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Serious GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without NRI

EnBloc

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http://www.todayonline.com/business/only-matter-time-gst-goes-economist?google_editors_picks=true

Angela Teng


[email protected]
.
Published: 4:00 AM, February 24, 2017

Updated: 10:29 AM, February 24, 2017


SINGAPORE — Singapore’s Goods and Services Tax (GST) is due for a revision, said CIMB economist Song Seng Wun.

“No one wants the tax to go up ... but at this point in time, we know the GST has to go up,” said Mr Song. “I think the fact that we are finally charging a bit more for water after 17 years reflects that somebody forgot it hasn’t been done yet.



“The fact is that the GST was raised 10 years ago and water tax was (raised) 17 years ago,” Mr Song said. “The GST will go up and it is a matter of time,” he added.

The need to increase revenue is part of the fiscal plan to take into account the climbing social expenditure, and every percentage-point increase in GST can bring along a healthy adjustment in total revenue, said Mr Song.

His remarks on the GST were made in response to comments about the rise in social welfare related costs, issues raised by fellow panellists Dr Chua Hak Bin, senior economist at Maybank Kim Eng and SIM University senior lecturer Walter Theseira at the Economic Society of Singapore’s Panel Discussion Forum on post Singapore Budget 2017 yesterday.

According to research from data provider CEIC, Budget 2017 and Maybank Kim Eng, social development spending is rising sharply, especially since the financial year 2012. Social expenditure includes education, healthcare and national development.

Mr Chua challenged Mr Song’s view on whether it is right to increase the GST, when it currently gives an advantage to online retailers whose sales are not GST applicable.

While acknowledging that the “online portion” should also come in, Mr Song added that Singapore can still adjust the GST while trying to tackle the cross-border issue of online sales.

“Because (the move) brings dollars and cents in a more practical way on the table for now,” Mr Song said.

The GST is a broad-based consumption tax levied on the import of goods (collected by the Singapore Customs), as well as nearly all supplies of goods and services in Singapore.

In other countries, the GST is known as the Value-Added Tax or VAT.

The rise of e-commerce has resulted in a loss of tax revenue, as overseas online retailers are generally not taxed in Singapore on their income generated from consumers here. Retail sales have also been hit, partly due to the disruption from online retail.

Finance Minister Heng Swee Keat had said in the Budget statement on Monday that with the increasing digital transactions and cross-border trade, some countries have taken steps to adjust their GST system, to ensure a level playing field between their local businesses which are GST-registered and foreign-based ones which are not. The Republic is studying how it can do likewise.

The GST was first introduced in Singapore on April 1, 1994 at 3 per cent. The GST rate was increased to 4 per cent in 2003 and to 5 per cent in 2004. The last rate increase was in 2007 at 7 per cent. Angela Teng
 

frenchbriefs

Alfrescian (Inf)
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Huat ah!!!!!!Still got how many ways to tax?Song boh sinkies?
 

mahjongking

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Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

why this lau ah kua must open his cheebye mouth?
 

winners

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

10% GST is very reasonable because of the increasing spending on social welfare, especially for those shameful dependent Sinkies. But sadly, tax payers like me will have to keep subsidizing these scums.
 

CoffeeAhSoh

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

This cimb economist song song seng wun chap was supposed to be retrenched by cimb last year ?


But he did mention a very good point. Why price of water was overlooked for 17 years ?


Now he song song trying to figure out something ?


What else was overlooked during the past 10 to 17 years ? Why ?
 

yangtzejiang

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

GST increase to subsidize the fucking construction industry? Our deficit would have narrowed by more than half billion if they didn't bring forward all those projects.

It's no longer left pocket right pocket but our pocket to their cronies' pockets.

I will endeavour to avoid GST at all costs by shifting all my consumption online.
 

theblackhole

Alfrescian (InfP)
Generous Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

knn don't kpkb lah

taxes have to increase to support a society
to make it safe like Singapore
to make Singapore world grass
to make singaporeans aware of the importance of being world grass
knn don't kpkb ok
singaporeans are the luckiest and the cheapest in the world
 

zhihau

Super Moderator
SuperMod
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Lai ah!!! Altogether now!!! HUAT AH!!!
 

winners

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Lai ah!!! Altogether now!!! HUAT AH!!!
You can say that again, and again, and again,......
Now Sinkies' children will have to walk to school. The school bus association has just announced fare increases due to diesel price hike.
I'd just love it to see more and more Sinkies suffer at the hands of the PAP. Not happy? Show them your middle finger at the next GE.
 

johnny333

Alfrescian (Inf)
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Does the PAP realise that Spore is in a recession:confused:

In a weak economy you are suppose to help the "lesser mortals" instead of piling on the costs. This looks like the PAP's old formula of price hikes & expecting the electorate to forget about the hikes before the next GE :rolleyes:

The silver cloud I see with all these prices increases is that it is going to hit business owners AND the "lesser mortals" alike. Maybe the 70% will remember who is causing all these problems.
 

winners

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

When Sinkie parents are helping their sons to evade NS with no moral obligation, how you expect the PAP to have moral issues for the lesser mortals?
 

frenchbriefs

Alfrescian (Inf)
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

When Sinkie parents are helping their sons to evade NS with no moral obligation, how you expect the PAP to have moral issues for the lesser mortals?

We don't expect PAP to have moral standards,that would be wishful thinking.we expect them to have our best interests at heart,just like shareholders,that's why we elected them,it should be their every thought,every breathe,their only job.but it seems like PAP loves to take advantage of us,and sinkies love giving them a free pass.dont talk to us about moral obligation s when PAP is not even fulfilling it's legal obligations.

The board of directors has become a bloated, incompetent,self entitled bureaucracy,it's time we send in Gordon gekko to clean this company up.
 
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zhihau

Super Moderator
SuperMod
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Not happy? Show them your middle finger at the next GE.

Been fucking the PAP at the polls all the time! That's how Aljunied GRC fell! :biggrin::biggrin::biggrin:
 

kkbutterfly

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

gst increase is help the poor
water increase is to build awareness
erp increase is to encourage more people to take public transport
carpark fee increase is to build more multi storey
kopi gwee increase to do make kopi more tasty
diesel increase is to encourage greener energy
electricity increase bo bian ...world wide oil drop..have to be unique
gas bo increase.but is due for review
 

zhihau

Super Moderator
SuperMod
Asset
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Ministar's pay must also increase! Bwahahahahahahaa...
 

iluvgst

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

way too much government expenditure. big government. high salaries. low productivity.
 

winners

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

Been fucking the PAP at the polls all the time! That's how Aljunied GRC fell! :biggrin::biggrin::biggrin:
But today, you are still being screwed by the PAP with higher living costs. Has the "Opposition Parties Must Oppose" motto taken off, like what that Papsmearer had insisted?

I think the PAP is going to be around for the next 10, 15 or more years if the Oppositions are not going to "form a coalition", this quote again from the most famous looney in this forum: Papsmearer.
 
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winners

Alfrescian
Loyal
Re: GST going up to support the weak, Budget 2017 in deficit of $5.6 billion without

gst increase is help the poor
water increase is to build awareness
erp increase is to encourage more people to take public transport
carpark fee increase is to build more multi storey
kopi gwee increase to do make kopi more tasty
diesel increase is to encourage greener energy
electricity increase bo bian ...world wide oil drop..have to be unique
gas bo increase.but is due for review
Carbon tax lai liow in 2019. So the next time, they'll estimate the amount of farts you make annually and bill them into your monthly SP charges.
 
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