Nov 9, 2012

How to claim a million dollars in Singapore?

How to claim a million dollars in Singapore, if you are a woman?

Here's how you can do it.
Have 8 children and earn $350,000 annually.
Claim child benefit for 22 years, and you will get more than $1,000,000 in welfare benefits.

According to the Income Tax department's illustration, such a woman can claim so much child benefit that she pays $0 in tax. The normal tax for a $350,000 income is about $50,000. So, you will save $50,000 annually. If your children complete university education at the usual age of 22, your tax benefits over 22 years will be more than a million dollars.

Don't you think Singapore should be called a welfare state?

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