Tharman quietly says government have to raise revenues..... We kena farked again

[Force 136]

Hidden somewhere in an obsure corner of CNA's website :

http://www.channelnewsasia.com/news/business/s-pore-will-face/1021682.html

SINGAPORE: Singapore will face structural budget deficits if it does not raise revenues in the next decade.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam gave this warning in Parliament on Wednesday.

He said the government will have to raise revenues while maintaining Singapore's economic competitiveness and keeping a low tax burden on the middle-income.

To support the elderly and low-income families, the government is spending more on healthcare and social services.

This is expected to result in a budget deficit of S$1.2 billion for 2014 -- the country's first deficit since fiscal year 2009.

Mr Tharman said: "Revenues are not going to increase as a percentage of GDP, but spending will go up as a percentage of GDP. So we will not have the current fiscal advantage that we have, in the future. And at some point, our revenues will fall short of expenditures."

He warned that Singapore will run into structural deficits, unless it raises revenues in the next decade.

The Singapore government knows it has to raise revenues in order to pay for increased social spending.

But how will it go about doing that, given that one of its objectives is to keep the tax burden low for the middle-income?

One tax expert said that one way the government can raise revenue -- without increasing direct taxes on corporates or individuals -- is to broaden the tax base.

PricewaterhouseCoopers Tax Partner, Abhijit Ghosh, said Singapore could look at broadening the tax base by taxing investment income or capital gains.

Mr Ghosh also said that it's unlikely for the government to raise revenue by raising corporate taxes.

Singapore's corporate income tax rate - at 17 per cent - is among the lowest in the region, but it has to contend with competing jurisdictions such as the UK and Taiwan, which have or are planning to lower rates.

In his speech on Wednesday, Mr Tharman also said that there is further room to enhance asset taxes, which refers to taxes on cars and property.

He added that it's important for Singapore's tax system to remain fair and equitable.

- CNA/ir

 

[laksaboy]

Mai tu liao. GST 10%. If you are reluctant to do it now, you most certainly will once the gongkias return PAP to power after GE 2016.

 

[halsey02]

Mai tu liao. GST 10%. If you are reluctant to do it now, you most certainly will once the gongkias return PAP to power after GE 2016.

The auctioneer is striking the hammer...."did I hear 8%..8%...8%..9%..9.1%..do I hear 9.1%...9.5%...do I hear 9.5%....10%...do I hear 10%?? 10% ...onece, 10% twice..done at 10% to the citizens of SINgapore!! pledge yourself as one fulfilling paying people.....ha ha ha

There they are giving the PIONEER package to the 65 years & above, who do not have that much long to live, fragile, sickly & weak....give them 'candies' to sweeten their mouth, especially high in 'sugar' content & make them spent all their money on medical bills & hopefully in this way, cut down the size of the burden of 450,000 people...eugenics at work, no?? like 'sterilization' in reverse.... ha ha ha ha

 

[Royalblood]

Why resort to raising gst to raise revenue for the country!? The cabinet plus their bunch of useless MPs should just reduce their exorbhitant multi million dollars salary plus bonuses! Our coffers would then be so much healthier! They shld fuckin lead by example and not always find the easy way out by passing the rising costs to us their constituents! We already giving them cpf monies to play with and they still can't manage their budget well!!?! Fuckin incompetent fools who really dun deserve the pay package they unilaterally raise themselves

Seriously man, why shld we pay them millions of dollars to run country so small and easy to manage, when governments of more complicated and much larger land mass countries are probably drawing a quarter of theirs.

 

[tanakow]

They are just eyeing the 10% GST.

 

[escher]

Tharman quietly says government have to raise revenues..... We kena farked again

What the fuck all the cowbear cowpu for?

Like you never been fucked before?

