Spore has one of the highest taxes in the world

[Leongsam]

In US it is the 401K system, Canada has something similar. They also dont call it taxes but retirement pension schemes. Except you cant take it out for properties. Also, even when you take it out in retirement, you have to pay taxes. In Singapore, you claim relief and it is tax free when you withdraw at 55 onwards.

There is simply no comparison between 401k and CPF.

The CPF scheme works like this.... I'll take more than 30% of your salary but on paper it's still yours even though you can't use it. However, you can use it if you're willing to buy a $40,000 home for $400,000.

 

[insomia23]

hello friend, canada tax is 30% but every week they give grants and welfare funds to the needy. Pappies give you when election comes. then take back from you after elections over. WAKE up

Certainly not Income Taxes! Have you seen canada's? At least 30%!

Singaporeans middle classes will pay only about 10-15% per year after all the deductions.

Canada's provincial and federal taxes range from 5-20% total.

 

[insomia23]

then anyway to suggest? australia good?

Do the comparison... throw in all the taxes they have to pay in Canada and do the same for Singapore. Don't forget to add in inflated public housing prices.

I've done the math. For a middle class family, Singapore is one of the most expensive places on earth to live in. That's why I don't live there anymore.:p

 

[insomia23]

sorry hor, now no more 55 hor.maybe 85 or you close eye then can take.

In US it is the 401K system, Canada has something similar. They also dont call it taxes but retirement pension schemes. Except you cant take it out for properties. Also, even when you take it out in retirement, you have to pay taxes. In Singapore, you claim relief and it is tax free when you withdraw at 55 onwards.

 

[Leongsam]

then anyway to suggest? australia good?

"Good" is relative. OZ is better than Sinkieland in my books but at the end of the day, it all depends on what you want out of life.

I'm financially secure so I couldn't care less about welfare schemes. I'm most comfortable in an environment where there is minimum state intervention as I go about my daily life.

 

[ManBearPig62]

However, you can use it if you're willing to buy a $40,000 home for $400,000.

Hey Sam you forgot two very important words.

"However, you can use it if you're willing to buy a $40,000 home for $400,000 ... from us."

 

[ManBearPig62]

You've just gotta love people who try to compare tax rates without considering income levels.

 

[techiedick]

Even when other countries are paying high taxes, they have very good welfare programs.

No work, they pay.

No money to pay hospital bills they pay.

What middle class in Singapore?

We are paid so much lesser than other countries in the First World, even HK has higher salaries.

An immigrant Cambodian road sweeper in central park new york is paid higher than a junior manager in SG.

Here in SG, we are taxed in many different ways, though they dun call it taxes. We opt for the pay and pay scheme.

 

[no_faith]

1)Singapore a very low income tax compared to the rest of the world

Just found a good source to show how much bullshit the thread starter pulled out his ass

http://en.wikipedia.org/wiki/Tax_rates_around_the_world

The PAP are great illusionists. Criss Angel would have a hard time competing. :p

By avoiding the use of the word "tax" in almost all of their extortion schemes, they've created this grand illusion that Singapore has very low taxes.

aiyo boss, he said u bullshit.

 

[kingrant]

sorry hor, now no more 55 hor.maybe 85 or you close eye then can take.

Wrong. you can start drawing down if you want to, but yuo cant take out all.

 

[kingrant]

And you think that Uncle Sam takes yr 401K contribution and put it in a trust until you are ready to withdraw?

Or he also takes it out and park in some investment fund?

There is simply no comparison between 401k and CPF.

The CPF scheme works like this.... I'll take more than 30% of your salary but on paper it's still yours even though you can't use it. However, you can use it if you're willing to buy a $40,000 home for $400,000.

 

[Leongsam]

And you think that Uncle Sam takes yr 401K contribution and put it in a trust until you are ready to withdraw?

401k is not a govt mandated scheme. It's merely an option. NZ has something similar called kiwisaver. Employees go in with their eyes open. There are also clauses which allow for withdrawal in case of hardship.

