New Taxes on Luxury cars!!

[Kopites]

8 hours ago, Carbon82 said:

For the more common luxury car like 7 series and S Class, which average OMV is in the range of $100K - 110K, the extra 40% in ARF for >$80K OMV translate to $8K to $12K addition ARF, and after taking into consideration of the PARF rebate (@50% of ARF), it is really peanuts (no pun intended). 

For higher end luxury and sport car (each costing >$1mil), such as Bentley Continental GT, RR Cullinan, Ferrari F8, Roma, etc. where OMV range from $300K to $410K, the extra ARF will jack up the car price by merely 10% there about ($88K to $131K), but after consider the higher PARF, the net impact is again pretty insignificant. 

Yes, I agree with @t0y0ta that this is more of a distraction to draw attention away from the GST hike. 

Same go to the property taxes as well. The impact is minimal to say the least. Good for headline reading. 

Quote form cna article. 

"For example, a large non-owner-occupied detached house located in the central area with an annual value of S$150,000 will see an annual property tax bill of about S$43,000 a year, up from the existing S$24,000." 

(The catch here is AV 150k. How many residential Unit can fetch 150K rental income annually. Marina vicinity? )

Second, tax rates for owner-occupied residential properties with annual values of more than S$30,000 will also be raised.

Currently, the taxation rate ranges from 4 to 16 per cent beyond the first S$8,000 of a property’s annual value. Under the new changes, there will be a taxation range of 5 to 23 per cent beyond the first S$30,000 valuation by 2023, with a further increase to 6 to 32 per cent in 2024.

(Again the catch is beyond and above 30k. It is minimal imo)🤔

[t0y0ta]

10 hours ago, Voodooman said:

I wonder how much more luxury and property taxes they will collect vs the increase in GST. That will be telling if this is all wayang kulit.

 

They already announced expected to collect only 170mil more for the income tax increase.... seriously that is peanuts lor to govt spending.

[Voodooman]

9 minutes ago, t0y0ta said:

They already announced expected to collect only 170mil more for the income tax increase.... seriously that is peanuts lor to govt spending.

And the 2% incremental GST is going to bring in billions?  😂

 

Edited February 19, 2022 by Voodooman

[Jp66]

11 hours ago, t0y0ta said:

Actually this and the teeny increase in income tax for the very high income are just wayang shows to distract peasants from the real deal - GST increase

Smokescreen to let peasants think that G is focused on taxing the rich.

yalor. GST only increase 2%, this one 40%.

[Soya]

The onli ppl affected here are ultra rich ppl like T2 & RadX lah

The rest of us peasants can still siam in our B&B cars.....for now

 

[Ody_2004]

mmmmm.. all these rich don save up to buy a ultra luxury car de.. they just buy and most will not bother abt price and of cos COE..

my son friend now having 7 cars.. he just took delivery of Ghost in January.. he just 25 years old.. 

I still saving for my Pinerello... from 60.1 save till now F model still cannot afford brand new.. pls don tax bicycle can liao! whahahahahha..

Edited February 19, 2022 by Ody_2004

[Beregond]

Actually i dun like this tax the rich stuff. Not like their money fall from the sky. They took the risk and through their own hard work and merit, they earn more, why are they treated differently?

Like that might as well i sleep everyday and wait gov feed me

[Ody_2004]

5 minutes ago, Beregond said:

Actually i dun like this tax the rich stuff. Not like their money fall from the sky. They took the risk and through their own hard work and merit, they earn more, why are they treated differently?

Like that might as well i sleep everyday and wait gov feed me

The wealth distribution is not balance.. those who don get the pie felt imbalance and hope govt do something.. so this is one of the something..

Just like salary increment or promotion.. those who don get it never reflect on themselves.. always someone else who ruin their chance.. ruin their life.. because boss like him.. blah blah blah.. never think why boss like him.. 

[Ody_2004]

"Ship Carrying 1,100 Porsches and Other Luxury Cars Is Burning and Adrift"

https://www.nytimes.com/2022/02/17/world/europe/felicity-ace-vessel-fire.html

chum lah.. Singapore shipment got delay?  bo tai bo chi kenna hefty tax! whahahahahha..

[D3badge]

12 hours ago, ToyotaShuttle said:

this is great.

eat the rich!

