Tax loopholes in SG that allow the cunning to CHEAT on personal income taxes.

BirdbrainZ said:

Good grief. Read post #26 in it's entirety, and not cherrypick a sentence from within to chase.

Article 15 of the Singapore Constitution states as follows.



Me citing the aritcle right back at you, is to remind you that Freedom of Religion does not apply here to support your action of citing it in the first place. This is not about Rights, because your thread topic isn't religious in nature, but you still wished to include religious verses and references where none are needed or required. My annoyance at your frequent usage of these references is due to the fact that they neither add to nor enchance your literary composition. They are dead weight, fats that can be trimmed off, etc. to tighten your posts. These "inclusions" can be better substituted with more commonly used and understood words.

My criticism here is for your benefit. If you were writting an essay (for example) on your religious beliefs, I would not have offered it.

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point is.... he happy... you are not... it is your problem... not his...



I skim his writing to see what he is saying and ignore all the other "Fluff"

cancer81 said:

point is.... he happy... you are not... it is your problem... not his...



I skim his writing to see what he is saying and ignore all the other "Fluff"

Click to expand...

My criticism of his literary style is mine to give. It is not given out of spite or anger. I gave it with the intention to highlight how his composition can be improved.

cancer81 said:

which is even full of even moar win!!

as much I detest the rich (damn them! why them and not me?) and their tax evasion ways... if they can manage to pay as little tax as possible without having the taxman do an extensive audit on their books then I would have to say LLST...

it is THEIR fault that most governments now resort to using VAT to get revenue. The rich can avoid paying estate taxes, income taxes and other taxes but they NEED to eat, drink and enjoy their wealth. There is no escape from VAT so long as they need to satisfy their urges.

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The poor can avoid these too..

In my maybe-misguided tot: VAT is merely a way for the rich to shift the burden of tax to the poor.

I know how many feel about GST so I will keep my mouth shut in case the "floodgates" open again

A lot of rich people are using this to reduce their taxes, not only in singapore, this is practiced world wide. Robert Kiyosaki's rich dad, poor dad, teaches one to do this.

suddenly I think of those smart rich people making use of credit cards.

I heard you can afford to spend more if you know how to play around with loans.
Of course you must plan well orelse you will alot of loans to pay in the end.

I heard if you happen to own lots of credit cards.You can merry go round with the loans?

cherry6 said:

Always remember that corporates are NOT Humans, as such, conferring corporates MORE tax benefits then we confer humans is certainly placing the cart before the horse if not the opening of a Pandora's box of human evil.

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No comments about the rest of your observations. Just this statement above. It is precisely that Corporations are NOT humans that we cannot compare the benefits enjoyed by Corporations vs humans. There are many arguments to support this; about the only the key argument I want to highlight is that we want to Corporations to hire many many people and purchase supplies from many many SMEs that hire even more many many people, something a income-tax-reduced person may not be able to do at personal basis.

So while going after tax-dodgers is great, punishing Corporations in general to get at small handful of tax-dodgers is a bit...dodgy.

Cheers

President Barack Obama said:

suddenly I think of those smart rich people making use of credit cards.

I heard you can afford to spend more if you know how to play around with loans.
Of course you must plan well orelse you will alot of loans to pay in the end.

I heard if you happen to own lots of credit cards.You can merry go round with the loans?

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this is unrelated but I must remind you that this is as good as financial kamikaze.

Most credit line loans/extensions/overdrafts/whatever the bank wants to call it charge a high interest that is compounded and pro-rated if you make payment before the year ends. Not only that, the banks also charge a hefty administration fee.

no amount of financial shenanigans from a rich or high net worth individual will make them contemplate doing that kind of thing. The interest payments are enough to cripple even the most well thought out financial plans.

If you got the cash just use cash, there is no reason to "merry go round" with credit lines like this.

tequila_powered said:

No comments about the rest of your observations. Just this statement above. It is precisely that Corporations are NOT humans that we cannot compare the benefits enjoyed by Corporations vs humans. There are many arguments to support this; about the only the key argument I want to highlight is that we want to Corporations to hire many many people and purchase supplies from many many SMEs that hire even more many many people, something a income-tax-reduced person may not be able to do at personal basis.

So while going after tax-dodgers is great, punishing Corporations in general to get at small handful of tax-dodgers is a bit...dodgy.

