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More help needed for beginner entrepreneurs from sandwich class

My husband chose to leave his high-paying job after he was inspired to become an entrepreneur as we were painted a picture of a very supportive Government in Singapore.

My husband chose to leave his high-paying job after he was inspired to become an entrepreneur as we were painted a picture of a very supportive Government in Singapore.

He had made up his mind and ventured out to do so while being the sole breadwinner with two young children, his parents, and a wife to support in a typical sandwich class family. But things do not always turn out as planned until you are in the midst of it and are hit by the unexpected.

Before he resigned, my husband was given some share options in his previous company. He was not briefed clearly about the taxes involved and when he received his income tax payable, we were shocked. The amount had escalated from S$500 a month in taxes to S$2,500 a month.

We understand that it is our duty as citizens to pay what is due. However, my husband had just injected most of our cash into the business, leaving some for our living expenses and liquidity of the business. On top of that, there is no income in the initial stages, especially when a business is not guaranteed a profit and losses are a possibility.

We have tried to appeal for an extension of the repayment period and were suggested a repayment scheme of S$1,000 a month for the first five months, while the remaining six months would require us to pay S$4,600 a month. Honestly, if we could afford to pay S$4,600 in taxes each month, we would not need an extension in the first place.

We are only hoping for a repayment extension and not defaulting on our responsibility. Is this too much for the sandwiched class to ask for help as they venture out?

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