(25-02-2023, 10:36 AM)Bigiron Wrote: Changing land pricing to cut cost of HDB flats risks destabilising entire property market: DPM Wong
Read more đź“Ť https://bit.ly/3Z1L0nu
Follow @AsiaOnecom for all the latest updates.
I really suspect that PAP/ DPM Lawrence Wong is seriously 'fudging' taxation numbers with creative accounting, right from the top.
So basically citizens are systematically given the short end of the stick in PAP tax calculation/ accounting methods by counting HDB land cost as 'a conversion of value within the reserves'.
TLDR so far: PAP already counts citizens salary as their own (belongs to the reserves), before the citizen earns their first 1¢.
In short, the PAP maths geniuses have succeeded in extracting exorbitant levies of land costs from sale of public housing, then using their own unique accounting methods to say that the overall taxes is low, simply because the huge amount collected as 99 land lease levies is accounted for neither as a tax nor revenue in PAP account books.
PAP accounts for 99 year leasehold land sales as 'conversion of value to the reserves'. For all intents and purposes, if SLA were a REIT or hotel, all these asset lease revenue would definitely be declarable as revenue/ profit but PAP now says that it is merely a translation of value from an immovable (renewable) asset to cash. Such creative accounting, really makes the work of tax avoidance lawyers child's play.
Therefore, PAP government claim that taxes in middle class are the lowest worldwide isn't a fair comparison since PAP has creatively outlawed the classification of SLA land sales as government revenue or taxes.
Thus, the devil in the details and it isn't professional not courteous for PAP to roll out biased numbers/ unique calculation methods, just to support their political goals.
HDB should also be treating citizens as citizens/ shareholders and not cannon fodder or cows from which to milk profits or equity from.
Built along the 'Fox Guarding the Hen House' lines of government system,  PAP is now too big to fail, an thus an inherently unstable system is certainly a harbinger of many bad things to befall Singaporeans in the years to come.
-------------------
[img]
https://i.ibb.co/hyJ95wF/FB-IMG-1667298738915.jpg[/img]
S$500 million.
“The money that HDB will need to pay for the land must be paid back into the past reserves..."
https://www.todayonline.com/singapore/an...ee-2010546
Since Central Weave @ AMK is 896 units, on average, each citizen who purchased a BTO HDB flat from HDB, on average, PERMANENTLY contributed $558K to the reserves for land they only TEMPORARILY borrowed to use.
![](https://i.imgur.com/CLvY2jA.png")
![[+]](https://sgtalk.net/images/bootbb/collapse_collapsed.png)
