154th: GST to Be Hiked to 10%. Vote Very Very Wisely in 2016!

[palden]

The Gahment strikes back. Sinkees always whack Gahment. Now payback time. Haha. Do nothing collect millions. Kenna whack must collect billions.

 

[Leongsam]

GST10% but zero welfare country. At least for European countries, there's a welfare system in place for charging high consumer goods taxes.

All that welfare achieves is to make useless people even more useless. You should be thankful that there is no welfare in Singapore. If there was you'd be funding the leisurely lifestyles of lazy people who live off the hard work of productive citizens.

 

[halsey02]

because Lee families are not smokers?

You forget, old fart used to smoke!...if he still does, BAT will gladly deliver cartons of Benson & Hedges to him, as sample...

 

[bic_cherry]

It is very obvious by now that the FAP Traitors are very hard up for cash due to the Old Fart's and Ho Jinx's massive losses, and/or as they prepare to run road after being voted out. Yet they have the gall to blame SGs' for the rising costs while acting blur on the massive fortune they have sucked from SGs over the years from direct and indirect taxes, levies from the unbridled FTrashisation and Familee-owned monopolies. And they are convieniently transferring the costs of building infrastructure for 7M population to SGs again while using it to cater to FTrash to make money and then balek kampong while asking SGs to bear/clean up the shit they leave behind. It is absolutely that the FAP Traitors be booted out in the next GE and be charged in court for high treason!
Published January 15, 2014
BUDGET 2014
Higher wealth taxes may be on the cards
Moves to boost govt revenues seen as spending rises amid rapidly ageing population
By
Teh Shi Ning [email][email protected][/email]


[SINGAPORE] Moves to secure future revenue streams may be put in place in the upcoming Budget, as public spending rises with a rapidly ageing population and the government move towards greater redistribution.
Observers expect higher wealth taxes on cars and properties as well as a wider top personal income tax bracket. A hike in the Goods and Services Tax (GST), though unlikely this year, is also expected eventually.
Revisions to the cap on how much goes into the government's purse from the investment returns on the Republic's reserves, as well as the policy of government land sales income being locked up as reserves, cannot be ruled out either, they said.
Fiscal prudence amid rising spending pressures has provided fodder for debate after each Budget in recent years - particularly after the global financial crisis prompted the government to seek presidential approval in 2009 to draw down past reserves.
This will be thrown into sharper relief in Budget 2014 with the government's major commitments, such as changes to MediShield, the national medical insurance plan, and a Pioneer Generation Package that will help pay the MediShield premiums of those who are now in their late 60s or older.
There are also longer- term public infrastructure and development projects to finance - a ramp-up in public housing, new MRT lines, Changi Airport's new terminal and the relocation of the port, and possible extensions to measures to boost productivity. But as Prime Minister Lee Hsien Loong put it in his National Day Rally last August: "All good things must be paid for."
=> Will not the users be paying for these things? Does it not smack of the same double charging scam in which the FAP make SGs pay for the carparks and charge parking fees from the residents? Does it not sound similar to them renovating the hawker centres and increasing the rentals, when the past rentals could have more than paid for it? When will all this bs end? Only when the FAP Traitors are kicked out of power!
Economists BT spoke to say further wealth taxes are most likely, since they fit in with the goal of a more progressive tax regime - a main theme of Budget 2013.
Last year, higher property taxes on investment and higher-end owner-occupied homes were introduced. These could be fine-tuned without shock to the system, Mizuho Bank economist Vishnu Varathan said.
But as the property market has begun to cool, UOB economist Francis Tan reckons policymakers may not wish to exacerbate a slowdown. Car taxes, in the form of further tweaks to the tiered additional registration fee rolled out last year to tax luxury cars more, seem more likely to him.
DBS economist Irvin Seah believes a capital- gains tax ought to be considered, but this was one wealth tax others thought less likely. It would be seen as a policy reversal, said UOB's Mr Tan, while Mr Varathan said the effect of such a move on Singapore's status as a financial and wealth management centre would have to be considered carefully.
=> Who benefit? The FAP elites and foreign crooks who launder their money here!
Another way to boost the taxman's takings while making the tax regime more progressive would be to raise the top personal income tax rate of 20 per cent, or lower the income threshold at which that top rate kicks in. The latter is more likely, as policymakers would be wary of the impact a higher headline rate may have on attracting top global talent here, Mr Tan said.
=> There you go again! The FAP Traitors are only concerned with protecting FAP cronies and FTrash pets!
Another strong, though not immediate, candidate for revenue generation is a hike in the GST. The government has promised not to raise it before 2016, but it is likely that Singapore will bring its GST of 7 per cent closer in line with the 10 per cent charged in most countries, economists said.

