Ultimate Guide To Singapore Taxing System

by  in Tax & Estate Planning
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Aside from its undeniable cleanliness and thriving economy, foreign investors see Singapore as a country with an attractive corporate and personal tax rates. The Singapore taxing system is widely known for its tax relief measures, absence of capital gains tax, one-tier tax system, and extensive double tax treaties. What keeps this system going?

To answer that question, we must dive in to different types of taxes.

INDIVIDUAL INCOME TAX

As the name suggests, the individual income tax is imposed on a person following his or her total income. The extent to which a person pays for depends on one’s status in Singapore. At the time of assessment, the government may consider you as a taxpaying resident or a taxpaying non-resident. For residents, the tax rates begin at 0% and are capped at 22% (above S$320,000). For non-residents, the flat rate is 15% to 22%.

CORPORATE TAX

The corporate tax is imposed on a company following its profit or net income. Net income refers to the difference between the total expenses, receipts, and additional reductions in the book value of an asset. You have to understand that a company will only be taxed if the income is generated from Singapore or generated from overseas and received in Singapore.

What’s more? The corporate tax operates on a one-tier system and caps at 17%. By keeping corporate tax rates competitive, the country continues to attract a significant share of foreign investment.

PROPERTY TAX

It comes as no surprise that all property owners in Singapore are subject to Property Tax. It is imposed on property owners based on the expected rental values of their properties. It is levied on the unmovable properties such as buildings and lands. It is pretty much clear cut from here.

GOODS AND SERVICE TAX

Last but not the least is the type of task that we tackle on a daily basis – the Goods and Service Tax (GST). It is an indirect tax levied on the price of goods and services in the country.

GST was introduced in 1994 at a rate of 3%. Years have passed and the rate has been steady at 7%. Imported goods sold in Singapore follow the same GST rate too!

Image Credits: pixabay.com

Use these information to enrich your savvy consumer skills! ?

Sources : 1 & 2

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Home Renovation Hacks That Will Save You Money

by  in Marriage & Family
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As I enter the complex process of spearheading a school’s renovation, I am embroiled in a tedious task of finding the most cost-efficient options. I have been saving those picturesque renovations and design ides on my Pinterest mood board. However, a renovation design only works when you add the element of realistic budget.

When it comes to build-to-order HDB, the average spending on renovations is between S$30,000 to S$50,000. A resale flat can cost you around 50% more! Imagine that. The huge amount of money highlights the importance of preparation. You need to prepare for the upcoming costs! Moreover, you must find ways to save some money.

LESS IS MORE

When it comes to home renovation or alteration, many people turn to Pinterest for inspiration. A home with a minimalist interior is likely to be more affordable to renovate than a home with an opulent interior. Your renovation’s theme can dictate its costs and your savings. Having said that, you must go back to basics. You do not need to compromise style to save money! After all, simplicity is beauty.

WALLETS ARE TIGHTENED

Upon the completion of your desired theme, do your research on the items that you need to purchase. List down the prices of each essential purchase. As much as possible, compare the prices from online and physical retailers. Stick to this planned budget!

Image Credits: pixabay.com

There may be unforeseen circumstances whereby you need to address costs that exceed your planned budget. To tackle this issue, you must give yourself an allowance of about 20%. Who knows? You might end up with an unfinished kitchen.

RECYCLING AND REVAMPING

There are two types of home or flat owners, second-hand or first-hand owners. It is very tempting to customize every inch of your new flat. However, you must keep in mind that you will not be able to bring these customization to the next home that you will purchase. The same idea can be applied to second-hand owners.

For people moving in to a “new” home, consider the things that can be kept. Revamp furniture or structural elements that are still in relatively good condition.

PLANNING PURCHASES AHEAD

Much like the two types of owners, there are two types of purchases. There are often urgent items or an items that can wait. Nonetheless, you must look out for warehouse sales to enjoy bargain prices. Go to various fairs such as Home Planner Furniture and Renovation Fair, which attracts a range of merchants selling products you might need. Compare prices online and often you can find the best deals out there including tables, chairs and smart mirrors.

Image Credits: pixabay.com

You may also consider scheduling your purchases during special holidays such as the Great Singapore Sale, National Day, Black Friday, Cyber Monday, or Yuletide Season. These are the periods wherein retailers exhaust their efforts to provide attractive discounts. Planning ahead can save you a lot of money!

