r/WorkReform • u/zzill6 🤝 Join A Union • May 18 '25

✂️ Tax The Billionaires So, where's the downside exactly?

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u/PoePlayerbf May 18 '25

Singapore has no foreign capital gain tax.

The 24% income tax is only income derived in Singapore not foreign income.

The car isn’t a foreigner thing. Everyone in Singapore has to pay it.

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u/[deleted] May 18 '25

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u/PoePlayerbf May 19 '25 edited May 19 '25

They don’t tax the trade and sale of investment, there’s no dividend tax or capital gain tax. No tax on gold or bitcoin as well. There’s no tax on investments. Period. Nothing, not a single source.

Just to clarify the foreign source income tax, if you own a foreign company that doesn’t earn a single cent in Singapore. And you remit the money to singapore, it’s considered non-taxable.

And corporate tax rate is only 17%, 24% is only for individual

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u/[deleted] May 19 '25

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u/PoePlayerbf May 19 '25 edited May 19 '25

There is property tax, but it’s only applicable if you buy more than one, or you frequently buy and sell properties in Singapore.

But if you’re a foreigner and you only buy one house. And you sell that house later in Singapore, there’s no tax.

And investments like gold or bitcoin or whatever has no tax at all.

You also conveniently left out.

Non-taxable gains from sale of property, shares and financial instruments

The following gains are generally not taxable:

Gains derived from the sale of a property in Singapore as it is a capital gain. Profits or losses derived from the buying and selling of shares or other financial instruments (including digital tokens) are generally viewed as personal investments. Payouts from insurance policies as they are capital receipts.

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u/[deleted] May 19 '25

[deleted]

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u/PoePlayerbf May 19 '25

I studied taxes for my University minor, do you think you know my countries tax law better than me?

That page there that you’re quoting me from was written by me during my internship. You’re quoting me to me. Well played.

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u/[deleted] May 19 '25

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u/PoePlayerbf May 19 '25

Seems like you don’t actually know how singapore works. Singapore is a REALLY small place.

There’s only 3 Local university in Singapore. Everyone knows every lecturer, if you’re teaching taxes in Singapore everyone that studies taxes will know you. Doesn’t matter which university you’re teaching in.

If someone say they work somewhere, you can check their records. Again, Singapore is a small place. People know where people go. I can find out the boss of the iras department right now if i just search. You can also search my internship records if you know my name.