Cheers

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I think dodgy is the wrong word here. It is simply stupid. Or in a nicer context, penny wise, pound foolish. No laws are perfect. Laws have to be made in the larger context, bring more benefits (supposedly) to the land.

President Barack Obama said:

suddenly I think of those smart rich people making use of credit cards.

I heard you can afford to spend more if you know how to play around with loans.
Of course you must plan well orelse you will alot of loans to pay in the end.

I heard if you happen to own lots of credit cards.You can merry go round with the loans?

Click to expand...

This method get alot of people in trouble. Over spend on one card, loand from another card to pay, then from 3rd card and so on. If you manage to make money off the fist purchase then fine. But if not, after awhile your credit rating is in the dumpz and all cards dont let you draw money.

Look, be realistic. Someone who derives such high income would very well in any other situation set-up and run his own consultancy firm. This is normal and seen everywhere in the world. He does it as an effort of personal labour and at professional and financial risk to himself.

If you happen to be working as a consultant and did not shield yourself under a guise of a company, wake up. If you work as an employee and work under a guise of a company, good for you.

Let us also not forget the intention of the tax exemption is to reward for risk undertaken by companies when they start out. Do you seriously want cash-poor start-ups paying taxes then collapsing?

Inix said:

Yawn. If you can't win by facts, you attack the person. I'm happy that you actually think I'm worth 600+K. I actually hope I'm worth 10M though. Anyhow, I'm not interested to waste my time on your ludicrous examples, so this will be the last post.

Finally, I don't know how and why blacklotus's family get caught, but people who live off their company often does it quietly without any issues. I can give plenty of legal examples, but to do that would be a waste of my time considering that you would turn around and say its morally wrong anyway.

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The problem with getting filthy rich is that one is constantly facing curse of having to flaunt off one's wealth. Even if one is humble, their family members (wife, sons, parents, etc) might still fall to the curse.

That's actually how my relatives got caught. They started out being humble, staying in their HDB flats for a while, driving their old Hondas and Toyotas, even though they have become filthy rich.

But when one's worth a few 10s of millions in liquid cash, not counting their assets and businesses, one start to want to be seen in public with their wealth...you know the drill - flashy sports cars, top of the line BMWs, Mercs, houses occupying land the size of a couple of football fields, country club membership (SICC, not Orchid), converting one's Catholic upbringing into a City Harvest Church membership, overseas vacations almost every couple of months, Hermes baggage, Vivian Westwood designer togs and other trappings of wealth.

Oh well, God's giveth, and God's taken back, with interest payments (some natural deaths occurred in their families after getting caught by IRAS)

How long can an economy, sustained on steriods last?

Sorry for the late follow-up but your comment requisites rebuttal.

tequila_powered (22-02-2011 said:

cherry6 (20-02-2011 said:

Singapore Tax loopholes (income, GST) that the rich dance circles around
...
Always remember that corporates are NOT Humans, as such, conferring corporates MORE tax benefits then we confer humans is certainly placing the cart before the horse if not the opening of a Pandora's box of human evil.
...

Click to expand...

No comments about the rest of your observations. Just this statement above. It is precisely that Corporations are NOT humans that we cannot compare the benefits enjoyed by Corporations vs humans. There are many arguments to support this; about the only the key argument I want to highlight is that we want to Corporations to hire many many people and purchase supplies from many many SMEs that hire even more many many people, something a income-tax-reduced person may not be able to do at personal basis.
So while going after tax-dodgers is great, punishing Corporations in general to get at small handful of tax-dodgers is a bit...dodgy.
Cheers

Click to expand...

"we want to Corporations to hire many many people and purchase supplies from many many SMEs that hire even more many many people"
So you would put our economy on steroids and swallow hook, line and sinker, the Trojan horse of fascism delivered under the guise of 'Prosperity'?

In the film documentary 'The Corporation' (2003) [video (trailer)]: "What is a Corporation?" is explained as: "It is, under the law- a legal person. These are a special kind of person who had no moral conscience. Designed by law to be concerned only for their stock holders." - "I just can't be personally responsible" - "Maybe you better incorporate"

As described in 'The Corporation' (2003), the book 'IBM and the Holocaust' (2001) by Edwin Black/ Video [The Corporation (19/23) @1:45]:

[Excerpt] IBM and the Holocaust is the stunning story of IBM's strategic alliance with Nazi Germany -- beginning in 1933 in the first weeks that Hitler came to power and continuing well into World War II. As the Third Reich embarked upon its plan of conquest and genocide, IBM and its subsidiaries helped create enabling technologies, step-by-step, from the identification and cataloging programs of the 1930s to the selections of the 1940s.

