Submitted on Thursday 17th October 2013
Published on Monday 21st October 2013
Current status: Closed
Closed: Tuesday 21st October 2014
Signatures: 3
Income tax and VAT review
Income tax should be imposed on chargeable income. This is done annually after gross annual income has deduct any expenses such as
1) contributions into pensions
2) donations
3) personal reliefs eg. (i) dependents eg. spouse, parents, children; handicapped or non-handicapped (ii) life insurance (iii) course fees etc
[personal reliefs are subjected to qualifying conditions]
The chargeable income will then be taxed accordingly and if the amount is too small to be taxed, then it is only fair that no tax is imposed. The current practice where 20% is deducted without any chance of tax relief leaves less spending power. This is evident where in a household of total earnings about 19k still struggles to pay mortgage, bills, taxes etc.
A huge reduction of VAT will help too. I don't understand why UK is taxing a standard of 20% VAT and still struggling with its economy yet a developed country like Singapore taxes only 7% and is thriving.
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3.142.12.31 Tue, 19 Nov 2024 03:36:57 +0000
