Between average Malaysians and Singaporeans, who is paying more taxes?
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โฌ๏ธ Timestamps:
0:00 โ Introduction
0:44 โ Personal Tax
5:31 โ Capital Gains Tax
6:44 โ Property Tax
9:20โ Corporate Tax
13:11 โ Ads Break
14:04 โ Conclusion
We have Ali from Malaysia and Xiao Ming from Singapore, both middle-class income earners, now who’s paying more tax? We illustrate how their respective tax systems affect their take-home pay. Surprisingly, working in Singapore appears to offer a slight edge in taxation terms, despite the differences in tax reliefs provided by each country.
Then, we explore capital gains tax, revealing that as of now, neither Malaysia nor Singapore imposes a general capital gains tax, although Malaysia will introduce a new tax on unlisted company shares in 2024, it doesn’t really affect retail investors like you and me. As for property tax, we are highlighting Malaysia’s high Real Property Gains Tax for early sales and Singapore’s annual value-based property tax system. The comparison shows that Malaysia’s property tax system is more lenient, but Singapore’s property market offers long-term stability.
Let’s not forget we also have corporate taxes, and in this case both countries offer quite attractive rates and exemptions, but Singapore’s flat tax rate and additional incentives make it a more favorable environment for businesses. To be frank we all know many large companies are choosing Singapore as their regional headquarters so that may be something that Malaysia can take their reference to!
In short, the choice between working in Malaysia or Singapore isn’t solely about tax rates. Factors like lifestyle, cost of living, and the unique offerings of each country also play a role in your decision. After all, we are not competing with each other to produce a winner, but learning from the successful example and think of what we can do better! Be a proud guy of your country!
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