Posted by pkchong > 2023-05-27 18:49 | Report Abuse

Does the current government really firm in reducing the "benefits" for the T20??? I think the first attempt have failed which was the Tax Relief U-Turn on saving into SSPN Prime.

The dividend of SSPN was higher than 4% in 2013 and 2014 at 4.25%; lowest in 2010 at 2.5% only. After 2014, it stayed at 4% and drop to 3% for the last couple of years. These return was just not sweet enough to attract savers. However, with the Tax Rebate, those with Taxable income of $70K and above can see their tax reduce by 21% or more of the amount saved in SSPN Prime subject to the limit set. This in my opinion is the real sweetener!

Considering the potential "Bank Run" without the tax relief on SSPN Prime, does the current government thought thru in detail and ways to address the impact? The Tax Relief was extended to 2024 and we shall see what lies in Budget 2025 which is less than 1.5 years away.

Posted by speakup > 2023-05-27 21:32 | Report Abuse

The truth is sspn fails without the tax relief

Posted by pkchong > 2023-05-28 00:17 | Report Abuse

Yes, SSPN failed without the tax relief! What the current government will do to make it a success without? Better performance and being managed by professional? Also stopping the so called "leakage" which cost the government $250M and benefited 400K taxpayers which quite obviously majority of them are from T20.........

Posted by speakup > 2023-05-28 12:44 | Report Abuse

But the rich pay income tax. B40 mana kasi income tax?