=> How about giving out dishing out healthcare, unemployment benefits, education like what truly functional countries do at the same time? Fat hope!

"Taken alongside means-based GST rebates, such GST hikes could also be less regressive than they would have been on their own," Mr Varathan added.
The contribution from net investment returns (NIR) on reserves is another spending tap. Currently, the government can take up to 50 per cent of the net investment returns on net assets managed by GIC and the Monetary Authority of Singapore and up to 50 per cent of the investment income from remaining assets, including those managed by Temasek.
Analysts estimate that the $7.65 billion figure for FY2012 and the estimated $7.7 billion sum for FY2013 fall far below the cap, last revised in 2008. Therefore, there is room for the NIR to rise. But Deputy Prime Minister Tharman Shanmugaratnam said last year that the government did not rule out further revisions to the rule.
The use of land sales proceeds as government income was ruled out, though. Some analysts have discussed the possibility of changing the framework to recognise part of receipts from land sold as leasehold rather than freehold as recurring revenue. Still, any revisions to the NIRC (NIR contribution rate) or land sales income "amount more to accounting than revenue creation", noted Mr Varathan.
More remote is a hike in the corporate income tax rate of 17 per cent. "It would not only erode the competitiveness of Singapore as a regional base, but could be misconstrued as back-peddling on previous rate cuts," said Mr Varathan.
This is especially unlikely since businesses feel they are still struggling to raise productivity amid rising costs and a labour crunch.
Mr Seah believes that apart from seeking fresh revenue streams, efforts to contain rising cost are needed, to slow the anticipated increase in social spending.
"With the population ageing very fast in coming years, healthcare demands will rise, and healthcare costs will be a significant driver of inflation in Singapore in the years going forward. We can't continue to just focus on subsidising costs. We need to nip the problem in the bud and address what is causing these cost increases," he said.
Growth will remain key, too. "We should not forget the traditional sources of revenue: corporate income tax, personal income tax. The way to increase these is economic growth," said Mr Seah.
Said Mr Varathan: "Raising productivity is perhaps one of the best ways to deal with the ageing issues from an increasingly constrained resource-efficiency point of view. What's more, productivity gains help to boost profits, helping to manage a higher cost base."
"The basic tenet that being competitive need not preclude being compassionate is perhaps a key take-away that the Budget could embody."
For now, Singapore is far from worried about a Budget deficit. Bank of America Merrill Lynch economist Chua Hak Bin estimates that Singapore's budget surplus for the fiscal year ended March 31 may come in at $6.3 billion, far exceeding the official forecast of $2.4 billion a year ago.

=> Two words to describe the FAP Traitors' behaviour - INSATIABLE GREED!

Assuming that expenditure and net investment returns are in line with forecasts, stronger government revenues - thanks to better-than-expected GDP growth in 2013 and hikes in property-related stamp duties - are expected to pad up the surplus, Dr Chua said.

Picts to illustrate the discussion a bit...

([URL="http://www.todayonline.com/business/gst-hike-more-likely-if-govt-needs-raise-revenue-new-initiatives"]image URL)

 

[Leongsam]

Picts to illustrate the discussion a bit...

10% GST is a bargain. In most 1st world countries, it is far higher. Australia introduced GST at a whopping 10% and it can only go upward and onward from there.

Singapore started off at a very modest 3% GST in 1994 and it has risen very slowly over the years thanks to the prudent management of the finances by a competent and highly regarded government.

 

[zhihau]

you got $30 billion each year, you still need magic to make money appear?

wah... can return the CPF monies?

 

[escher]

Kick out every motherfucker of the PAP maggots cockroaches walking bags of excrement.

NOT LET A SINGLE ONE OF THEM PAP FESTERING PUS FILLED BOIL REMAIN AFTER 2016

WE FIND OUT HOW MUCH THEY STOLE FROM US AND DANGLE THEM FROM LAMP POSTS WITH PIANO WIRES

 

[I_Hate_Pappies]

10% GST is a bargain. In most 1st world countries, it is far higher. Australia introduced GST at a whopping 10% and it can only go upward and onward from there.

Singapore started off at a very modest 3% GST in 1994 and it has risen very slowly over the years thanks to the prudent management of the finances by a competent and highly regarded government.

Why are they raising GST which was meant to help the poors? Are they implying that there are more poor people than before?

 

[MBSSLOTS]

Why are they raising GST which was meant to help the poors? Are they implying that there are more poor people than before?

IHP....hor boh! Longtime no see :oIo:

 

[I_Hate_Pappies]

IHP....hor boh! Longtime no see :oIo:

Gabernment going to raise GST. You say ho boh leh? :p

 

[halsey02]

It's only a matter of time.