Sources:1 &2

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Why Is Bird’s Nest So Expensive?

by  in Lifestyle & Hobbies
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There are interesting reasons why the Bird’s Nest delicacy is known as the “Caviar of the East”. For starters, it costs about S$40 to S$135 to get a single bowl of Bird’s Nest Soup. While, edible Bird’s Nest costs about S$5,600 per pound. You can finish polytechnic studies with that amount of money!

Do not get me started with the price of the highest grade of Bird’s Nest. The highest grade are the most expensive because it is the purest. It is 90% edible upon harvesting and requires little amount of processing.

Image Credits: baligraph via flickr.com

How do you store an expensive delicacy as such? Do not worry about consuming everything in one sitting as you can refrigerate it for about two weeks.

The high cost of the Bird’s Nest comes from its dangerous retrieval process, its painstaking cleaning process, and its expansive health benefits (according to Traditional Chinese Medicine).

The Bird’s Nest comes from the saliva of the Swiflets. Swiftlets live in limestone caves around South East Asia, Indian Ocean, North Australia, and Pacific Islands. These birds build their nests three times a year – in spring, summer, and autumn. Each nest takes about 30 to 35 days to build. Interestingly, males primarily build the nests by attaching them to the vertical walls of the limestone caves. Removing these nests can be dangerous! Retrievers will start by climbing the outside of the cave to attach the ropes. Then, they will drop down the ropes to the cave floor. These ropes will be tied to handmade ladders and poles to ease the collection process.

Image Credits: Francesco Veronesi via flickr.com

The tedious retrieval of the Bird’s Nest does not stop there! In fact, researchers observed that it can take a person approximately eight hours to clean 10 nests. Commercial cleaners often use bleaching agents to speed up the cleaning process. All these hours seem to pay off as consumers are hooked by it! Many of the demand comes from the traditional belief of its health benefits.

Bird’s Nest can be consumed alone or as an additive in dishes, beverages, and cosmetics. It is rich in protein, which contains essential amino acids. Moreover, it contains six hormones including testosterone and estradiol.

Previous research has indicated that the nests contain substances that can stimulate cell division and growth and enhance tissue growth. This is why many use it for their skincare or beauty regimen.

Now, you know why the soft and jellylike delicacy comes with a hefty price-tag!

Sources: 1 & 2

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The Power Of Marketing: Oscars Edition

by  in Lifestyle & Hobbies
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The Academy Awards, better known as the Oscars, consist of a set of awards given annually to recognize the creative and technical talents in the film industry. The show is spearheaded by the Academy of Motion Picture Arts and Sciences (AMPAS). The AMPAS is the organization that assesses one’s cinematic achievements through the votes of its members.

Interestingly, movies who won at the Oscars get an increase of about 38% more in sales. This translates to about US$35 million in box office dollars. This significant jump happened to the award-winning 2010 film entitled King’s Speech.

Now, let us focus on the actors. Do they get paid if they win at the Oscars? The award itself costs US$0. However, the effect of the Oscars in an actor’s portfolio and talent fee is positive. It can be boosted by 60% on average! Furthermore, winners get a gift bag worth hundreds of dollars.

The marketing potential of the Oscars is the reason why filmmakers, actors, and movie-making companies aggressively vie for these votes.

Image Credits: pixabay.com

CAMPAIGNS ARE MORE EXPENSIVE

To create an Oscar buzz, members of the film industry shelled out millions of dollars! Now more than ever, campaigns have been reaching an all time high. The mere campaigns for “A Star is Born,” “Green Book”, and “Black Panther” ran from about US$20 to US$30 million per film.

Netflix is in the buzz too! Promotional budget reach about US$25 million when Netflix campaigned for “Roma”. This was an uphill battle as some members of the Academy do not want a digital platform to win the Oscars. Nonetheless, its marketing strategies paid off as Netflix won multiple awards such as winning for the foreign language film category and directing/cinematography. It does not stop there! “Period. End of Sentence” also won in the documentary short category.

