again it doesn't pay much.

 

[rodent2005]

You play with GST.

If your business is below $1m revenue and profitable, you adjust your GST declaration when importing.
Import $10000 value, you declare $12000. You pretend to pay a bit more GST (can claim back for businesses) and significantly reduce your taxable profits.

If you business has cashflow issues, you just churn (buy-sell, sell-buy, buy-sell, sell-buy) your sales, you can claim a bit extra more GST refund from IRAS and as long as revenue stays below $2m, you will be off IRAS's radar screens. Then use the increased revenues and take more bank loans to ease your cashflow issues.

If you have illegitimate incomes, you start a GST-registered business. Just pay GST to whitewash your incomes. Nobody can touch you because you paid protection money to Lawrence.

As long as your numbers stay low, you will not be flagged.

Doesn't work because you have to pay GST (output GST - input GST).

If every quarter you are net collecting GST, then it will trigger a red flag to IRAS.

Why? Because if input GST is more than output GST for many quarters, this means your expenses are more than your sales consistently over a long period of time, then why are you still in business?

 

[Filloz]

Ever wonder why Lazada, Shopee, Carousell platforms can give you better deals? Many SMEs and sole-proprietors list their products there, and you only get receipts, or order confirmation. Many of them don't provide you GST invoice although they are GST registered. Some simply give you an invoice that is not traceable in their books.

Many of them are GST-registered businesses. Yes, they will issue you an invoice if you beg for it but many many of them will not. Income made from these platforms (without GST invoices) can be funneled to various receiving accounts to evade the taxes. It is so fun. In the end, these company sold you the item cheaper than the physical store, and they also made a little more money.

 

[blackmondy]

Join the piss and poop. It's like hitting lottery every month.

 

[zhihau]

Join the piss and poop. It's like hitting lottery every month.

Altogether now!!! HUAT AH!!!

 

[Filloz]

Ever wonder why Lazada, Shopee, Carousell platforms can give you better deals? Many SMEs and sole-proprietors list their products there, and you only get receipts, or order confirmation. Many of them don't provide you GST invoice although they are GST registered. Some simply give you an invoice that is not traceable in their books.

Many of them are GST-registered businesses. Yes, they will issue you an invoice if you beg for it but many many of them will not. Income made from these platforms (without GST invoices) can be funneled to various receiving accounts to evade the taxes. It is so fun. In the end, these company sold you the item cheaper than the physical store, and they also made a little more money.

You cannot play this when you own the domain and sell online directly like Courts.
Lazada, Shopee and Carousell will help you avoid issuing GST invoice and freely transfer your earnings to other channels to evade taxes. Therefore if you are a profitable business, selling on these platforms will help you sell at better margins (by evading the GST) or hide the revenue to reduce income taxes. Everyone is playing it now.