Budget 2014

[Hydrocarbon]

yup, all my relatives said that... envy me leh....

looks like you got a high maintenance ride hor...

 

Envy you too..

 

Haha, siao liao lor! See how la.. She's quite a good girl lah..

[Mustank]

 

wah... damn cheemmm leh.... err... what is the morale of the story huh?...

 

 

choose wife must choose wisely,

 

with the big head!!!

[Baal]

 

choose wife must choose wisely,

 

with the big head!!!

[Blackyv]

 

choose wife must choose wisely,

 

with the big head!!!

 

ohh.. got it...

[Count-Bracula]

Time to t-loan my Porter Cable . . .

[Mustank]

Time to t-loan my Porter Cable . . .

Errrr what's that?

[Ahgong]

 

 

knn..u think i got inside info now?? lol......

 

freebie, shd have lah, from what I see accdg to the recent report card. A dose of 'memory forgetting' medicine helps and goes a long way, up to 2015 at least, before the next dose?

 

i am not holding my breath loh~!

 

[RadX]

consperm no goodies hor. Think no need watch. Wait for next day papers........

 

this is a supportin budget. Not give out one......

[Watwheels]

I rather they do not give anything coz they will take back what is given out. Go one big round for nothing.

[Toapayohkid]

consperm no goodies hor. Think no need watch. Wait for next day papers........

 

this is a supportin budget. Not give out one......

 

in-betwee election years not much goodies for people. but usually got for businesses e,g. 2013 wage credits, enhanced productivity and innovation credit scheme in 2012

 

http://www.straitstimes.com/breaking-news/singapore/story/budget-2013-36-billion-wage-credit-scheme-more-productivity-incentives

 

http://www.zdnet.com/singapores-budget-to-aid-smbs-silver-generation-2062303915/

I rather they do not give anything coz they will take back what is given out. Go one big round for nothing.

 

depends lol i'm all for tax rebates, but tax relief also can. but yeah, one time housing or car ownership policy change they make, savings or gains from income tax rebates all poof.

[Toothiewabbit]

Higher wealth taxes on the cards for Singapore?

By Dhara Ranasinghe | CNBC – 9 hours ago

 

In rich Singapore, higher taxes on cars, property and possibly personal income could be on the agenda in next month's budget as the city state takes steps towards a greater redistribution of wealth.

 

Economists say the three main themes of the 2013 budget are likely to remain in place this year: raising productivity levels, restructuring the economy and implementing a progressive tax regime.

 

And the last one in particular is likely to be in the spotlight amid a growing focus on the high cost of living and wide gap between rich and poor in the Southeast Asian financial hub.

 

"Last year the government planted the idea of transfer pricing -- that means taking a bit more from those who are wealthier," said Seng Wun Song, a regional economist at CIMB. "That theme will continue, but I don't think that they [the government] would raise income tax at the top end too much."

 

Last year, the government introduced higher property taxes on investment and high-end owner occupied homes. Luxury cars were also taxed more.

 

Singapore has one of the biggest wealth gaps in the developed world.Its Gini coefficient - which measures the degree of inequality within a country where zero is complete equality and one is maximum inequality - rose to 0.478 last year, the highest among advanced economies, apart from Hong Kong.

 

The city state, which last month witnessed a rare incident of rioting, also ranks as the world's seventh most expensive city in Expatistan's Cost of Living index, which is compiled from prices submitted by users of its online cost of living calculator. High living costs are a major concern for the young, a survey published last week by Singapore Polytechnic found.

 

Tax the rich?

Taxing the island's wealthy residents was one of a number of topics discussed on the government's pre-budget feedback forum, one example of how wealth inequality has become a sensitive issue.

 

"Please milk some monies from the rich and famous to spend on [the] social welfare needs of Singaporeans by taxing people such as new citizens like eminent Jet Li, Gong Li; and well-known PRs [permanent residents] like the co-founder of Facebook Eduardo Saverin," read one such comment on the forum.

 

Economists say it is a balancing act for the government: showing that it is keen to address wealth inequality while maintaining the country's appeal to foreign businesses on which it relies to fuel economic growth given the local population's aging demographics.

 

"In the last budget, the government indicated that wealth taxes could start to play a bigger role in terms of financing and more help for those on lower incomes," said Selina Ling, head of treasury research and strategy at OCBC. "They have already started tweaking property taxes and taxes on cars, so we could see more tweaks along these lines. That could be more palatable for now."

 

Singapore is expected to overtake Switzerland to become the world's biggest hub of offshore wealth by 2020, research firm Wealth Insight said last year.

 

"Singapore is trying to narrow what has been a growing income gap in a way that will not dis-incentivize high earners or workers," said Vishnu Varathan, market economist at Mizuho Corporate Bank.