YOU BEEN FUCKED GOOD AND FUCKED SO MANY TIMES BY PAP THAT IT SHOULD MATTER LITTLE NOW

AND YOU WILL BE FUCKED EVEN MORE AND FUCKED EVEN BETTER BY THE PAP MAGGOTS COCKROACHES WALKING BAGS OF EXCREMENT BACKED UP WITH THE FULL FORCE OF THE LAW AND THEIR FUCKING CORRUPT PERVERTED KANGAROOS IN STINKAPORE HIGH COURTS AND AG CHAMBERS

STINKIES KEEP HEAD DOWN DOWN AND ARSEHOLES UP HIGH HIGH, YOURS AND YOUR SONS AND DAUGHTERS AND MOTHERS AND WIVES

EVERYONE STINKIES TO BE FUCKED REGARDLESS OF AGE OR SEX

BE PROUD TO BE FUCKED AND KANNED AND TIEWED

STINKIES GOT WHAT THEY VOTED FOR AND FOR NOT HAVING THE FUCKING BALLS

 

[wMulew]

Dumbfuck opposition supporting retards expect government to do more for everything than expect money to fall from sky

 

[halsey02]

Dumbfuck opposition supporting retards expect government to do more for everything than expect money to fall from sky

We work hard with our blood sweat & tears for money to build this nation from 1965 till now....PAP was the opposition back then... we do not expect money from the skies, we work for them, but we are sold out by people, who we trusted, who had broken our rice bowls , while their money fall from the skies, like 'buckets of rain'...have your view right!. Without oppositions in parliament today...we would have marched into hell..though it still hell....but at least a wee bit better to breathe...

 

[Asterix]

Dumbfuck opposition supporting retards expect government to do more for everything than expect money to fall from sky

Dumbfuck PAP supporting RETARDS easily conned by GAHBRAMENT'S fake statistics.

 

[Asterix]

Mulew is as dumb as his team mate Devil Within and here's why:

Flawed forecasts from fiscal working group defy laws of the universe
Fiscal group's inflation figures fail to account for temporary anomalies that will self-correct
Jake van der Kamp

Advisers warn of Greek-style debt meltdown
SCMP headline, March 4

Me, I happen to live on the third planet in orbit around a minor star called the sun in the Orion arm of the Milky Way galaxy. Where these advisers live I haven't a clue.

Hong Kong like Greece? The most Scrooge-like savers on earth compared to some of the greatest wastrels? We run consistently large fiscal surpluses and have net fiscal savings almost as large as our annual gross domestic product.

Yet we are told that we are on the brink of a fiscal crisis. What world indeed do these scaremongers inhabit?

But, speaking of things Greek, my interest today lies in an Achilles' heel they exposed when venturing to provide some statistical background for their messages of doom - specifically the forecasts, on which their prophecies rest - of various measures of inflation up to the year 2041.
These are shown in the two charts as indices based on a value of 100 for 2013. The blue line in the first chart represents the GDP deflator, the broadest measure of inflation in any economy, and the red line is the consumer price index.

Notice how the two tracked each other quite closely for the first 20 years shown on the chart until about 2002 when the CPI began to turn around and rise faster than the deflator.

The reasons for this have mostly to do with pricing anomalies in merchandise trade and capital equipment during the period of deflation we suffered after the 1998 financial crisis, a deflation that was itself an anomaly. Nothing indicates these are permanent developments.
Yet the advisers, the chief executive's much touted Working Group on Long Term Fiscal Planning, blithely projected the trends of the past three years onwards into the future, little changed, all the way up to 2041.

It will not happen that way; cannot happen that way. Anomalies of this kind in any economy are self-adjusting. Natural pricing pressures would cause these two inflation measures to converge long before 2041. The basics of the working group's study are deeply flawed.
The divergence is even greater between forecasts of the deflator and one of its components, public sector construction costs.

Construction costs have indeed risen faster than the deflator recently, as the second chart shows, but it is absurd to assume that over the next 28 years they will rise by almost 250 per cent while the deflator itself rises by only 50 per cent. Yet this is what the working group did.
Already there are indications from commodities markets that the pressure on construction materials prices will ease soon while the next cyclical slowdown in our economy will lead to an easing of wage pressure.

I see from the membership list of the working group that it comprises several academics and accountants. This leads me to a subversive suggestion for their students and juniors.

