When it comes to taking my money, IRAS accepts my source of income and recognises self employment. I pay the income tax charged against my income and if I fail to make a timely payment, IRAS would charge a penalty on top of the tax I am liable to pay. Failing which, I would be prosecuted for tax evasion. But when it comes to giving money, HDB does not recognise the NOA that IRAS issues to me to charge income tax against me, and therefore does not approve giving out the HDB loan because according to them, there is no proof of a monthly stable income. I am dumbfounded at the way these 2 government agencies operate. Why does HDB not recognise the Income Assessment from IRAS? Why is the tax I pay, based upon my income which I declare, not worth anything to the agency that is supposed to help her citizens afford a home? How then does the government expect her citizens to be encouraged to enter entrepreneurship, when the government appears to reward employees at my income bracket with the complete loan from HDB, and penalises the entrepreneur, the one whom the government expects to spur the economy, and refuses to provide the same HDB loan to them? While I can understand the need for HDB to perform due diligence to ensure her citizens pay back the loan, I cannot understand why my source of income is worthless in the eyes of the HDB. If the HDB requires the self-employed to prove credit worthiness by crediting a regular salary to their savings account, what is the point of being self employed in the first place? The government needs to improve these areas. The young entrepreneurs who step out of college, start a business, pay their taxes, spurs the economy, marry young, make babies, should have a roof upon their heads. Yet when they proceed to buy a house, HDB makes it harder for them.
Posted on: Wed, 08 Oct 2014 03:47:25 +0000
Trending Topics
Recently Viewed Topics
© 2015