First time in my life I am waiting for the budget speech. I never waited so eagerly to see the ministers opening the sealed pack.
I hope the Gov would reduce the burden on residents by either reducing the tax bracket or by increasing the deduction limits. A lot of people think Singapore tax rate is one of the lowest in the world. Its true on the surface but when we look in to the details we'd know the fact. For example, when I was in India (with 30% tax rate) I never paid more than 10% of my savings thanks to various deductions. But in Singapore I often end up paying more than 20% of my savings.
Hope to see some relief..
EDIT:
Wooohhhoooooooo....Here goes the summary and dear minister, thanks for fulfilling some of my wishes :)
Good
* Personal income tax rebate of 20% (capped at 2000) for FY2011
* Rate cut up to 120,000 from FY2011
* No more TV lic
* Increase in employer CPF contribution (additional 0.5%)
Not so good
* CPF contribution limit increased to 5,000. (If you are earning 4.5K+ then your paycheck is reduced by100/month and including bonus it'll be reduced to a max of 1,650/year)
* No 'tangible' benefits to parents (may be I don't see the benefits given very useful)
Overall it's average budget before 'election' year and i fully support the decision of putting back the $4billion in to reserves. It's good thing to do..
I hope the Gov would reduce the burden on residents by either reducing the tax bracket or by increasing the deduction limits. A lot of people think Singapore tax rate is one of the lowest in the world. Its true on the surface but when we look in to the details we'd know the fact. For example, when I was in India (with 30% tax rate) I never paid more than 10% of my savings thanks to various deductions. But in Singapore I often end up paying more than 20% of my savings.
Hope to see some relief..
EDIT:
Wooohhhoooooooo....Here goes the summary and dear minister, thanks for fulfilling some of my wishes :)
Good
* Personal income tax rebate of 20% (capped at 2000) for FY2011
* Rate cut up to 120,000 from FY2011
* No more TV lic
* Increase in employer CPF contribution (additional 0.5%)
Not so good
* CPF contribution limit increased to 5,000. (If you are earning 4.5K+ then your paycheck is reduced by100/month and including bonus it'll be reduced to a max of 1,650/year)
* No 'tangible' benefits to parents (may be I don't see the benefits given very useful)
Overall it's average budget before 'election' year and i fully support the decision of putting back the $4billion in to reserves. It's good thing to do..
No comments:
Post a Comment