Garfieldhug's Blog

This & That Including What Ails

Ugh! It Is Tax Time!

on February 27, 2014

April must be the suckiest of times as it is time to file my income tax. Yup, the tax man has made it so much easier now, online e filing and my employer uploads the earned income onto this web portal too.

No great forms to fill as it is quite easy as everything is automated and I just have to go in and click ok πŸ˜‰

So why is it a sucky chore? Well….it means I have to start paying tax on what I earned in 2013. Payment is a breeze too as we get twelve months interest free installments to pay what is due and owing to the tax man.

My friends who live in USA or Australia have it much worst as their tax rates are through the roof. I heard up to 40% or more!

Singapore tax rates for personal earned income is still not too bad in comparison. We pay max 20% for personal taxes and it is with earned reliefs factored in.

Still, whilst it pains me to pay taxes (I would be a saint if I stood up and said, hey I love paying taxes! Or cuckoo!!) monthly, I am proud to pay more taxes as it helps with my credit rating.

Credit rating is important as it allows for easy credit checks and personal standing in society. So, it makes me a better character in terms of the “moolah” department so to speak and that bankers would love to meet with you to discuss purchases of property or car etc.

Being single, I do not get much tax relief than those married with children. So, it seems I am subsidizing those with children. Sigh! But that is our government’s way of saying go get married. Now that is a whole new argument! Marriage is a big big chance!

Hmm…perhaps a marriage of convenience as it seems this bunch of folks get just about every sort of relief and priority. From choice government housings with several bites of the cherry whilst us singletons would slog unceasingly to provide for our own old age sans relief, tax breaks for first for anything and yet we contribute towards Singapore’s economic growth!

Here is to hoping that Singles will be appreciated one fine day to be given some form of assistance when we grow old and crotchety! πŸ˜‰

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