Ms He Ting Ru asked the Deputy Prime Minister and Minister for Finance in relation to the Inland Revenue Authority of Singapore (IRAS) investigations into a “99-to-1” arrangement for stamp duty payment for property purchases (a) to date, how many referrals has IRAS made to (i) the Council for Estate Agencies and (ii) the Law Society;Continue reading “INVESTIGATIONS INTO “99-TO-1” ARRANGEMENT FOR STAMP DUTY PAYMENT FOR PROPERTY PURCHASES”
Category Archives: Ministry of Finance
ASSESSING CDC VOUCHER IMPACT AND POTENTIAL REFORMS BASED ON EQUITY AND INDIVIDUAL NEEDS
Mr Gerald Giam Yean Song asked the Deputy Prime Minister and Minister for Finance in view that Community Development Council (CDC) vouchers are currently issued on a per household basis (a) whether the Ministry has studied the effect of this policy affecting those who live with extended family members or sublet from main tenants; (b) whetherContinue reading “ASSESSING CDC VOUCHER IMPACT AND POTENTIAL REFORMS BASED ON EQUITY AND INDIVIDUAL NEEDS”
EXTENSION OF ADDITIONAL BUYER’S STAMP DUTY DEADLINE TO DEVELOPERS
Mr Chua Kheng Wee Louis asked the Deputy Prime Minister and Minister for Finance (a) whether an Additional Buyer’s Stamp Duty (ABSD) deadline extension was granted to the developer of the Cuscaden Reserve and, if so, what is the reason for the extension and the terms and conditions associated with it; and (b) what is theContinue reading “EXTENSION OF ADDITIONAL BUYER’S STAMP DUTY DEADLINE TO DEVELOPERS”
Foreign Domestic Worker Levy Relief
Mr Dennis Tan Lip Fong (Hougang): Mr Chairman, a resident, who is a single father taking care of two daughters in their early teens, shared with me that while he welcomed the change in law last year doubling the paternity leave from two to four weeks, the benefits which he received are significantly less thanContinue reading “Foreign Domestic Worker Levy Relief”
Income Tax – Chargeable Income
Chairman, the chargeable income tax for the first $20,000 of one’s personal income is 0%. This has remained the case for many years. Even though the effective tax rate of 2% is in place for those earning between $20,000 to $30,000, a figure that comes up to $200, this amount is not insignificant, especially forContinue reading “Income Tax – Chargeable Income”
GST – Registration Threshold
Mr Pritam Singh (Aljunied): Chairman, the registration threshold of $1 million for the Goods and Services Tax (GST) has been in place since 1994. The threshold works, for example, to exempt some small and medium enterprises (SMEs), such as hawkers and retail shops in our neighbourhoods. It also helps avoid incurring additional costs to comply withContinue reading “GST – Registration Threshold”
STATISTICS ON TOTAL EMPLOYMENT AND TRADE INCOME OF TOP 1,000 EARNERS
Mr Chua Kheng Wee Louis asked the Deputy Prime Minister and Minister for Finance in each year over the past 10 years of income tax assessment, what is the (i) 25th percentile (ii) median and (iii) 75th percentile of Total Employment and Trade Income of the top 1,000 earners from all professions who are Singapore citizens. TheContinue reading “STATISTICS ON TOTAL EMPLOYMENT AND TRADE INCOME OF TOP 1,000 EARNERS”
EXPECTED ADDITIONAL PROPERTY TAX COLLECTIONS FOLLOWING NOVEMBER 2023 ANNOUNCEMENT OF INCREASE
6 Mr Pritam Singh asked the Deputy Prime Minister and Minister for Finance (a) how much additional property taxes does the Government expect to collect in 2024 following the decision to increase property taxes as announced by the Ministry on 30 November 2023; and (b) how much property tax does the Government expect to collect in 2025 afterContinue reading “EXPECTED ADDITIONAL PROPERTY TAX COLLECTIONS FOLLOWING NOVEMBER 2023 ANNOUNCEMENT OF INCREASE”
BREAKDOWN OF ANNUAL RETURNS FILED BY SINGAPORE-INCORPORATED COMPANIES OVER THREE YEARS FOR SMES AND NON-SMES
Mr Chua Kheng Wee Louis asked the Deputy Prime Minister and Minister for Finance in each of the last three years, based on the annual returns filed by Singapore-incorporated companies, what is the breakdown in the average and median (i) operating margin, (ii) pre-tax margin and (iii) net margin for small and medium enterprises (SMEs) andContinue reading “BREAKDOWN OF ANNUAL RETURNS FILED BY SINGAPORE-INCORPORATED COMPANIES OVER THREE YEARS FOR SMES AND NON-SMES”
IMPACT OF E-CIGARETTES BAN ON POTENTIAL LOSS IN TAX REVENUE FOR GOVERNMENT
Assoc Prof Jamus Jerome Lim asked the Deputy Prime Minister and Minister for Finance (a) whether the potential loss in tobacco tax revenue has been a factor in the decision by the Government to ban e-cigarettes; and (b) what are the practical limitations to introducing an equivalent nicotine tax on e-cigarette products, were they to beContinue reading “IMPACT OF E-CIGARETTES BAN ON POTENTIAL LOSS IN TAX REVENUE FOR GOVERNMENT”
Office of the Leader of the Opposition 