Category Archives: Tax Matters / Property Tax

Dispute over dead man’s house resolved

Posted on 16 Oct 2009 | Comments Off on Dispute over dead man’s house resolved

Wife will keep the $4.8m proceeds from property which his brother sold
While Madam Chen could not prove that her husband had paid for the house, the court ruled in her favour based on the title deed. (left) — ST FILE PHOTOS
Mr Loo Chay Sit claimed that he had paid for the property and his late brother had held it in trust for him  (right)– ST FILE PHOTOS

THE wife of a Singaporean who died in a United States jail will get to keep the $4.8million from a house sold by his elder brother but which she said was owned by her husband.

The Margate Road property at the centre of the ownership spat was registered in the younger Mr Charles Loo Chay Loo’s name when it was bought in 1979 but the elder Mr Loo Chay Sit and their parents had lived there since 1999. Continue reading →

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Proposal to tax current year income instead

Posted on 2 Sep 2009 | Comments Off on Proposal to tax current year income instead

THE International Monetary Fund (IMF) has suggested that Singapore could revisit the idea of taxing current year income – instead of the prior year’s – as a way of stabilising the economy in future.

This proposal was mooted five years ago, but the Government decided against any changes for the time being after two months of consultation.

The IMF recommendation comes as Singapore emerges gradually from its deepest recession on record.

‘Further along the recovery path, fiscal policy would need to play a part in fostering likely transformations in a post-crisis world,’ the IMF said in its annual country report, finished in July after consultations with Singapore economic officials.

PricewaterhouseCoopers tax partner David Sandison said such a change would be appropriate in this recessionary environment as it better matches tax paid with income earned.

In future, such a system would provide fiscal support to the economy in a downturn, while helping companies and individuals with their cash flow.

Under the current system, taxpayers hit by a pay cut or companies that earn less this year pay income tax based on income the year before – meaning a heavier tax burden. Continue reading →

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