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By all means, grant Corporations human rights.
By all means make prosperity an ideal to worship.

They courted 'prosperity' in the 1930s:


And this was the direct result of their union with 'prosperity' [link]:


So I'd guess that if you'd really wanted to sleep easy at night, every night, then these unprincipled policies that grant corporations greater tax-exemptions than a true flesh and bone human or "income-tax-reduced person" (by your derogatory definition) on excuse of achieving local employment targets is certainly NOT the way to go.
'Corporations', like fire, is a good servant but a bad master.

For one, you cannot jail a corporation, nor can you bankrupt nor punish its share holders.

Corporations are merely the vehicles of profit of share holders; puppets being a better description.

As such, the tax exemptions enjoyed by corporations cannot exceed that of individuals (real persons); this isn't "punishing Corporations" but plain simple prudence.

Let us not profit from the woes of others.

Rgds
B.C.

I like the linking of Nazis....




good touch

Hmmm I guess the TS doesn't know how much IRAS is doing in the background and how active they are, that is not in the news.

It is all just text and text being pasted here.

When you start finding out real life cases that are not in the news, you'll be surprised.

"how much IRAS is doing in the background and how active they are"

nakorius said:

Hmmm I guess the TS doesn't know how much IRAS is doing in the background and how active they are, that is not in the news.
It is all just text and text being pasted here.
When you start finding out real life cases that are not in the news, you'll be surprised.

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Guess with so many loopholes, the vast majority would play the system and not get caught, many are caught, but many more not.
And as always, the unbridled quest for prosperity slowly boils:

They worshiped Mammon, god of 'prosperity' in the 1930s:


And this was the direct result of their union with 'prosperity'
[link]:
Majulah Singapura.
Repent Singaporeans, repent.

Hmmm then perhaps you could name one perfect system in this world that governs a specific country where there are 0 loopholes and the agencies are highly effective in clamping down every single individual who attempt to exploit such loopholes ?

The unfortunate fact is that humans are flawed in many ways and effective in many as well. There is no flawless system in place and cannot have one as such that will satisfy everyone's opinion.

thanks for exposing the loopholes, now i know what to do and expect

cherry6 said:

Sorry for the late follow-up but your comment requisites rebuttal.

"we want to Corporations to hire many many people and purchase supplies from many many SMEs that hire even more many many people"
So you would put our economy on steroids and swallow hook, line and sinker, the Trojan horse of fascism delivered under the guise of 'Prosperity'?

In the film documentary 'The Corporation' (2003) [video (trailer)]: "What is a Corporation?" is explained as: "It is, under the law- a legal person. These are a special kind of person who had no moral conscience. Designed by law to be concerned only for their stock holders." - "I just can't be personally responsible" - "Maybe you better incorporate"

As described in 'The Corporation' (2003), the book 'IBM and the Holocaust' (2001) by Edwin Black/ Video [The Corporation (19/23) @1:45]:
By all means, grant Corporations human rights.
By all means make prosperity an ideal to worship.

They courted 'prosperity' in the 1930s:


And this was the direct result of their union with 'prosperity' [link]:


So I'd guess that if you'd really wanted to sleep easy at night, every night, then these unprincipled policies that grant corporations greater tax-exemptions than a true flesh and bone human or "income-tax-reduced person" (by your derogatory definition) on excuse of achieving local employment targets is certainly NOT the way to go.
'Corporations', like fire, is a good servant but a bad master.

For one, you cannot jail a corporation, nor can you bankrupt nor punish its share holders.

Corporations are merely the vehicles of profit of share holders; puppets being a better description.

As such, the tax exemptions enjoyed by corporations cannot exceed that of individuals (real persons); this isn't "punishing Corporations" but plain simple prudence.

Let us not profit from the woes of others.

Rgds
B.C.

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Apple pay no taxee

Warren too

Joba too

Gates too

Dats why rich