The fishing in Singapore waters is getting better and better as there are no commercial fishing and the water quality is getting better.
Any fisherman can catch far more then you can eat in a very short time.
- Tax the rich, they are careful to not say wealthy people dont pay tax at all which is perfectly legal in Singapore.
It has the best laws in the world in that regard to keep the rich rich.
The only time a wealthy person pays to the gov is gst on beer and on buying a car.
As long as your not an employee you dont pay tax as long as on paper you dont have a singapore income.
So the story goes…
Grandad sold our family companies to a company in the caymans, but we are still lucky they still send us dividends ( not taxable) and I invest in banking secuirties in Singapore ( not taxable)
Sometime we upgrade the family house as we grow ( no capital gains tax)
I can have my foreign flag yacht in singapore permanently, ( not taxable)
When we go for a cruise I can load tax free fuel and alcohol and return with it still on board.
I dont need to be involved in politics as there is no law to change to make life better for us 10% at the top
thats why I love Singapore the Gov keeps adding the tax burden to the less wealthy.
The genius of their policies is they can coninvice the voters to keep voting for this system.
SINGAPORE BUDGET 2022
The wealthy should not be expected to bear most or all of Singapore’s tax burden: Lawrence Wong
LOL they dont contribute anything less the tax on alcohol and Ferrari’s
What he is really saying is…we dont want to pay.
The Politicians are the only huge wage earners that have to pay tax.
From fairytales to facts. “Low tax doesn’t mean No tax”
Are there rich individuals that manage to pay little or no taxes?
Yes certainly, as there are in all countries. Some legally and some not so legal.
Does foreigners/expats have to pay Singapore Tax?
If you live/work in Singapore for more than 183 days/calendar year you are a “Tax Resident” and liable to Singapore tax per Singapore Law and tax rates.
PS> I paid taxes to Singapore all the the time I lived there
All you need to know about Singapore Tax, Personal and Corporate:
International Tax Singapore Highlights - Deloitte
Living in Singapore doesnt make you tax resident unless you have income that is taxable in Singapore.
And that list is very small, basically from local employment/rental income and not much else.
So you can see the wealthy have no tax to pay whether Singaporean or foreigner.
No requirement to put a tax return in unless you have a taxable income.
Grandad sold all our investment properties to a caymans island company and they are so kind they send dividends back to us in Singapore.
Foreign income not taxable.
Local dividends from securities, not taxable
No capital gains tax
No death duties
and the list goes on…
Was your boat tax paid or foreign flagged when you had one in Singapore…another tax perk for the large yacht owner, never having to import your vessel.
Have you finally understood why wealthy people never need to get involved in politics in this great country??
That is true, if you don’t have income you don’t pay tax anywhere.
In Singapore the first S$20K is tax free. Anything above that is taxable.
Foreign income is not taxable unless it is payed by local company and kept in Singapore.
I.e. when I had an oversea assignment but for a Singapore registered company that paid my fees in Singapore, it was taxable. If the fee were paid by a foreign company, it was not taxable.
If you live in Singapore but work overseas and spend more than 183 days in a calendar year outside Singapore you are not taxed in Singapore.(Not a Tax resident)
That applies to both foreigners, PRs and Citizens.
Some rich people MAY manage to show “no personal income” by writing off losses etc. but they still pay property taxes on any property they own in Singapore, GST on anything they purchased in Singapore, COE, Road Tax on their car(s) and ERP every time they drive under a gantry.
I thought the complain was that politicians are getting rich because they get paid too much.
PS> If I haven’t said it before I’ll repeat it now; since you find nothing but negative things to say about Singapore and Singaporeans, why don’t you just leave??
You still dont get it, you are looking at it from an employee point of view
You can have a large income in Singapore and its not taxable local and or foreign derived.
Many local income sources are not taxable, you cant seem to get your head around that.
Its nothing to do with personal income and writing off losses.
The high salary and wage earners are the politicians and the cronies in the GLC’s government linked corporations, thats who they mean when they say cant tax the rich. Also a big source of cpf as that is only paid by wage earners.
The wealthy are above all that employee stuff.
You really struggle with reading for comprehension, I just explained why Singapore is great.
All the laws suit rich people 100%
You keep embarrassing yourself with your lack of knowledge of Singapore and how it actually works and your comeback is just to say I should leave this wonderful tax haven. Can you explain the logic in that?
You are saying, the rich doesn’t pay tax? They will now:
As the increase targets the ultra-rich, it is a wealth tax rather than a cooling measure, making it a “progressive tax scheme”, property analysts told CNA.
Singapore has a Hybrid tax system, Territorial for Corporate tax, but Residential for Personal income tax:
PS> The US and Eritrea are the only two countries that tax their citizens regardless of where they live, or make their money.
Yes they have hit property but its not much in the big picture
Watch out, they are coming for your $$$$Mln. soon.
Take my advice, get out when you can!!
For someone that was clearly living in ignorant bliss for all the years you spent in Singapore with your knowledge only seemingly coming from the 100% government controlled press, its a little hard to fathom anyone taking advice from you.
Not as surprising that you can believe that the place you live is populated by ignorant HDB dwellers that know nothing about how the country they call home is run by crocked politicians that is enriching themselves, while their oppressed subject have to pay taxes. (Horror)
Of course there are some super smart, super rich Expats (yourself included??) that doesn’t pay tax and spend their days at the Marina, swapping stories about useless locals and conspiracy theories.
What a wonderful place!! (For the rich, that is)
Come guys, give it a rest. Carry on if you must but do it directly (PM). Of the 153 “Know Singapore” topic replies, 75 were from @ombugge, and 66 from @powerabout. I have been to Singapore and enjoyed my time there (albeit most of it was in the shipyard). It is great to know more about the place and its people but that is not what this topic thread has turned into.
The US approach to tax is interesting. We had a fellow here in New Zealand, a US citizen who came here as a young single man, married a kiwi and built up a substantial business in the motor trade. He paid NZ taxes which are not insubstantial all his working life. When he sold the business after 35 years the IRS came calling.
I believe Boris Johnson, born in NY, had some problem with IRS as well (??)
He did, I believe he paid and promptly renounced his US citizenship.
Yes I agree, it is totally unnecessary to insult fellow forum members.
I have tried to be informative in my posts from and about Singapore, but VERY annoying to be told that you don’t know anything about the place you have called home for most of your life.
I have been listening to this same BS from other Expats that criticize everything but enjoy the privileges while living in Singapore. My advise has always been and hasn’t changed;
“We have one of the best airports in the world just a short taxi ride away. There are planes leaving from there to just about anywhere in the world you’ll like to go. Why not get on one and go”.
PS> Some, but not ALL Expats, the majority enjoy the fact that it is a safe, clean and well run place to live and work.
But I’ll call this off now by saying;
"Powerabout, (or whatever your name is) you are right, Singapore is a good place for the rich and the locals are all ignorant.
Thanks heaven there are people like you to tell them “how it really is”.
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Stuff you just dont see in other countries
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