 

[wizard]

Even when other countries are paying high taxes, they have very good welfare programs.

No work, they pay.

No money to pay hospital bills they pay.

What middle class in Singapore?

We are paid so much lesser than other countries in the First World, even HK has higher salaries.

An immigrant Cambodian road sweeper in central park new york is paid higher than a junior manager in SG.

Here in SG, we are taxed in many different ways, though they dun call it taxes. We opt for the pay and pay scheme.

No lah.. Heart operation only cost $8 .. U cannot affort meh..

Where got tax so high.. U never see the open letter from The online citizen meh.. Lim Swee Say say every month he open the cpf letter he feel so rich..

Got work.. u dun want to work only complaint 1 hr $4 .. 12 hour shift no leave no MCs .. U dun want to work.

And un complaint about mRT and road .. Minister dun have problem getting from point A to point B..

 

[sense]

Just found a good source to show how much bullshit the thread starter pulled out his ass
http://en.wikipedia.org/wiki/Tax_rates_around_the_world

That's the right approach, not magic numbers.

 

[techiedick]

sorry i am not a ministar, i dun get paid in peanuts.

I am a master of the ministar servants, I just pay and pay.

 

[ivebert]

When you don't tax these Sinkie Pigs, the money will go into Casinos and Prostitution

Better to tax them!

 

[rusty]

Certainly not Income Taxes! Have you seen canada's? At least 30%!

Singaporeans middle classes will pay only about 10-15% per year after all the deductions.

Canada's provincial and federal taxes range from 5-20% total.

Do they have these;

COE,ERP,CPF,GST,Rd Tax, Water Borne Tax,Petrol Tax, Liquor Tax, Tobacco Tax,
HDB Summons, URA Summons, CBD, Peak Hour Surcharge, Airport Tax, Call On Line Charges, Late Payment Charges, Late Submission Charges,Upfront Payment for Public Transports,Deposits for Public Transport Card,Property Tax,Sanitary Surcharge, Stamp Duty, Estate Duty,Entertainment Tax, Custom Duties and Taxes?

 

[da dick]

none of you are citing reliable professional sources. or using comparable numbers in terms of cost of living and income brackets.

 

[Char_Azn]

Tax is all about money you need to pay. As long as it is $ related, it is consider tax.
NS, COE, road tax, water, etc. are money that goverment collected from people.
Even you take public transport, you also need to pay all these tax as the public transport needs to pay for this. it is the cost for them to operate.

e.g. Taxi - also need to pay COE, petrol tax..

What kind of stupid logic is that. U need money to pay for food. The hawker taxed U? Tax is money you pay services to support public services like the freaking street lights that goes on every night.

You forgot

13. 20% upfront deduction from your monthly salary and you never get to see this amount in your
lifetime.

aiyo boss, he said u bullshit.

CPF is NOT A TAX. If the money is something you can use(buying houses) and take out at the end of the day(albeit in a long time when U retire) it is not a tax. CPF ultimately is still your own money. It is a forced savings. There is a difference between taxes and the CPF scheme. If someone can name a tax in the world that he can take back the amount he put in and buy houses with it, I'll eat my own words

As for Welfarism in other countries, the poor enjoys them more then the rich. If U are working U are basically supporting bums who either cannot or refuse to work. In SG the welfare there ARE limited welfare schemes(go check with your CDC). If you have no income and are unable to support your family, you can get money (up to 6 mths I think) until you find a job. The other such schemes is the more famous workfare which force anyone who wants to get benefits to work. The difference here being the bums of society are force to work to support themselves.

SG have problems, high cost of living, high cost of housing, etc. High taxation isn't one of them. High cost of living also has little to do with high taxation. Most of the tax which are high are totally avoidable, e.g. COE, ERP, tax on tobacco and alcohol. You con't want to pay extra tax, don't buy a car. You don't want to pay 100% tax on tobacco, don't smoke

 

[Ash007]

You guys should have started the thread without the word TAX. Saying living expenses, or comparable life style, standard of living, would have been a better choice of words.