Taxes! Taxes! Taxes!

Discussion in 'Adrian Wong' started by Adrian Wong, Jan 27, 2006.

  1. lklatmy

    lklatmy Newbie

    Adrian,Income tax is national service.EPF is savings for your old age.Wait till you are 50 and you will be glad that you hv maybe 0.75million in your EPF account.:shock: :shock::drool: :drool:
  2. Falcone

    Falcone Official Mascot Creator

    With the inflation rate the time u are 50 it won't be much, but better than nothing :faint: :faint: :faint: :faint:

    IMHO EPF is for those who are too dumb to save and invest.
  3. digitalvoice

    digitalvoice Newbie

    I heard it's indefinitely until they can get their act together,...including understanding the mechanism of GST!:haha: :haha: :haha: (That's good!:twisted: :twisted: )
  4. lklatmy

    lklatmy Newbie

    Everyone knows that,but what choice do we have?EPF contribution is compulsory:( :(
  5. peaz

    peaz ARP Webmaster Staff Member

    Indeed. At the current rate of dividends and the way they calculate dividends.. it's not worth putting in money meant for retirement... But at least it's still better than fixed deposit. Still, by the time you are 30-40, the amount there is substantial enough to be invested elsewhere. :wall:
  6. ZuePhok

    ZuePhok Just Started

    :mrgreen: :mrgreen:

    kamu boleh.... ada.... :mrgreen: :mrgreen:
  7. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Okay, I guess we know how rich you are. :mrgreen: :haha:

    Seriously, I have nothing against EPF, but their rates are abysmally low. In fact, they barely keep above inflation!

    It would be better to invest the money in property, shares (if you dare!) or mutual funds (albeit risky).

    Of course, EPF is good for people who do not have self-discipline to keep some form of savings for the future... :mrgreen:
  8. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Exactly. :mrgreen:

    I suspect the poor EPF rate is because our government wastes the profits on bailing out GLCs like Proton and MAS.

    Maybe if we get a government that's more business-oriented and less corrupt, we can get higher EPF rates...
  9. Adrian Wong

    Adrian Wong Da Boss Staff Member

    Wow.. Really??? :shock:

    Well, I guess that's good news. LOL!! :D

    But looking on their part, GST is a good way of ensuring everyone pays tax. Otherwise, there will be loads of loopholes and they will need to spend a lot of effort tracking down people who are not paying taxes.

    If this means more money for better governance, I'm all for it. But TBH, with ministers like Samy Vellu in power... I fear it will just mean more money for his Swiss bank accounts. :roll:
  10. badawi_rocks

    badawi_rocks Newbie

    Hmm, do you think that GST would apply for cars? Cars in Malaysia are already subject to high import/excise duties. In Australia, the sale of residential property is "input taxed" which basically means GST does not apply to it.

    Creating a simple GST system to apply to everything is simple. But the various exceptions that the Government will have to cater for makes it complicated. I've had a read through of the Australian GST legislation, and it isn't simple by any shot. Even then, the Australian Taxation Office recently reported a rise in GST avoidance activities.
  11. ALstonLoong

    ALstonLoong Newbie

    i think GST will apply to everything. :think: Do you guys know what are the % of GST we gonna pay for ? Hopefully not higher then 5% ...... and hopefully in future wont be PST :wicked:
  12. Adrian Wong

    Adrian Wong Da Boss Staff Member

    No idea actually. They haven't announced anything, but they did tell accountants to prepare for GST...

    I will have to ask my aunt about it. But AFAIK, it applies to everything.

    For example, if a car is made here in Malaysia, its parts will probably be taxed under GST. If so, they need to pass along the tax to the buyers. Otherwise, they will have to accept GST as part of their cost.
  13. Adrian Wong

    Adrian Wong Da Boss Staff Member

    I don't think we will know for sure until they announce it, but it should be in the region of 3% for starters... :think:
  14. badawi_rocks

    badawi_rocks Newbie

    Not really. The parts would be charged GST, but then manufacturers they would be able to claim back GST from the tax office for GST payed in buying parts. Its not a problem at all if the Government decides not to charge GST on vehicles, as I hope would happen.

    Another thing I hope would happen is to make it mandatory to include GST in the prices of everything. When you look at a menu at a restaurant, the prices should include GST and not be added only when you see the bill.
  15. lklatmy

    lklatmy Newbie

    I wish and pray that I hv that amt of money in my EPF account now:pray: :pray: :pray: If that's the case,I will be amongst the top 2 % EPF contributors in Malaysia and probably can be an "Along"(loan shark):mrgreen: :mrgreen: :mrgreen:

    As you know,there are risks inherent to most type of investments.Properties(medium risk),shares and futures(high risk),hey,thats wat I'm doing to earn a living,why am I telling you this:thumb: :thumb: :wall: ,Fixed deposit and EPF(low risk)So,unless you are really good in managing risk,it's better to stick to something safe.
  16. Jeremy

    Jeremy Black Sheep

    Also to add, GST is not applicable to all property buy/sell transaction.
  17. digitalvoice

    digitalvoice Newbie

    That sounds familiar...:oops: :oops: :oops: :cry:
  18. Chai

    Chai Administrator Staff Member

    He is CLEARLY pointing his finger at me! :(
  19. lklatmy

    lklatmy Newbie

  20. Adrian Wong

    Adrian Wong Da Boss Staff Member

    I think how it works is that everyone involved in the manufacture and sales of any product will be taxed. That means GST applies to every tier, from the producer of the raw materials right down to the consumer.

    The manufacturers and retailers will, of course, get rebates on their stock which will have a 3% GST levy. But in return, they will have to properly declare their sales and purchases. In a way, this is government's way of reducing tax fraud. :D

    In any case, the only tier that won't get any GST rebate is the consumer at the end of the line. So, if you are a lawful manufacturer or retailer who declare your sales and purchases properly, GST won't affect you. Ultimately, only the consumer will get taxed.

    Of course, if government says that cars won't be taxed an additional 3%, that would be superb. I think we have been taxed more than we should on vehicles. Even sprankiko's 316 Beemer in the Philippines cost only as much as a Honda Civic 1.8L here! :nuts:

    Eh, why? How would integrating GST into the prices itself be better? :think:

    Somehow, I don't think that would be possible since GST will be applied at every tier. Hmm.. Even Singaporean companies add GST separately. :think:

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