 

"There is a feeling that there will be more progressive tax implementation, so there's more differentiation in the tax bracket. There is scope to do more but they don't want to do it in a way that causes high income earners to reconsider how tax friendly Singapore is," he added.

 

In Singapore, the top individual income tax rate is 20 percent - much lower than in many other developed economies. In Japan for instance, the highest income tax rate is 50 percent.

 

There's also likely to be supportive measures for those on lower incomes, analysts said. Earlier this month, Singapore moved to set an entry-level minimum wage of S$1,000 for its cleaners.

 

The budget will be delivered by Singapore's Finance Minister Tharman Shanmugaratnam on February 21.

 

- By CNBC.Com's Dhara Ranasinghe

[RadX]

 

Higher wealth taxes on the cards for Singapore?

By Dhara Ranasinghe | CNBC – 9 hours ago

 

In rich Singapore, higher taxes on cars, property and possibly personal income could be on the agenda in next month's budget as the city state takes steps towards a greater redistribution of wealth.

 

Economists say the three main themes of the 2013 budget are likely to remain in place this year: raising productivity levels, restructuring the economy and implementing a progressive tax regime.

 

And the last one in particular is likely to be in the spotlight amid a growing focus on the high cost of living and wide gap between rich and poor in the Southeast Asian financial hub.

 

"Last year the government planted the idea of transfer pricing -- that means taking a bit more from those who are wealthier," said Seng Wun Song, a regional economist at CIMB. "That theme will continue, but I don't think that they [the government] would raise income tax at the top end too much."

 

Last year, the government introduced higher property taxes on investment and high-end owner occupied homes. Luxury cars were also taxed more.

 

Singapore has one of the biggest wealth gaps in the developed world.Its Gini coefficient - which measures the degree of inequality within a country where zero is complete equality and one is maximum inequality - rose to 0.478 last year, the highest among advanced economies, apart from Hong Kong.

 

The city state, which last month witnessed a rare incident of rioting, also ranks as the world's seventh most expensive city in Expatistan's Cost of Living index, which is compiled from prices submitted by users of its online cost of living calculator. High living costs are a major concern for the young, a survey published last week by Singapore Polytechnic found.

 

Tax the rich?

Taxing the island's wealthy residents was one of a number of topics discussed on the government's pre-budget feedback forum, one example of how wealth inequality has become a sensitive issue.

 

"Please milk some monies from the rich and famous to spend on [the] social welfare needs of Singaporeans by taxing people such as new citizens like eminent Jet Li, Gong Li; and well-known PRs [permanent residents] like the co-founder of Facebook Eduardo Saverin," read one such comment on the forum.

 

Economists say it is a balancing act for the government: showing that it is keen to address wealth inequality while maintaining the country's appeal to foreign businesses on which it relies to fuel economic growth given the local population's aging demographics.

 

"In the last budget, the government indicated that wealth taxes could start to play a bigger role in terms of financing and more help for those on lower incomes," said Selina Ling, head of treasury research and strategy at OCBC. "They have already started tweaking property taxes and taxes on cars, so we could see more tweaks along these lines. That could be more palatable for now."

 

Singapore is expected to overtake Switzerland to become the world's biggest hub of offshore wealth by 2020, research firm Wealth Insight said last year.

 

"Singapore is trying to narrow what has been a growing income gap in a way that will not dis-incentivize high earners or workers," said Vishnu Varathan, market economist at Mizuho Corporate Bank.

 

"There is a feeling that there will be more progressive tax implementation, so there's more differentiation in the tax bracket. There is scope to do more but they don't want to do it in a way that causes high income earners to reconsider how tax friendly Singapore is," he added.

 

In Singapore, the top individual income tax rate is 20 percent - much lower than in many other developed economies. In Japan for instance, the highest income tax rate is 50 percent.

 

There's also likely to be supportive measures for those on lower incomes, analysts said. Earlier this month, Singapore moved to set an entry-level minimum wage of S$1,000 for its cleaners.

 

The budget will be delivered by Singapore's Finance Minister Tharman Shanmugaratnam on February 21.

 

- By CNBC.Com's Dhara Ranasinghe

 

 

 

heng ah...i bottom of food chain. good, i get goodies from richies like Soya and throttle2......kekekeek

[Mllcg]

consperm no goodies hor. Think no need watch. Wait for next day papers........

 

this is a supportin budget. Not give out one......

 

sure have la. less that last year nia most probably

[Evillusion]

 

 

Higher wealth taxes on the cards for Singapore?

By Dhara Ranasinghe | CNBC 9 hours ago

 

In rich Singapore, higher taxes on cars, property and possibly personal income could be on the agenda in next month's budget as the city state takes steps towards a greater redistribution of wealth.

 

Economists say the three main themes of the 2013 budget are likely to remain in place this year: raising productivity levels, restructuring the economy and implementing a progressive tax regime.

