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Despicable!!!
WEDNESDAY, 25 FEBRUARY 2015
The Online Citizen
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Over $24b hidden from the public eye?
FEBRUARY 25, 2015 BY ONLINECITIZEN IN LETTERS · 0 COMMENT
By Harry Yew
$8.5 billion top-ups to Endowment and Trust Funds
According to the 2015 Budget’s ANNEX C: FISCAL POSITION IN FY2015 – the Top-ups to Endowment and Trust Funds in FY2014 (revised) is $8.5 billion.
fiscal position in 2015
Not expenditure
In every other country in the world, this would not be reflected in the Budget, under IMF fiscal reporting guidelines, as an expenditure – because this sum was not spent, but merely parked as an “accounting” vehicle from which the annual interest will be used as expenditure in future years.
$8.37 billion Budget surplus?
So, if we add this $8.5 billion back to the overall Budget deficit of $0.13 billion – we get a budget surplus of $8.37 billion, instead of a deficit.
More than $23.86 billion indirect and consumption taxes?
Although our income taxes appear to be relatively low compared to other countries – we have a lot of indirect and consumption taxes, such as motor vehicle taxes and COE ($5.48 billion), GST ($10.11 billion), etc.
Therefore, just these two items alone is already $15.59 billion.
$16.6 billion land sales revenue
There is also no mention of the revenue from land sales of $16.6 billion (estimated FY2014).
More than $24 billion budget surplus?
If we add this to the $8.37 billion derived above – we get $24.97 billion.
So, the actual Budget surplus is over $24 billion!
Why land sales not included?
As to “So, what does the IMF format include that is excluded from Singapore’s Budget Statement?”
Land sales revenue is not included as it is not available for spending. Under the Constitution, state land and revenues from land sales form part of Singapore’s Past Reserves.
Spending the revenues from land sales will mean drawing down on Past Reserves” – This explanation does not reflect the reality and practicality that most land are leasehold which the Government can top-up or change the lease tenure at expiry, arbitrarily, or acquire even freehold land under the Land Acquisition Act.
In other words, in essence, land revenue is perpetual and not a limited “reserves”.
Surplus of the Singapore government from 2006 to 2012
IMF data
3
Budget 2014
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© Copyright 2015 The Online Citizen
WEDNESDAY, 25 FEBRUARY 2015
The Online Citizen
MENU
Over $24b hidden from the public eye?
FEBRUARY 25, 2015 BY ONLINECITIZEN IN LETTERS · 0 COMMENT
By Harry Yew
$8.5 billion top-ups to Endowment and Trust Funds
According to the 2015 Budget’s ANNEX C: FISCAL POSITION IN FY2015 – the Top-ups to Endowment and Trust Funds in FY2014 (revised) is $8.5 billion.
fiscal position in 2015
Not expenditure
In every other country in the world, this would not be reflected in the Budget, under IMF fiscal reporting guidelines, as an expenditure – because this sum was not spent, but merely parked as an “accounting” vehicle from which the annual interest will be used as expenditure in future years.
$8.37 billion Budget surplus?
So, if we add this $8.5 billion back to the overall Budget deficit of $0.13 billion – we get a budget surplus of $8.37 billion, instead of a deficit.
More than $23.86 billion indirect and consumption taxes?
Although our income taxes appear to be relatively low compared to other countries – we have a lot of indirect and consumption taxes, such as motor vehicle taxes and COE ($5.48 billion), GST ($10.11 billion), etc.
Therefore, just these two items alone is already $15.59 billion.
$16.6 billion land sales revenue
There is also no mention of the revenue from land sales of $16.6 billion (estimated FY2014).
More than $24 billion budget surplus?
If we add this to the $8.37 billion derived above – we get $24.97 billion.
So, the actual Budget surplus is over $24 billion!
Why land sales not included?
As to “So, what does the IMF format include that is excluded from Singapore’s Budget Statement?”
Land sales revenue is not included as it is not available for spending. Under the Constitution, state land and revenues from land sales form part of Singapore’s Past Reserves.
Spending the revenues from land sales will mean drawing down on Past Reserves” – This explanation does not reflect the reality and practicality that most land are leasehold which the Government can top-up or change the lease tenure at expiry, arbitrarily, or acquire even freehold land under the Land Acquisition Act.
In other words, in essence, land revenue is perpetual and not a limited “reserves”.
Surplus of the Singapore government from 2006 to 2012
IMF data
3
Budget 2014
SMRT wins at the Global Risk Awards 2015Budget shows clearly why Singaporeans should support the opposition
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MM Lee & Ho Ching make life difficult for PM Lee?
Misrepresentation of Interview Leave Girls Feeling Betrayed
"We must stop this brutality," says Human Rights Lawyer
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SMRT wins at the Global Risk Awards 2015 SMRT wins at the Global Risk Awards 2015
Budget 2015 not quite as rosy as made out to be Budget 2015 not quite as rosy as made out to be
Registers of electors open for public inspection Registers of electors open for public inspection
Fourth train service disruption on the NSL in 2 weeks Fourth train service disruption on the NSL in 2 weeks
HDB: No full refunds for BTO flat buyers at Fernvale Link HDB: No full refunds for BTO flat buyers at Fernvale Link
The property market in the Year of the Goat The property market in the Year of the Goat
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Samson Samson
Budget 2015 not quite as rosy as made out to be
The Govt is still herding the people too. They spoil chances of Singaporeans prospering base on...
2/25/2015
Samson Samson
Budget 2015 not quite as rosy as made out to be
I agree money has to come from somewhere. What do you think of my suggestion above?
2/25/2015
Samson Samson
Budget 2015 not quite as rosy as made out to be
Simple, get rid of this Govt, confiscate the $bils in the Ministers accts and use it to pay out the...
2/25/2015
jessie jessie
Singapore Law Society: Cannot responsibly continue to include M Ravi as speaker in conference
You have sung the same tune numerous times and TOC is still here! -Jessie
2/25/2015
PikuChoo PikuChoo
Budget 2015 not quite as rosy as made out to be
Of course the money has to come from somewhere. If GIC/Temasek have been good stewards of the funds...
2/25/2015
ARCHIVES
© Copyright 2015 The Online Citizen
