tag:blogger.com,1999:blog-7684412113351988852.post6437259948338252080..comments2022-04-27T13:18:22.192+08:00Comments on Just my Observation: Interest income tax exemption: a hole in bucket in the Singapore taxation system?bic_cherryhttp://www.blogger.com/profile/09871337938998320826noreply@blogger.comBlogger3125tag:blogger.com,1999:blog-7684412113351988852.post-8095003256805503222012-05-09T02:35:01.030+08:002012-05-09T02:35:01.030+08:00Hi ser guan and Lionel, agreed that any unnecessar...Hi ser guan and Lionel, agreed that any unnecessary tax on investment would cause people to place their funds in Singapore. However, somebody has to pay taxes and U cannot argue that income from bonds, property or other investment isn't income- it just isn't employment income. But it is still income and thus should be taxed. My current suggestion is that any gifts/ interest gained in excess of 1% of the rate paid for SG govt 10yr bonds should be declared for income taxation purposes. The figure isn't cast in stone but would be a fairer way of collecting tax whilst not dissuading citizens/ others from saving/ investing in Singapore.bic_cherryhttps://www.blogger.com/profile/09871337938998320826noreply@blogger.comtag:blogger.com,1999:blog-7684412113351988852.post-17481589911619237552012-03-09T14:46:45.736+08:002012-03-09T14:46:45.736+08:00That is a very valid point raised up. If there is ...That is a very valid point raised up. If there is no tax on interest from investment, it encourage people to park their money in these investment, which in turn drive the economy.Lionelhttps://www.blogger.com/profile/17428180474519098813noreply@blogger.comtag:blogger.com,1999:blog-7684412113351988852.post-17680831396437528322012-03-08T14:39:14.512+08:002012-03-08T14:39:14.512+08:00If interst income from bonds is taxed in singapore...If interst income from bonds is taxed in singapore, why not issue the bonds from Hong Kong? Our accountants, corporate finance professionals etc. can move to HK and do the work there.<br />Anyway, shouldn't u tax income and not savings? Do u want to encourage your citizens to save or spend?ser guanhttps://www.blogger.com/profile/01864039919871129846noreply@blogger.com