There are no one-cent coins in the new set of coins. That is quite telling.

They now round off to 5cts, soon it will be rounded off to the nearest 10c & in future the nearest dollar! if you pay by CASH, if you use the card the will discount 5%
but have already factored in a raise of 10% in their RSP...ha ha ha

 

[xebay11]

All that welfare achieves is to make useless people even more useless. You should be thankful that there is no welfare in Singapore. If there was you'd be funding the leisurely lifestyles of lazy people who live off the hard work of productive citizens.

Achieves more then the $3B F16 upgrade package for laser guided precision bombing system.

 

[The_Hypocrite]

I hope
WP brings this up.

Progressive taxation will raise the revenue needed to create a middle-class society. So simple, you also don't know?

Need more money? Reduce the generous pensions given to the scholars and ex-ministers. Cut the salaries of ministers to $300k. Eliminate scholarships to foreigners.

We have more than enough money ...just that the money is now in the pockets of you know who.

 

[laksaboy]

Tharman: GST will not be raised for at least another 5 yrs

By Hasnita A Majid | Posted: 23 April 2011 1606 hrs

SINGAPORE : Finance Minister Tharman Shanmugaratnam has reiterated that the goods and services tax (GST) will not be raised for at least another five years.

Mr Tharman said there is no need to raise the GST as Singapore's budget is in a healthy state.

The GST was last raised from 5 per cent to 7 per cent in 2007.

Mr Tharman was speaking to reporters on the sidelines of a community event in Jurong on Saturday.

He said: "As Finance Minister, I have made that very clear in Parliament that at least for the next five years - it does not mean we will raise it in five years' time - but at least for five years, there is absolutely no reason to raise the GST, because this was the whole idea - we strengthen our revenue base in time. In fact, in the good years before the crisis, it came in very handy in the crisis but it is also going to come in handy in the next five years when we build our infrastructure in health, in infrastructure and we increase our support for the poor.

"Basically, the GST and changes to the constitution have provided us a lot addition to our revenue base. Firstly, it has provided us to react very forcefully during the crisis, it wasn't just the draw on the reserves...we were very fortunate that we made the revenue changes in time so that we could react forcefully to help Singapore through the crisis and now post-crisis, it has helped us to build up our infrastructure, education, health, including continuous education and training.

"That was the original motivation for GST, help the poor more and prepare Singaporeans for the future through investment income, two very solid sources of revenue to help us in the years to come."

Mr Tharman also said that his team is taking the opposition seriously, whether they are well-known or otherwise.

But he said that the People's Action Party (PAP) team has a track record in Jurong, having made many improvements for the elderly, children and low-income families in the last 10 years.

Mr Tharman added that aside from national schemes, Jurong also has its own local schemes that have benefited the residents there, and so residents already know what the PAP can do more and that they can deliver on their promises.

- CNA

GST won't be raised till at least 2016? Let's see how they break this promise.

 

[Poomer]

Tharman: GST will not be raised for at least another 5 yrs



GST won't be raised till at least 2016? Let's see how they break this promise.

The scary thing is they won't. They will just find another to make us pay and pay.

 

[ykhuser]

The scary thing is they won't. They will just find another to make us pay and pay.

maybe bicycle tax?
oxygen tax,garden tax?
east coast park tax?
jail tax?family memebers must pay for innates staying in prison?
wifi tax?

 

[STUCK_HERE]

That's what everybody say since 1988.

 

[Leepotism]

10 years later

 

[Bad New Brown]

10 years later

These people prefer a costly lifestyle here.

 

[laksaboy]

GST can be tolerable depending on other variables.

The carbon tax, however, is unforgivable. Because it is pure robbery based on a lie.

Realize that this is no longer greed or incompetence, but pure evil.

Singapore’s carbon tax should be higher than planned to speed up action: MAS’ Menon​

Dec 04, 2023
https://www.businesstimes.com.sg/es...ould-be-higher-planned-speed-action-mas-menon

SINGAPORE TO RAISE CARBON TAX FIVEFOLD IN 2024​

Sep 20, 2023
https://senecaesg.com/insights/singapore-to-raise-carbon-tax-fivefold-in-2024/

Temasek and BlackRock Launch Decarbonization Investment Partnership​

13 APR 2021
https://www.temasek.com.sg/en/news-...-blackrock-launch-decarbonization-partnership

Household electricity bills set to rise as carbon taxes to increase in 2024​

DEC 9, 2023
https://www.straitstimes.com/singap...t-to-rise-as-carbon-taxes-to-be-hiked-in-2024