2016: a crucial year

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Financially, that is. It will be the year my permanent residency in Singapore is up for renewal and I'm almost certain that they will not renew it since I have not been working in Singapore for a few years before the renewal date.

So that will affect the tax rate on my income and property in Singapore...by a lot! Currently, my income is taxed on a tiered basis and so the effective rate is about 1% or even less. Property tax is 10%. After losing my PR, the income tax rate will be a flat 15% (so that's at least 15 times of current!) and the property tax is a flat 20% (double of current).

I estimated that the expected increased tax amount can be sufficiently covered by my dividend income but I cannot be certain. Who knows whether these tax rates will change in 2 years time. Hopefully dividend income will not decrease in future. So the best way is to just go through with it and observe the cashflow for at least a year before doing anything major. In the meantime, I'm trying not to increase my expenses unnecessarily.

Comments

William said…
Increase your income?
December 4, 2014 at 11:59 PM
Jaded Jeremy said…
William,
That's chiefly from savings that are invested in shares to provide dividends. So it's a slow process. Additional income from ad hoc actuarial projects
December 5, 2014 at 12:47 AM
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