There are many reasons Singapore is one of the best cities in the world. Not only do they have things like super trees but they have implemented a family tax rebate scheme as well. This gives families the opportunity to claim up to $8,000.00 per child and a $20,000.00 bonus as a parenthood rebate.
Super Trees in Singapore
Parents all over the world can undoubtedly agree that children may very well be one of our biggest investments in life. From clothing, food, education and health they can often times cost parents a pretty penny.
Many countries provide their citizens with a yearly tax incentive claimed on their children. This incentive are geared towards the development of the child and managed to ensure the child’s needs can be met.
Though money can’t buy happiness, or at least that’s what I keep hearing, it is necessary for a higher and better standard of living.
Though the standard of living in Ireland may be at a comfortable rate for most, the marginal rate of income tax at above 51% is putting huge strain on families.
Typically, industrialized countries tend to provide a general tax allowance or credit for children, but Ireland unusually does not. What is also strange is the fact that tax relief given to dependent spouses continue regardless of a child being involved. Instead, a family income supplement is used for families in poverty or experiencing low paid employment.
In Singapore, this incentive is installed as a way so that everyone benefits. Policies like are designed to encourage slightly larger families so as to boost the long term population replacement. In Ireland the TPFR (Total period fertility rate) as of 2014 was 1.95 below the 2.1 figure which is generally considered to be the level at which the population would replace itself in the long run, ignoring migration.
What are the qualifications?
There are many qualifications that need to be met by the parents applying for this incentive to ensure it is not taken advantage of. Singapore, for example, requires the child to be one’s own. The individual also needs to be a citizen of Singapore at the time of the child’s birth. This depletes the likelihood of individuals claiming a tax rebate on children that are not their own for their own benefit.
Hard working mothers can benefit the most from tax incentives. A child relief that ranges from 15 to 25 percent of their income can be claimed depending on number of children they have. Working mothers may also qualify to claim an incentive of up to $3,000 if their child is primarily taken care of by a grandparent. However this claim is only liable for one caregiver and not all.
What about children that are legally adopted?
The Singapore tax incentive includes adopted children can also be eligible for a tax rebate claim. However, only if the child was adopted before the age of 6 years old. This means that even families that are unable to conceive children are able to benefit from the scheme.
What are the qualifications?
The more children in a household the more money can be collect as a tax rebate. If a family has only one child they receive $5,000.00 for that child. The second child receives $10,000.00 and any child after that a family may receive $20,000.00 per child. With all this knowledge in mind, women and their spouses, whether they’re working a low-income job or a higher income job, can family plan more effectively?
