Make property tax fairer

Posted on 13 Jul 2012 | Comments Off on Make property tax fairer

Property owners pay a tax based on the property’s estimated annual rental if it were rented out. As long as owner-occupiers perceive the tax to be based on a phantom income, rising property taxes will remain an issue.

The double-digit increases are too much and a fairer tax system for owner-occupiers is needed.

It is convenient to state that other countries adopt a similar system. As laymen, we do not know what concessions there are elsewhere or if property values are rising at the same rate as Singapore’s.

To alleviate difficulties faced by less affluent owner-occupiers, the initial tax-free element should be raised from S$6,000 to a figure more in line with the increase in property values.

From Peter Syddall

Source : Today – 2012 Jul 13

See : Avoid use of ‘property types’ to sharpen tax

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Posted in Tax Matters / Property Tax

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No word on Lease Buyback Scheme

Posted on 13 Jul 2012 | Comments Off on No word on Lease Buyback Scheme

The Housing and Development Board’s website, dated March 2, stated that it would take a few months to announce the details of the enhanced Lease Buyback Scheme.

This is a scheme to help low-income elderly households in three-room and smaller flats turn part of their housing equity into an income stream to help in retirement while they continue to live in their homes. The enhanced scheme will add S$10,000 to the current S$5,000 initial cash payout.

My parents applied in March and were told twice that the payout would come by early July. We made plans to pay urgent outstanding bills and creditors. Now, we are told by HDB officers that the plans are still not finalised.

When will the scheme take effect? If it is to be delayed, can applicants use the existing scheme instead?
From Koh Keng Soon

Source : Today – 2012 Jul 13

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Posted in HDB

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