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hello :)
Thursday, March 19, 2009
10:47:00 pm
Did not exercise at all! But it's good to have a rest day.
Seems like I can't not eat NIE pasta at least once a week! :)
1230-230 law was okay. 230-430 tax was taxing. 430-530 tax break. 530-745pm tax lecture on GST by this guy from Ernst and Young. It was most interesting and entertaining and most worthwhile going!
It's nice to go for lecture with the entire accountancy cohort. Although our GroupA is like 300 ppl, you practically recognise ALMOST everyone which is really nice in a way :) And since lectures these days are rare, we were all quite excited and noisy :)
On the topic of what is taxed, basically, everything is subjected to GST (except on housing cuz they want everyone to own a house and financial services such as sales of shares/bonds cuz it's too confusing to comprehend so they prefer to just forget it haha!) Some other countries dont tax on staples such as bread and rice and medical services etc. Why not Singapore? Cuz of political reasons. Do we have a choice to object if they say tax everything? Haha. Also, if we don't tax on staples such as bread, so if you consider biscuits a neccessity, no tax. If you consider chocolates a luxury good, tax. So, what about kit kats?
It doesn't make sense for every new product/food for them to taste and determine if it's a staple. Haha. I think it's pretty cool how my prof teaches us about the reasons behind all the tax laws. It's interesting really! And she's quoted on the Budget 09 also giving her comments leh! Wahhhh haha.
Bytheway, he earns $1300/hr for giving GST lectures!! And he said we're very smart cuz his clients when he gives his talks, they don't seem to get the answers when illustrating thru examples. I mean isn't it obvious, the answers I mean. We were all wondering what kind of clients he has haha.