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New Singapore Shares
IMPACT OF NSS & OTHER OFF-BUDGET MEASURES
The Ravi Family - High Income Household
The Ravi family lives in a private
condominium. Mr Ravi is an active Nsman and earns $8,0007
per month as a corporate planning manager while Mrs
Ravi earns $4,5008 per month as an editor
of a periodical. They have 2 school going children who
are below 12 years old. The Ravi family owns a car.
7 Median
gross wage of a male corporate planning manager is $7,942,
based on Report on Wages in Singapore 2000, MOM
8 Median
gross wage of an female editor (Newspapers and Periodicals)
is $4,500, based on Report on Wages in Singapore 2000,
MOM. Typical average household income of private flat
is $12,667/month, based on Household Expenditure Survey
by DOS, 1997/98 Survey
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NSS shares. As an active NSman, Mr Ravi
will get $400 worth of New Singapore Shares while Mrs
Ravi will receive $200 worth of New Singapore Shares.
They can cash out half of the $600 straightaway.
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Tax Rebates. With the new off-budget
package, taxpayers will enjoy an additional 5% tax rebate,
on top of the 10% rebate announced in 2001 Budget Statement.
The annual income of Mr Ravi and Mrs Ravi are $104,000
and $58,500 respectively, assuming a 13th month bonus.
As a result of the 15% tax rebate, Mr Ravi and Mrs Ravi
will save $1256 and $243 respectively. Mr Ravi’s
net tax payable is $6,619 while Mrs Ravi’s net tax
payable is $880. If Mr Ravi and Mrs Ravi have already
paid their tax, they will receive a refund, equivalent
to a 5% tax rebate, of $419 and $81 respectively. The
Ravi family will enjoy a 10Road tax rebates and reduction
in petrol duties. With the off-budget package, the Ravi
family will receive a $100 road tax rebate and save $1809
from the reduction in petrol duties.% rebate in 2002.
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Road tax rebates and reduction in petrol
duties. With the off-budget package, the Ravi family will
receive a $100 road tax rebate and save $1809
from the reduction in petrol duties.
9 Based
on average 18,000 km mileage per car
The Ravi family will enjoy $2,379 of benefits
from the NSS shares, 15% income tax rebate, road tax rebate
and reduction in petrol duties.
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