😁 I do not mind be eaten by government, working hard towards to be eaten ✌🏼

[CarGuy88]

11 minutes ago, Beregond said:

Actually i dun like this tax the rich stuff. Not like their money fall from the sky. They took the risk and through their own hard work and merit, they earn more, why are they treated differently?

Like that might as well i sleep everyday and wait gov feed me

Quite agree. There is a place for creating more equality in society, but hating on the rich is lame.

Very often the rich-haters are ironically trying to earn more to get richer themselves. If getting rich is an evil, then why are they aspiring towards that?

Anyway GST sounds like the best way to "tax the rich" since the more you consume, the more you pay. And the rich consume exponentially more than those who are not.

Since it doesn't directly target them, it probably won't scare them into moving their assets elsewhere too. 

[Mkl22]

19 minutes ago, Beregond said:

Actually i dun like this tax the rich stuff. Not like their money fall from the sky. They took the risk and through their own hard work and merit, they earn more, why are they treated differently?

Like that might as well i sleep everyday and wait gov feed me

Tax the rich is everywhere. Only way to be more popular and gain votes. 
All 1st world countries tax the rich heavily. Singapore consider very very mild Liao. 

[Mkl22]

2 minutes ago, CarGuy88 said:

Quite agree. There is a place for creating more equality in society, but hating on the rich is lame.

Very often the rich-haters are ironically trying to earn more to get richer themselves. If getting rich is an evil, then why are they aspiring towards that?

Anyway GST sounds like the best way to "tax the rich" since the more you consume, the more you pay. And the rich consume exponentially more than those who are not.

Since it doesn't directly target them, it probably won't scare them into moving their assets elsewhere too. 

Gst also allows the govt to target foreigners and tourist. But yet give some back to the citizens. I know some will claim this is never fair. But at least still better than outright income tax where only tax residents pay. Unless you are a retiree. 

[Beregond]

4 minutes ago, Mkl22 said:

Tax the rich is everywhere. Only way to be more popular and gain votes. 
All 1st world countries tax the rich heavily. Singapore consider very very mild Liao. 

I understand.  But dun mean i have to like it. Lol.

I know alot of guys that went into own businesses  and lost crazy sum. Sell flat to pay etc etc.

If they  make it. They become rich. They need pay more tax. 

If they lose it. They  on their own. Who to help them. 3 property become a 3 room. Drive benz become take bus.

I understand ppl will  say they are grants to help the poor. But in reality it dun reflect the risk these guys put in. 

[Throttle2]

12 hours ago, t0y0ta said:

Actually this and the teeny increase in income tax for the very high income are just wayang shows to distract peasants from the real deal - GST increase

Smokescreen to let peasants think that G is focused on taxing the rich.

 

[Voodooman]

5 minutes ago, Beregond said:

Actually i dun like this tax the rich stuff. Not like their money fall from the sky. They took the risk and through their own hard work and merit, they earn more, why are they treated differently?

Like that might as well i sleep everyday and wait gov feed me

Huh? Why are you not parroting CCP's common prosperity? I thought you are a socialist, looks like you are just a Chinese capitalist. 😂  Just kidding, don't get angry hor.

Back to topic, there is really nothing wrong to have a progressive tax system and this is not even remotely close to your "sleep everyday and wait gov feed me" scenario, it is a timid first step.  With the world as it is, the rich will always pay less tax as a percentage of their total wealth, that is why inequality is becoming a problem everywhere but nothing is really fair in this world, so let's not compare.

By the way, most rich people make their money from capital gains, not ordinary wages, those are not even taxed here. In US, they are taxed at a much lower rate than ordinary income. In Singapore, dividend income is also not taxed. So we are really very friendly to the rich. 

All these hubris about taxing the rich to fund social programme, please lah, it is still GST, a regressive tax and I am against taxing the poor/ middle class to help the poor.

[Atonchia]

42 minutes ago, Ody_2004 said:

mmmmm.. all these rich don save up to buy a ultra luxury car de.. they just buy and most will not bother abt price and of cos COE..

my son friend now having 7 cars.. he just took delivery of Ghost in January.. he just 25 years old.. 

I still saving for my Pinerello... from 60.1 save till now F model still cannot afford brand new.. pls don tax bicycle can liao! whahahahahha..

Later say cycling though is environmentally green....

But we breath out a lot of carbon dioxide.....

Tax.😅

[Ody_2004]

9 minutes ago, Throttle2 said:

 

mmmmm look like LAN JIAO to me.. tio boh?

u din use GLSGL? whahahahahaha..