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#1

Posted 22 August 2013 - 03:41 PM

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http://www.todayonli...new-initiatives

GST hike �more likely� if Govt needs to raise revenue for new initiatives



SINGAPORE � The Government is unlikely to raise income tax to pay for the slew of healthcare, housing and infrastructure initiatives announced by Prime Minister Lee Hsien Loong during the National Day Rally as doing so could risk damaging Singapore�s appeal for businesses and investors.

The Goods and Services Tax (GST) might instead be the first in line for an increase should the Government need to raise revenue to help build a stronger social safety net, economists have told TODAY.

�Raising income tax is not very possible if Singapore wants to remain relevant for multinational corporations and high-income global talents,� UOB economist Francis Tan said.

�A more probable venue for change is the consumption tax bracket, and I do not think it�s impossible for us to increase GST from the current 7 per cent to 10 per cent. For years we�ve been cutting income-related taxes to move towards a more consumption-based system. This is to make Singapore more attractive than other developed countries where income tax rates are much higher. I don�t see us reversing this trend.�

Barclays economist Joey Chew pointed out that in Deputy Prime Minister Tharman Shanmugaratnam�s Budget 2012 speech, he compared the Republic�s income tax levels with those of Hong Kong. Mr Tharman had said that income taxes are significantly higher at the top end of incomes compared with Hong Kong and, as result, there is a limit to how high taxes can go at the top end without hurting competitiveness.

Hence, a GST hike is more likely, said Ms Chew, adding that the Government is well-prepared should such a move prove necessary.

�GST is regressive, but the government would provide offsets to lower-middle income households, as they have done so in previous rounds of GST hikes,� she said. �Now that we have the permanent GST Voucher Scheme, the offsets are even easier to implement. The groundwork has already been laid for an eventual increase in GST.�

On Sunday, Mr Lee cautioned that �all good things must be paid for�, either by raising taxes or cutting other spending so that future generations will not be laden with debt. This follows previous statements made by Mr Lee and other ministers suggesting that higher taxes are on the cards in Singapore after years of relatively low rates.

Regardless of how the government plans to fund the higher social spending, Singapore will not feel the pinch in the near future as it has ample financial resources to support the measures, said CIMB economist Song Seng Wun.

�Take the last fiscal year ending March 2013 as an example. Singapore�s operating revenue � mainly from collection of taxes, including GST � was S$55.8 billion. Including other revenue such as land sales, the gross earning was S$80.4 billion,� Mr Song said. �Of that, we spent a total of S$46.2 billion. So, we have some S$34.1 billion in surplus.�

He added: �Over the longer run, as our population ages, Singapore�s operating revenue might shrink, and spending rise � only then would we need to increase tax, in which case I think the government will more likely focus on GST ... Overall, I don�t see our business attractiveness or growth potential getting diminished (by the new measures).�

Ultimately, tax rates are just one of the determinants of Singapore�s business potential, said Mr Tay Hong Beng, KPMG�s head of tax in Singapore. �Investors also look at other factors such as political stability, business infrastructure and the ease of doing business,� Mr Tay said.

It is also possible for the Government to increase revenue without raising tax rates, he added, by improving Singapore�s competitiveness in the global marketplace. �(This will) lead to rising incomes, and hence tax collections.�



#2

Posted 22 August 2013 - 03:44 PM

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Die. My monthly expenses will increase..

But peanuts compare to the richies here laugh.gif
your social circles aren't wide enough if you think i am rich


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#3

Posted 22 August 2013 - 03:46 PM

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See, all those MRT free rides / GST vouchers / enhanced MediShield comes at a price.
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#4

Posted 22 August 2013 - 03:51 PM

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See, all those MRT free rides / GST vouchers / enhanced MediShield comes at a price.



tiagong youth orlimpig and shifitng of airbase also not cheap wor biggrin.gif



#5

Posted 22 August 2013 - 03:54 PM

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tiagong youth orlimpig and shifitng of airbase also not cheap wor biggrin.gif


hahaha... not to mention "Project Jewel" at the T1 carpark.
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#6

Posted 22 August 2013 - 03:56 PM

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tharman promised no gst hikes lah. they won't laugh.gif
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#7

Posted 22 August 2013 - 03:57 PM

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hahaha... not to mention "Project Jewel" at the T1 carpark.


already tell you is jewel liao sly.gif





wah so nice!!! inlove.gif inlove.gif inlove.gif

#8

Posted 22 August 2013 - 03:59 PM

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tharman promised no gst hikes lah. they won't laugh.gif


you must read the right stuff sly.gif

anyway todayonline is the right stuff



#9

Posted 22 August 2013 - 04:02 PM

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TiTi report high GDP, if Singapore is a company there should be a profit sharing scheme among true singaporeans but we are being sucked dry together with the FWs.
GDP also never reflects our pay increment then what is it used for?

Very soon whole of Singapore will become like a Genting highlands theme park for people to play and play inorder to make monies from tourism.

#10

Posted 22 August 2013 - 04:13 PM

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Not a question of if but how much increase.

