GST 7% is making rich richer and poor poorer next year!
2006-11-23 星期四For those residing in Singapore…
Example 1
In 2006, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,700 (8.75%). If you spend $800 a month on needed goods and services, the GST paid for 5% will be $480
Total=$3,180 in Tax paid.In 2007, if after rebates etc and your net taxable income is $60,000, the income tax you need to pay is $2,600 (8.50%). If you spend $800 a month on needed goods and services, the GST paid for 7% will be $672
Total=$3,272 in Tax paid.
From $3,180 to $3,272, the effective increase is 2.89%.
