Not for love of money, but of Humanity. "Greater is he who works for the good of all, then he who works for the good of himself only" ~ Matthew 25:40: "The King will reply, 'I tell you the truth, whatever you did for one of the least of these brothers of mine, you did for me.'"- (NIV). I live in Singapore where the Emperor must not be disturbed.

Friday, January 30, 2015

Instead of raising GST, foreigners should pay up their fair share of property taxes locally.

Instead of raising GST, foreigners should pay up their fair share of property taxes locally.

Singaporeans who serve NS defend the land and thus should be the ONLY ones enjoying discounted rate residential property taxes (for their living premises only). Foreigners who DO NOT serve NS should have to pay non-discounted, aka current 'Non-Owner-Occupied Residential Properties' rate taxes.

Better still, all residential properties should be made to pay similar tax rates across the board with Singaporeans and PR (especially those who have served NS) receiving property tax vouchers for the offset of a certain median amount payable in property tax (as recognition for defending the land and also ease of calculation of property tax):

The average (true) Annual Value of a Singapore HDB 5-room HDB property (housing 3 persons) is deemed as $18,000 yielding a property tax (@10% tax rate= S$1,800 p.a.): Each Singaporean should thus receive a property tax rebate of S$600, usable to offset completely the property tax of the property he resides (as owner/tenant) in with the excess of which placed into his CPF account, the shortfall (those living alone in large properties) topped up in cash), PRs will receive 33.3% the amount ($200) and foreigners= none.

This way, Singaporeans will feel rewarded for serving NS and foreigners will be able to contribute their fair share to taxes in Singapore (rather than leaching upon 'owner occupied tax discounts' for large properties only to sell them at a profit).

All residential properties should also be taxed at a flat rate since multi-generational families may live in larger housing units (higher AV) not because of wealth/ luxury but because they treasure the importance of close-knit family.

As per current laws, no Singaporean above age 21 should possess any other citizenship other than the present Singaporean one.

Seniors without income can continue to live in large properties with the help of reverse mortgage schemes which will allow the senior to draw cash as loans out of their large properties (to pay the property tax), if the equity in the property is sufficient in the long run (they didn't overstretch themselves in the property purchase in the first place).

Singaporeans need the priority to access local properties because they (a) served NS, (b) are legislatively banned from holding foreign citizenship (unlike foreigners who have the option to temporarily rent, get 1/3 equivalent property tax rebate by signing up as a PR or even sell an owned property later at a possible profit).

Already, foreigners on employment passes and S-passes pay either zero or miniscule work permit levies, as compared to many work permit holders (/ their employers) who have to sacrifice pay in excess of S$1000/month for each work permit holder employed. The non-receipt of S$600 property tax rebate vouchers is miniscule in comparison to their employment benefits in Singapore.

For Singapore to survive as a global city, it must treasure its citizens and never allow real estate to be anything other than a raw material contributing towards its overall productivity (and certainly not a speculative commodity).

Current 'Progressive Tax Rates for Non-Owner-Occupied Residential Properties':

Numerous warnings (2012-2013) about impending GST increase (to 10%) that all Singaporeans feel threatened by:


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