SG Talk

Before this to sell 1%, I heard many transferred their current property to trust of their children name. Then they can buy "first" property.

"In cases of tax avoidance, the Commissioner of Stamp Duties will disregard or vary any tax-avoidance arrangement, recover the rightful amount of stamp duty and impose a 50-per-cent surcharge. Further penalties of up to four times the outstanding amount may be imposed if the stamp duty and surcharge are not paid by the deadline."

I find this paragraph confusing. Tax avoidance is legal. Tax evasion is illegal. If a deal structure helps to avoid tax, the problem is with the legal loophole that needs to be plugged, not with the purchaser having to pay penalties.

(06-04-2023, 08:21 PM)dynamite Wrote: [ -> ]Before this to sell 1%, I heard many transferred their current property to trust of their children name. Then they can buy "first" property.

Dynamite Kor Kor yea, all along people doing it.

(06-04-2023, 08:47 PM)starbugs Wrote: [ -> ]"In cases of tax avoidance, the Commissioner of Stamp Duties will disregard or vary any tax-avoidance arrangement, recover the rightful amount of stamp duty and impose a 50-per-cent surcharge. Further penalties of up to four times the outstanding amount may be imposed if the stamp duty and surcharge are not paid by the deadline."

I find this paragraph confusing. Tax avoidance is legal. Tax evasion is illegal. If a deal structure helps to avoid tax, the problem is with the legal loophole that needs to be plugged, not with the purchaser having to pay penalties.

" maybe see who are you first....." Just like that 6 Keppel person can just get " warning ".

Death and taxes. Cannot escape

At the end of the day
The ultimate aim is to avoid tax
And if that’s the case, IRAS is not going to give chance
Because it has to show an example that avoiding tax
In whatever shape or form is a crime
If they don’t deal with this, people will keep thinking of ways and means to avoid paying taxes

HEARD FROM ONE PROPERTY AGENT RELATIVE
AS MANY AS FIVE THOUSANDS MAY GE INVOLVED

(07-04-2023, 12:15 AM)Bluebull Wrote: [ -> ]At the end of the day
The ultimate aim is to avoid tax
And if that’s the case, IRAS is not going to give chance
Because it has to show an example that avoiding tax
In whatever shape or form is a crime
If they don’t deal with this, people will keep thinking of ways and means to avoid paying taxes

HEARD FROM ONE PROPERTY AGENT RELATIVE
AS MANY AS FIVE THOUSANDS MAY GE INVOLVED

actually it is not wrong doing that.