Taxes

I mentioned earlier that there are two certainties in life - death and taxes. You can't avoid the former but you also try to shun the latter.

So this article makes for interesting read - do people actually enjoy paying taxes? And I bet the likes of ST and The New Paper will soon carry abstract of this report as part of the gahmen's propaganda. Speaking about taxes, especially personal taxes, Singapore is a real haven. In the three years that I worked in Singapore, I hardly paid taxes. This is possible with the many tax benefits available to Singaporeans. And to think I used to complain when I had to pay the paltry $300 tax when April comes round.

Over in the UK, the tax system runs on a Pay-As-You-Earn (PAYE) basis. Seeing >30% of your monthly salaries deducted as taxes and National Insurance is akin to ordering a plate of wanton mee and having to share the char siew with the neighbourhood bully. It is of no exaggeration that the taxes paid here in a year is equivalent to 60 years of taxes in Singapore (based on my last tax paid to IRAS).

It's tough enough having to survive in a taxing job. Taxes just made it worse. I wonder how the Americans can live in Texas all their lives. Maybe that explains for President Bush's Bushisms.

Note: The tax system in Singapore is on a "deferred basis" i.e. you pay taxes only after the end of the financial year. There was talk to align this current tax system to a PAYE but that may require one year of tax waiver OR double taxation in the inception year of PAYE - gosh!)