 

And the last one in particular is likely to be in the spotlight amid a growing focus on the high cost of living and wide gap between rich and poor in the Southeast Asian financial hub.

 

"Last year the government planted the idea of transfer pricing -- that means taking a bit more from those who are wealthier," said Seng Wun Song, a regional economist at CIMB. "That theme will continue, but I don't think that they [the government] would raise income tax at the top end too much."

 

Last year, the government introduced higher property taxes on investment and high-end owner occupied homes. Luxury cars were also taxed more.

 

Singapore has one of the biggest wealth gaps in the developed world.Its Gini coefficient - which measures the degree of inequality within a country where zero is complete equality and one is maximum inequality - rose to 0.478 last year, the highest among advanced economies, apart from Hong Kong.

 

The city state, which last month witnessed a rare incident of rioting, also ranks as the world's seventh most expensive city in Expatistan's Cost of Living index, which is compiled from prices submitted by users of its online cost of living calculator. High living costs are a major concern for the young, a survey published last week by Singapore Polytechnic found.

 

Tax the rich?

Taxing the island's wealthy residents was one of a number of topics discussed on the government's pre-budget feedback forum, one example of how wealth inequality has become a sensitive issue.

 

"Please milk some monies from the rich and famous to spend on [the] social welfare needs of Singaporeans by taxing people such as new citizens like eminent Jet Li, Gong Li; and well-known PRs [permanent residents] like the co-founder of Facebook Eduardo Saverin," read one such comment on the forum.

 

Economists say it is a balancing act for the government: showing that it is keen to address wealth inequality while maintaining the country's appeal to foreign businesses on which it relies to fuel economic growth given the local population's aging demographics.

 

"In the last budget, the government indicated that wealth taxes could start to play a bigger role in terms of financing and more help for those on lower incomes," said Selina Ling, head of treasury research and strategy at OCBC. "They have already started tweaking property taxes and taxes on cars, so we could see more tweaks along these lines. That could be more palatable for now."

 

Singapore is expected to overtake Switzerland to become the world's biggest hub of offshore wealth by 2020, research firm Wealth Insight said last year.

 

"Singapore is trying to narrow what has been a growing income gap in a way that will not dis-incentivize high earners or workers," said Vishnu Varathan, market economist at Mizuho Corporate Bank.

 

"There is a feeling that there will be more progressive tax implementation, so there's more differentiation in the tax bracket. There is scope to do more but they don't want to do it in a way that causes high income earners to reconsider how tax friendly Singapore is," he added.

 

In Singapore, the top individual income tax rate is 20 percent - much lower than in many other developed economies. In Japan for instance, the highest income tax rate is 50 percent.

 

There's also likely to be supportive measures for those on lower incomes, analysts said. Earlier this month, Singapore moved to set an entry-level minimum wage of S$1,000 for its cleaners.

 

The budget will be delivered by Singapore's Finance Minister Tharman Shanmugaratnam on February 21.

 

- By CNBC.Com's Dhara Ranasinghe

i tot their motto was tax everybody but tax the rich more.....and the taxes they keep wan!

[Maz0608]

 

BS, to us is a choice... if you are refering to those low income earner/low educated families, i agree... but if mid lvl, i dont agree.... just recently had a talk with wife about the expectation... she pop a remarks... "wah, recently, seems like everyone is staying in condo hor?".... (because my sil just bought a condo(tembusu), then my wife's younger sis moved to condo last year and her eldest sis staying in landed)

 

i simply said..,... depends on what type of life you want lar..?... we simply do not have the money or means to afford it..... if you want, we could buy, just sell this 4-rm flat away for 500K+, use it for dp for a condo and starts servicing again for 20yrs for few K's per mth... but the risk is high, if i get the boot next year, we are doom... im in a sunset industry and you are not working... i rather live in a fully paid up flat, driving a fully paid up car for another 3yrs, and starts buidling up education funds for the kids.... luckily my wife is a simple woman with simple needs, she just agree with that and move on....im lucky to have her, she is simple, no need brand bags, no need diamond,..

You very lucky man!

It is the time of the year again that my wife is asking for her branded bag!

Still dunno how much bonus will get this year.

