Budget 08 - my expected and actual
Personal
1) Tax rebate of 20% for all resident taxpayers for Year of Assessment 2008. The rebate will be capped at $2,000
2) Estate duty will be removed for deaths occurring on and after 15 February 2008.
This is slightly unexpected. I tot this will come in next year. Estate duty is actually the tax of asset of deceased. Meaning if i die, my things are subjected to tax on the receiptants
3) Growth Dividends given to all adult Singaporeans, to be paid out in two instalments in April and October this year.
Older Singaporeans will have 1.5 times more
Three-room HDB flat or smaller with assessable income less than $24k, will receive a Growth Dividend of $400, on top of the $250 in GST Credits from last yr
Others will receive a Growth Dividend of $300, on top of $200 in GST Credits.
NSMen got another $100
4) I still trying to study the CPF Life Bonus for age 50 and above.
5) Post Sec account to be topped between $150 - $600. THere is also increase in Uni / Poly Bursaries.
Business
1) Grants tax exemption to NEW family-owned INVESTMENT HOLDING companies to the extent that the tax exemption mirrors the tax exemption on qualifying locally-sourced investment income [SSIE] and foreignsourced income [FSIE] granted to individuals. Valid from 1 April 2008 to 31 March 2013.
2) Allowance will be granted for expenditure on all fixtures, fittings, and installations, except those expenses relating to structural works and expansion of space. The special allowance is to be written off over three years, and is subject to a cap of $150,000.
Expectation
1) I expecting personal income tax reduction but dont have lor. Well, at least got tax rebate. But no effect on me cos i no need to pay
2) Estate duty is expected to be ceased but i tot it might happen next year.
3) I told boss that the govt is giving me $500 this yr. Guess wat! they really giving $500!!!
1) Tax rebate of 20% for all resident taxpayers for Year of Assessment 2008. The rebate will be capped at $2,000
2) Estate duty will be removed for deaths occurring on and after 15 February 2008.
This is slightly unexpected. I tot this will come in next year. Estate duty is actually the tax of asset of deceased. Meaning if i die, my things are subjected to tax on the receiptants
3) Growth Dividends given to all adult Singaporeans, to be paid out in two instalments in April and October this year.
Older Singaporeans will have 1.5 times more
Three-room HDB flat or smaller with assessable income less than $24k, will receive a Growth Dividend of $400, on top of the $250 in GST Credits from last yr
Others will receive a Growth Dividend of $300, on top of $200 in GST Credits.
NSMen got another $100
4) I still trying to study the CPF Life Bonus for age 50 and above.
5) Post Sec account to be topped between $150 - $600. THere is also increase in Uni / Poly Bursaries.
Business
1) Grants tax exemption to NEW family-owned INVESTMENT HOLDING companies to the extent that the tax exemption mirrors the tax exemption on qualifying locally-sourced investment income [SSIE] and foreignsourced income [FSIE] granted to individuals. Valid from 1 April 2008 to 31 March 2013.
2) Allowance will be granted for expenditure on all fixtures, fittings, and installations, except those expenses relating to structural works and expansion of space. The special allowance is to be written off over three years, and is subject to a cap of $150,000.
Expectation
1) I expecting personal income tax reduction but dont have lor. Well, at least got tax rebate. But no effect on me cos i no need to pay
2) Estate duty is expected to be ceased but i tot it might happen next year.
3) I told boss that the govt is giving me $500 this yr. Guess wat! they really giving $500!!!
posted by Kongming at
11:45 pm
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