DBS changed its Mutiplier plan

R

royalmix

Master Member
Joined
Feb 23, 2016
Messages
4,297
Reaction score
1,282
RedsYWNA said:
If you guys are so concerned about tax, i can ask the IRAS commissioner when I meet him in late Nov, but as I said earlier, it's best to keep the salary discussions discreet.

The Multiplier has a table indicator to show if the experiments are successful. Perhaps can try that on your own.
Click to expand...
You are a HR Professional?

What is being discussed has nothing to do with BNE tracking!
 
R

royalmix

Master Member
Joined
Feb 23, 2016
Messages
4,297
Reaction score
1,282
RedsYWNA said:
There is zero chance of this being taxed. You guys can try asking ChatGPT or Gemini
Click to expand...
Thanks for the reply, altho you did not mention why?

Another professional can provide the reason why. But I will not continue with the topic, it should stop here! 🤫
 
D

DevilPlate

Arch-Supremacy Member
Joined
Nov 22, 2020
Messages
12,236
Reaction score
5,155
itchying said:
I think ultimately govt is to catch those who under declared. U can always show proof explain to them it is yr own transfer not income if u r flagged.
Click to expand...
I would think immediate consequences is kena clawback interests by DBS
Income tax is very grey liao…..simi substance or form i simply catch no ball :s13:
 
C

Claylite

Junior Member
Joined
Dec 30, 2022
Messages
51
Reaction score
17
sglandscape said:
Don't know why anyone would think it'll be taxed.
Click to expand...
In some other countries the banks have to do some tax reporting for its account holders. For example in US the banks need to issue tax-payers (and send to the IRS) a Form 1099-INT if the interest they pay their account holders meets the reporting threshold so that they can appropriately declare in their tax returns as (unlike SG) bank interest is taxable there.

I guess that others may be concerned that “income” received in their bank account may similarly be reported to IRAS, which isn’t the case for the average local except perhaps for tax audit or cross border reporting where relevant (eg. CRS/FATCA).
 
S

sglandscape

Supremacy Member
HWZ Insider
Joined
Jan 30, 2023
Messages
6,187
Reaction score
2,981
Claylite said:
In some other countries the banks have to do some tax reporting for its account holders. For example in US the banks need to issue tax-payers (and send to the IRS) a Form 1099-INT if the interest they pay their account holders meets the reporting threshold so that they can appropriately declare in their tax returns as (unlike SG) bank interest is taxable there.

I guess that others may be concerned that “income” received in their bank account may similarly be reported to IRAS, which isn’t the case for the average local except perhaps for tax audit or cross border reporting where relevant (eg. CRS/FATCA).
Click to expand...
You're conflating different reporting requirements, what's in scope to be taxed, and the practice of income being withheld upfront.
 
C

Claylite

Junior Member
Joined
Dec 30, 2022
Messages
51
Reaction score
17
sglandscape said:
You're conflating different reporting requirements, what's in scope to be taxed, and the practice of income being withheld upfront.
Click to expand...
Thanks for summarising it so succinctly. That’s basically my point. The uninformed may be conflating all these different reporting requirements which is why they ask these weird questions on whether they will be taxed if they transfer as “income”.
 
reddevil0728

reddevil0728

Great Supremacy Member
Joined
Dec 16, 2005
Messages
66,350
Reaction score
5,892
DevilPlate said:
Imo self manufacture 1.6k (UOB) vs 30k got huge difference.
DBS system may flag it if they deem fit?
Click to expand...

DevilPlate said:
I don’t think anyone here can guarantee anything.

If scared/uncomfortable (like me), then try other means or be contented with 2.1-2.4%
Click to expand...

royalmix said:
This is rubbish under Income tax reporting for SoleProprietorship!

Admin should delete all fake information on this topic!
Click to expand...

itchying said:
I think ultimately govt is to catch those who under declared. U can always show proof explain to them it is yr own transfer not income if u r flagged.
Click to expand...

DevilPlate said:
I would think immediate consequences is kena clawback interests by DBS
Income tax is very grey liao…..simi substance or form i simply catch no ball :s13:
Click to expand...
Again substance not the form.
royalmix said:
You are a HR Professional?

What is being discussed has nothing to do with BNE tracking!
Click to expand...
I don’t think tax is a hr professional expertise.

More like tax professional?
 
R

royalmix

Master Member
Joined
Feb 23, 2016
Messages
4,297
Reaction score
1,282
reddevil0728 said:
I don’t think tax is a hr professional expertise.

More like tax professional?
Click to expand...
Are you a HR professional?
Are you employed?
Do you submit yearly income tax returns?

If your answer is Yes to any of the above, you should know the answer to the question asked here! It is basic knowledge!
 
reddevil0728

reddevil0728

Great Supremacy Member
Joined
Dec 16, 2005
Messages
66,350
Reaction score
5,892
royalmix said:
Are you a HR professional?
Are you employed?
Do you submit yearly income tax returns?

If your answer is Yes to any of the above, you should know the answer to the question asked here! It is basic knowledge!
Click to expand...
??? i am not asking any question.
 
reddevil0728

reddevil0728

Great Supremacy Member
Joined
Dec 16, 2005
Messages
66,350
Reaction score
5,892
iadpotato

iadpotato

Senior Member
Joined
Aug 5, 2009
Messages
1,520
Reaction score
249
30k self transfer salary. Sure kenna flag and claw back interest by DBS one. Anyone dare to try? Heng my salary cat only less than $100 every month from dividends, except for months when DBS is giving dividends hehe
 
You must log in or register to reply here.
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ Forums. Forum members and moderators are responsible for their own posts. Please refer to our Community Guidelines and Standards and Terms and Conditions for more information.
Top