ADS ARE STILL SELLING

In spite of the social media widespread, advertisers are still dishing out to get ads on shows such as the Oscars. Despite the Academy Awards’ steady decline in ratings, ABC Network sold million-dollar ads as live shows are attractive to advertisers.

CNN media critic Brian Lowry told Business Insider: “If you’re a sponsor and you’re trying to reach any kind of mass appeal, you sort of grab at the platforms that can still do that. The Oscars is in the same way that sports have an advantage, if you are really into the Oscars, you don’t want to DVR it and watch the next day. ”

Image Credits: pixabay.com

It goes to show that having audience stream live shows plays an impact in marketing and advertising!

Sources: 1 ,2, & 3

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Earn Healthpoints and Get Rewarded with HPB

by  in Lifestyle & Hobbies
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It’s the beginning of the year and health and fitness goals are likely to be the top of your New Year resolutions! We all know the importance of keeping fit and eating well and that is why we take up gym memberships and choose healthier food. The good news is that with Health Promotion Board’s (‘HPB’) Healthpoints Loyalty Programme, you can now earn Healthpoints that can be exchanged for eVouchers to be used for dining, shopping and more!

What is HPB’s Healthpoints Loyalty Programme?

The HPB’s Healthpoints Loyalty Programme is an integrated rewards programme that is common across various HPB activities such as the “Eat, Drink, Shop Healthy Challenge”, “National Steps Challenge™” and HealthHub. Complete various activities by joining these programmes to earn Healthpoints. Accumulate these Healthpoints and use them to redeem eVouchers from a variety of lifestyle retailers, F&B outlets and supermarkets.

How To Earn Healthpoints?

To turn your healthy actions into exciting rewards with Healthpoints, you need to first download the Healthy 365 or the HealthHub mobile app. These are available on both the Apple and Google Play store.

After you have downloaded the mobile app, remember to register your profile and sign up for the HPB programmes.

A)   National Steps ChallengeTM Season 4 

If you have an active lifestyle and take plenty of steps daily, you may find the National Steps Challenge™ Season 4 a simple platform to earn Healthpoints. Sign up for the National Steps ChallengeTM, pair your fitness tracker with the Healthy 365 app and you are all set to go!

With your paired fitness tracker, you can now sync the number of steps onto the mobile app. For example, every 10,000 steps you take in a day earns you 40 Healthpoints!

Once you have unlocked Tier 2 of the Steps category and also completed a Health Declaration form, you will be able to earn daily Healthpoints from Moderate to Vigorous Intensity Physical Activities (MVPA) as well. This will double your efforts to earn Healthpoints to redeem HPB and merchant eVouchers.

B)   Eat, Drink, Shop Healthy Challenge

Besides walking 10,000 steps a day, why not go the extra mile and opt for low-sugar drinks and food products with the Healthier Choice Symbols under the Eat, Drink, Shop Healthy Challenge? Here is how your Healthpoints can potentially tally up:

Opt for groceries with the Healthier Choice Symbol at participating supermarkets such as FairPrice, Sheng Siong and Cold Storage. At participating merchants such as Kopitiam or Foodfare, ask for zero or less sugar on your drink/dessert. You can also choose healthier dishes that have less calories. As long as you purchase qualifying meals or drinks, you will be issued a receipt with a QR code. Simply scan the QR codes on these receipts with the Healthy 365 app to unlock Healthpoints!

C) HealthHub

Download the HealthHub mobile app and sign up as a member to start earning Healthpoints! Level up your knowledge by completing health quizzes on the app under “Quiz Time” and earn Healthpoints while you learn more about health.

Redeem Healthpoints!

Patiently accumulate your Healthpoints* and redeem them for your desired reward. For instance, simply use 750 Healthpoints to redeem a $5 HPB eVoucher that can be used at more than 1,500 participating outlets, including KOI, FairPrice and many more!

You can also opt to auto-redeem your Healthpoints for TransitLink eVouchers or TapForMore points so you will not lose them when they expire!

Start Earning Healthpoints Today!

With Healthpoints, you now have an extra reason to make your health a priority in 2019. There are so many activities that you can do or already do in your daily lives to easily earn Healthpoints and exchange them for exciting rewards. Wait no more and download these mobile apps so that you can be rewarded for your healthy living actions with HPB.

Find out more about Healthpoints here and start earning today!

 

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