[Jajoba123]

 

BS, to us is a choice... if you are refering to those low income earner/low educated families, i agree... but if mid lvl, i dont agree.... just recently had a talk with wife about the expectation... she pop a remarks... "wah, recently, seems like everyone is staying in condo hor?".... (because my sil just bought a condo(tembusu), then my wife's younger sis moved to condo last year and her eldest sis staying in landed)

 

i simply said..,... depends on what type of life you want lar..?... we simply do not have the money or means to afford it..... if you want, we could buy, just sell this 4-rm flat away for 500K+, use it for dp for a condo and starts servicing again for 20yrs for few K's per mth... but the risk is high, if i get the boot next year, we are doom... im in a sunset industry and you are not working... i rather live in a fully paid up flat, driving a fully paid up car for another 3yrs, and starts buidling up education funds for the kids.... luckily my wife is a simple woman with simple needs, she just agree with that and move on....im lucky to have her, she is simple, no need brand bags, no need diamond,..

wah, brother, u lucky man, my gf want wedding dinner at 5-stars hotel, honeymoon in Tokyo alone half my savings gone. somemore my relatives all barely make it in life, don't think can recover back thru angpaw money.

i haven't count the photos album, wedding gowns all tat. she somemore want ice cube cut into heart shape with our names in front the recep where we receive guets before wedding dinner. now i try to discourage her all sorts of new ideas

told her limbeh broke already and will end up borrowing from ah long

[Enye]

Car sector hopes people get into bigger debt i'd think

Car sector hoping loan curbs are eased

Vehicle financing restrictions affecting all segments, say dealers

By

samuel ee [email protected]

print |email this article

 

The Singapore Budget will be delivered on Feb 21 and the motor industry is crossing its fingers that there will be some goodies in it for them, and not more pain - PHOTO: SPH

 

[sINGAPORE] The Singapore Budget will be delivered on Feb 21 and the motor industry is crossing its fingers that there will be some goodies in it for them, and not more pain. Most are focused on the vehicle financing restrictions and hope they will be eased but at least one motor distributor would like to see a more serious effort in the comprehensive electrification of Singapore for a cleaner and more sustainable automotive future.

"This would go beyond the car industry per se and involve building and property owners, as well as parking operators to incentivise them for installing charging facilities for electric vehicles," says an executive.

But more than that, he would like to see some indication that electric or plug-in hybrid cars will attract certain incentives. "It doesn't have to be a permanent subsidy, maybe for early adopters only. For helping people to breathe cleaner air."

However, future mobility is hardly at the top of most wishlists. That has to be the loan curbs. On Feb 25 last year, a 40 per cent cash downpayment became mandatory if the OMV or open market value of the car being bought is below $20,000, and 50 per cent if the OMV is above $20,000.

The maximum repayment period was also halved to five years for all loans. Together with a tiered ARF or additional registration fee structure, car ownership became even more expensive overnight.

Karsono Kwee, executive chairman of the Eurokars Group that represents Rolls-Royce, Porsche, Mini and Mazda here, hopes that the Budget would relax the vehicle financing restrictions. "It is affecting all segments. I hope the government will reconsider the loan curbs, both in terms of the quantum and tenure."

Mr Kwee adds that buyers will eventually come to terms with the tiered ARF structure but the up to 50 per cent cash downpayment has affected the industry.

Ron Lim agrees. The general manager of Tan Chong Motor Sales, which distributes Nissan, hopes that the restrictions can be loosened in the face of an increasing COE supply later this year.

"We anticipate higher vehicle deregistrations from the second quarter of this year will be reflected in the COE quota from August onwards, so the government can consider easing the curbs. This will make it less painful for those who have been eyeing a new car purchase for a long time."

The loan curbs are on Andre Roy's wishlist too but the CEO of Wearnes Automotive is looking beyond new cars to used cars too. This is because when used car values are low - due to low demand - prospective buyers of new cars find it hard to upgrade.

"It would be nice to see the easing of the loan restrictions on cars imposed last year," says Mr Roy, whose company represents Bugatti, McLaren, Bentley, Jaguar, Land Rover, Volvo, Infiniti and Renault in Singapore. "If not new cars, at least used cars to support their value in the market place."

One director of a mid-sized dealership also believes used car financing rules should be relaxed but for a different reason. "It is too harsh for this segment of buyers. If someone can't afford a new car, at least give them a chance to buy a used car."

But otherwise, he is not optimistic about any Budget goodies. In fact, he is hoping no new punitive measures are introduced. "I am very worried if the government does something else, like tweak car taxes further or relook car financing. But actually, I don't think it can get much worse because we are probably at rock bottom already. Just look at the COE situation now."

The last point is a reference to the current COE quota. The monthly allocation of Cat A and Cat B COEs for the upcoming February to April 2014 quota will be one of the smallest since 2010. Only the first half of 2013 was lower.

It is the size of the COE quota that is also the cause of a luxury car dealership boss's pessimism regarding any good news. "Are you kidding? No way should you expect anything. There are barely enough COEs and you think they will lift the loan curbs?"

Then again, perhaps some could really be hoping for too much because the vehicle financing restrictions may not even be part of the Budget. The head of another luxury dealership says: "Last year's loan curbs were not included in the Budget speech but announced by the Monetary Authority of Singapore - after the Budget was delivered."

 

[Mustank]

still dare to hope for goodie?