26 Feb 2009

Singapore 2009 Individual Tax Benefits

by Darren

Tax Rebate The Singapore Government is granting a 20% tax rebate to a cap of $2,000 to all tax residents for the 2009 Year of Assessment (2008 calendar year). The 20% tax rebate is calculated based on the tax payable after double taxation relief and other credits but before set-off of the Parenthood Tax Rebate. This rebate will be available to a large population of Singaporean tax residents as to be capped at $2,000 an individual must have a taxable income in excess of SGD $120,000. The rebate will provide the taxpayer with extra spending power and hopefully used to stimulate spending across the country. Property Tax Rebate Owner-occupied residential properties will be granted a rebate of 40% on the property tax payable (after existing rebates) for calendar year 2009. Only owners from 22 January 2009 are eligible for the rebate. It will be deducted from owners property tax bills at the end of 2009. As an example the residential property is valued at $9,000 for property tax purposes Property tax is 4% of $9,000 = $360 GST Rebate = $50 Property Tax Rebate = $100 Property Tax payable = $210 40% rebate = $84 Net Property Tax Payable is = $126 The saving from this new rebate will reduce household expenses and similar the income tax rebate the extra income should be used to stimulate consumer spending and assist in combating the current economic crisis.

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