Tax suggestion: impose capital gains tax on HDB gains when PR sells HDB

henrylbh

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So what's the distinction you're trying to draw? Are you suggesting that all the net proceeds from the sale go into CPF (if no cash was used to buy the unit), inclusive of any gains? If that's what you're suggesting, why would that idea be a good one?

I am saying the whole net proceed should go back to cpf. Never said it's a good idea. Definitely not a palatable idea to many.
 

crimsontactics

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Capital gain tax on hdb for sinkies? Nay.

But I strongly feel that net proceeds from sale of hdb flat should wholly returned to cpf, if cpf was used and prorated if part cash was used, just like cpf used for investments.
You don't love your country? :(

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henrylbh

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If it's not a good idea, then why even suggest it?

You think it's not a good idea, I follow you :s13: To me, it's not a palatable idea.

Go figure out all the good and bad ideas of returning all proceeds to cpf on a broader perspective.
 

Toni90

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Capital gain tax on hdb for sinkies? Nay.

But I strongly feel that net proceeds from sale of hdb flat should wholly returned to cpf, if cpf was used and prorated if part cash was used, just like cpf used for investments.

This one will penalty Singaporean deep deep and let PR escape as they can withdrawn all CPF and go home.
 

henrylbh

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This one will penalty Singaporean deep deep and let PR escape as they can withdrawn all CPF and go home.

But I concur with TS suggestion that PRs should pay capital gain tax. For sinkies, all sale proceeds should go into cpf.
 

windwaver

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My ex Malaysian boss sold his 3rm flat (bought pretty early) and retire back home at the age of 40. I guess most of his retirement fund came from the flat.
 

OngHuatHuat

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3 room flat can retire in Malaysia? Are you kidding me?
Do you know how high is the living expenses in Malaysia right now?

My ex Malaysian boss sold his 3rm flat (bought pretty early) and retire back home at the age of 40. I guess most of his retirement fund came from the flat.
 

pcmdan

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But I concur with TS suggestion that PRs should pay capital gain tax. For sinkies, all sale proceeds should go into cpf.

i agree...hdb should b meant for SC only.PR if wan buy should pay more than wad SC is paying.

if PR sell their flat, tax on capital gain

i m in for pro-rate sale proceeds to CPF
 

OngHuatHuat

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PR should be banned from buying HDB lor!

i agree...hdb should b meant for SC only.PR if wan buy should pay more than wad SC is paying.

if PR sell their flat, tax on capital gain

i m in for pro-rate sale proceeds to CPF
 

pcmdan

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PR should be banned from buying HDB lor!

that would b ideal...but if ban. alot of empty hdb wor...

Is quite unfair for the PR to enjoy both countries benefits and earn big sum of $$ from our HDB....

HDB Caring
HDB understands the concerns and needs of Singaporeans.

HDB will always cater for the housing needs of Singaporeans and understand your concerns.

Dont know since when and why they allow PR to buy...really dont understand
 
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di_andrei

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PRs bought at re-sale (i.e. market, i.e. non-subsidized) prices and have to pay ABSD. How much more do you think these old HDBs can increase in price, to make a capital gains tax relevant?
 

pcmdan

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PRs bought at re-sale (i.e. market, i.e. non-subsidized) prices and have to pay ABSD. How much more do you think these old HDBs can increase in price, to make a capital gains tax relevant?

ABSD is just 5%.

Anyway, based on ur logic, if these old HDBs cant increase in price, capital gain will not occur so dont have to fear already.

Just put in there, just in case there is an increase lo.
 

revhappy

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This is like beating a dead horse really. PRs are not being given out in huge number these days. It is about 30k a year. Out of that most of them are like kids of PR parents, spouses of PRs and citizens etc. Also PRs are not being given to the well paid/ rich etc. It is being given based on certain adaptability criteria and mostly to youngsters. So PRs buying up HDB and making money and selling for profit is so 2008.

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BBCWatcher

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PRs are not being given out in huge number these days.
Exactly. And roughly 2/3rds of that PR trickle progresses to citizenship (and the privileges of citizenship), which is absolutely essential because there just aren't enough Singaporean babies. A 1.2 birth rate is national death otherwise, literally.

So what if PRs can buy HDB resale units, with ABSD (tax), and with almost zero ability to rent those units (unlike citizens). Every dollar PRs use to buy those resale units goes straight into the pockets of citizens, enriching citizens very nicely indeed. It's a great system...for citizens. Cut off those few PR buyers and it's citizens who suffer, not PRs.

Toni90 said:
This one will penalty Singaporean deep deep and let PR escape as they can withdrawn all CPF and go home.
No, they cannot. Both citizens and PRs must terminate their statuses in Singapore in order to be eligible to withdraw CPF funds. Both citizens and PRs have the ability to do that -- there's no difference here. Citizens terminate their Singaporean citizenships, and PRs terminate their Singaporean Permanent Residence. Both can "escape," if they wish.

Singaporeans can acquire other citizenships really quite easily if they wish. That's not a particular obstacle if a Singaporean wants to "escape."
 

pcmdan

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Dont allow them to buy how to collect tax. :(

For those that alr owned one

Every $ PR spent goes straight to those that sell their flat...not everyone sells. And that is why hdb keep going up in prices.

1. Hdb shouldn't even be pegged to market
2. It should be affordable
3. Hdb should be only be able to sell between SC
4. Short term alot of pain for existing hdb owner and see their house value drop...but long term is good for their descendents
 
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