#11

Posted 22 August 2013 - 04:13 PM

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http://www.todayonli...new-initiatives

GST hike more likely if Govt needs to raise revenue for new initiatives

SINGAPORE The Government is unlikely to raise income tax to pay for the slew of healthcare, housing and infrastructure initiatives announced by Prime Minister Lee Hsien Loong during the National Day Rally as doing so could risk damaging Singapores appeal for businesses and investors.

The Goods and Services Tax (GST) might instead be the first in line for an increase should the Government need to raise revenue to help build a stronger social safety net, economists have told TODAY.

Raising income tax is not very possible if Singapore wants to remain relevant for multinational corporations and high-income global talents, UOB economist Francis Tan said.

A more probable venue for change is the consumption tax bracket, and I do not think its impossible for us to increase GST from the current 7 per cent to 10 per cent. For years weve been cutting income-related taxes to move towards a more consumption-based system. This is to make Singapore more attractive than other developed countries where income tax rates are much higher. I dont see us reversing this trend.

Barclays economist Joey Chew pointed out that in Deputy Prime Minister Tharman Shanmugaratnams Budget 2012 speech, he compared the Republics income tax levels with those of Hong Kong. Mr Tharman had said that income taxes are significantly higher at the top end of incomes compared with Hong Kong and, as result, there is a limit to how high taxes can go at the top end without hurting competitiveness.

Hence, a GST hike is more likely, said Ms Chew, adding that the Government is well-prepared should such a move prove necessary.

GST is regressive, but the government would provide offsets to lower-middle income households, as they have done so in previous rounds of GST hikes, she said. Now that we have the permanent GST Voucher Scheme, the offsets are even easier to implement. The groundwork has already been laid for an eventual increase in GST.

On Sunday, Mr Lee cautioned that all good things must be paid for, either by raising taxes or cutting other spending so that future generations will not be laden with debt. This follows previous statements made by Mr Lee and other ministers suggesting that higher taxes are on the cards in Singapore after years of relatively low rates.

Regardless of how the government plans to fund the higher social spending, Singapore will not feel the pinch in the near future as it has ample financial resources to support the measures, said CIMB economist Song Seng Wun.

Take the last fiscal year ending March 2013 as an example. Singapores operating revenue mainly from collection of taxes, including GST was S$55.8 billion. Including other revenue such as land sales, the gross earning was S$80.4 billion, Mr Song said. Of that, we spent a total of S$46.2 billion. So, we have some S$34.1 billion in surplus.

He added: Over the longer run, as our population ages, Singapores operating revenue might shrink, and spending rise only then would we need to increase tax, in which case I think the government will more likely focus on GST ... Overall, I dont see our business attractiveness or growth potential getting diminished (by the new measures).

Ultimately, tax rates are just one of the determinants of Singapores business potential, said Mr Tay Hong Beng, KPMGs head of tax in Singapore. Investors also look at other factors such as political stability, business infrastructure and the ease of doing business, Mr Tay said.

It is also possible for the Government to increase revenue without raising tax rates, he added, by improving Singapores competitiveness in the global marketplace. (This will) lead to rising incomes, and hence tax collections.



This is expected. Nothing is free in this world, especially in SG


#12

Posted 22 August 2013 - 04:17 PM

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But gahmen say wun go up le...



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#13

Posted 22 August 2013 - 04:19 PM

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Not a question of if but how much increase.


prob 10-20%.

in the near future, prob a 9% stage first. then to around the 12-15% for the next stage.

#14

Posted 22 August 2013 - 04:20 PM

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Not a question of if but how much increase.


Maybe a tiered increase. First increase to 8.5% for a year. Then go up to 10% after that
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#15

Posted 22 August 2013 - 04:22 PM

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But gahmen say wun go up le...


If u believe what They say, tmr all porkie pigs will fly over SG sky...

They got pattern like once they announce it, they WILL DO IT in Near future...

Nothing comes free.. want a Jewel? Pay for it.. but its from my pocket and it does not benefit me.. only those foreigner in Changi airport..

So u think I will be song if I pay for something I dun use? Pigs will fly then.... rifle.gif

#16

Posted 22 August 2013 - 04:23 PM

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I strongly encourage them to raise GST. One shot boost to 15% is the best. laugh.gif
While we are at it, up CPF minimum to $250k as well sly.gif


#17

Posted 22 August 2013 - 04:24 PM

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Thnx to the 60.1%

#18

Posted 22 August 2013 - 04:26 PM

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But gahmen say wun go up le...


You believe them? Their calendar is different from ours. Remember 50 year once "ponding", it happened within weeks. So how long you think their 5 years will last?

#19

Posted 22 August 2013 - 04:29 PM

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wah kaoz..rising interest rates..plus rising GST..

where did all the record high COE revenue go man? whip.gif

I recall during the last GE..WP had this decal going around..say no to 10% GST and PM Lee said he will never raise GST..now who is lying.. shakehead.gif

no integrity at all..

somebody please play Vivian's speech on politicians playing clean and never telling lies please... furious.gif

#20

Posted 22 August 2013 - 04:31 PM

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I also feel that govt is running a loss considering how BTO can still be bought for ~$150k

Nowadays, EC price is already approaching $800 psf. I think they should market subsidy HDB to about $600 psf

This way, a 4 room should cost slightly less than $600k thumbsup.gif


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