There
are no good reasons to want to remove the Estate Duties and
unnecessarily lost a portion of the government's income. Unless, of
course, the Tax Department is too lazy to do the tedious work of going
through hundreds and thousands of pages of supporting documents and
evidences to scrutinise and verify the Declarations made on behalf of
the Deceased?
The official reason that was given for doing away
the Estate Duties is that the amount collected from Estate Duties is too
small and therefore the government can absorb the loss of this stream
of revenue. This is absurdity!
But, but, but, think deeper.
This may not be absurd if the top people in government have something to benefit from it, isn't it?
Or, probably something they wish to hide from public scrutiny?
The
removal of the Estate Duties does not only benefits the Millionaire
Ministers, Top Millionaire Civil Servants and other filthy rich people
in Singapore monetarily. Its removal also, at the same time, in one
swift single stroke, did away with the Compulsory Declaration of ALL
Assets held in the name of the Deceased and those being held by other
people on his behalf, e.g. public or private company's and whatever
foundation's assets and profits from which the Deceased could be a
beneficiary.
All declarations are to include assets held in foreign land and locally.
By
doing away with the Estate Duties, all those millionaires, billionaires
and filthy rich people can hide their real worth, past false
declarations, discrepancies, self-incriminating evidences, or illegal
activities from the Inland Revenues Public Records. In other words, the
public will never be able to scrutinise their past illegal actions and
sins, if any.
What a masterstroke!
SSO.
APEC 2024 Peru. Biden shafted to a corner in the back row. Xi in front row next to Peru's President
I do not agree with estate duties. In times of bereavement, there will be the added stress on the grieving families to file such a report ACCURATELY. There has to be a better way to tax the rich. Moreover, the rich will find a way to move their assets around asap should estate duties be reintroduced. They found that in the past, only about 30m was derived annually from estate duties so in the end it was definitely not worth the time, the effort, and the stress on the bereaved families to do so
ReplyDeleteOn a side note, better to remove gst on essentials like bread, rice to help the poor and instead impose heavier taxes on luxury items like high end phones, cars, which won't impact the poor
What do you mean Matland? That is a racist remark. Redbean, please delete that post.
ReplyDeleteThanks Mohamad for your comment. I have deleted Virgo's offensive sentence and reposted below. My apologies.
ReplyDeleteredbean
Virgo49 said...
Hi Anon 9.17
Many Wealthy Ones aka their cronies are disposing their Million Dolars Properties and also maybe you be surprised they the Papies are doing likewise as maybe now NOT so sure of been elected for further gatherings of Wealth.
So no estate duties.
Why across the Board GST applicable to ALL?
Their main aim is also actually the GST taxes on the Tourism.
Whenever anybody in Singapore as Residents or Tourists they have to pay the GST on all items.
Some may claimed Refunds on their expensive buys but overall most will have to cough out the GST Tax.
Last time we have different import and excise duties for different items into the Singapore.
Most luxurious goods are taxed quite heavily. Also some are taxed due to the protection of local industries.
So as what's you said the necessities like bread, rice can be non taxable and like.cars, liquors etc can.be taxed more.
But compared to the overall tax on GST and these chosen tax on certain items, the Revenue on the GST is enormous compared to the differentiated tax items.
That's why so many countries wanted to impose the GST.
Also needed lots of manpower in Import & Export Section and also the Customs & Excise Department of various sections to implement these Customs duties.
Now simply pushed the donkey work of all the Companies who does on their behalf and collected the Revenue for them.
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These are negligible compared to the GST Tax on All.
Also if give exemption to the necessities items, the Rich and the Tourists will also benefited from these exemptions.
So the GST is the most Revenue Collecting And Easy Ways for any Governments.
November 04, 2021 9:57 am
Hi RB,
ReplyDeleteAnon 9.17 here. Yes, I have to agree with your viewpoints. I had not factored in the tourism side as well as the rich taking advantage of any GST exempted goods. That cannot be allowed.
Perhaps more GST offset vouchers for the poor will be a better option. I just feel that the poor in Sg are finding it hard to cope with our high cost of living and need help badly. Sorry I am off topic. Have a good day