The next time these sages accuse you of not having done your homework properly, turn around to them and say: "And neither have you."

http://www.scmp.com/business/articl...casts-fiscal-working-group-defy-laws-universe

 

[zeddy]

Dumbfuck opposition supporting retards expect government to do more for everything than expect money to fall from sky

And dumb fuck PAP supporters like you love seeing Ho Jinx wasting billions of S'poreans hard earned monies to feed her overseas gambling addiction..

 

[blissquek]

They are just eyeing the 10% GST.

OH...they can eye to give more back to the rich...like lessen their tax burden further since the last time they remove the Estate duty
was in 2008...quite a long time..

Horray...we are getting more richer people getting richer...

Maybe we can top the Billionaire list for this tiny red dot...

 

[Papsmearer]

This kind of Tharmbi Finance Minister is worth millions $ pay? What a clown. What this fucker failed to mention is that there is always 2 columns to the ledger. On the one hand, you have revenues and on the other hand, you have expenses. Instead of increasing revenues through higher taxation, it would be much easier to simply cut spending. Starting with all the politicians salaries. Defence budget of $12 billion can easily be halved too. A closer examination of all the chiak lios bee ministries like MOE, MINDEF, MOH, MOM, etc, plus GLCs like SMRT will easily reveal that they are bloated and too bureaucratic, and that a 20% cut in their budgets and payroll would make no discernible difference. If you cut the SPF force and budget by 20%, could they have performed any worse? If you anticipate a $1.2 billion deficit, there should be no problems finding savings somewhere in the budget through cutbacks. Why does he not mention this? Is he being dishonest or just plain stupid?

 

[sochi2014]

Why can't they just cut the defence budget? Military junta don't allowed? Heck care them lah.

 

[chonburifc]

Wah! So desperate, GE 2016 not so far away leh, dare to choot GST 10% pattern. Me dare say they don't dare to increase GST to 10% before 2016, unless they want to lose more GRC and SMC.

 

[palden]

Raise revenue to cope with increments for the millionsters?

Hidden somewhere in an obsure corner of CNA's website :

http://www.channelnewsasia.com/news/business/s-pore-will-face/1021682.html

SINGAPORE: Singapore will face structural budget deficits if it does not raise revenues in the next decade.

Deputy Prime Minister and Finance Minister Tharman Shanmugaratnam gave this warning in Parliament on Wednesday.

He said the government will have to raise revenues while maintaining Singapore's economic competitiveness and keeping a low tax burden on the middle-income.

To support the elderly and low-income families, the government is spending more on healthcare and social services.

This is expected to result in a budget deficit of S$1.2 billion for 2014 -- the country's first deficit since fiscal year 2009.

Mr Tharman said: "Revenues are not going to increase as a percentage of GDP, but spending will go up as a percentage of GDP. So we will not have the current fiscal advantage that we have, in the future. And at some point, our revenues will fall short of expenditures."

He warned that Singapore will run into structural deficits, unless it raises revenues in the next decade.

The Singapore government knows it has to raise revenues in order to pay for increased social spending.

But how will it go about doing that, given that one of its objectives is to keep the tax burden low for the middle-income?

One tax expert said that one way the government can raise revenue -- without increasing direct taxes on corporates or individuals -- is to broaden the tax base.

PricewaterhouseCoopers Tax Partner, Abhijit Ghosh, said Singapore could look at broadening the tax base by taxing investment income or capital gains.

Mr Ghosh also said that it's unlikely for the government to raise revenue by raising corporate taxes.

Singapore's corporate income tax rate - at 17 per cent - is among the lowest in the region, but it has to contend with competing jurisdictions such as the UK and Taiwan, which have or are planning to lower rates.

In his speech on Wednesday, Mr Tharman also said that there is further room to enhance asset taxes, which refers to taxes on cars and property.

He added that it's important for Singapore's tax system to remain fair and equitable.

- CNA/ir

 

[DrillGao]

Up up into the sky...

 

[winnipegjets]

Cut defence spending by 50 percent, $6 billion is free.

 

[GoldenDragon]

Cut defence spending by 50 percent, $6 billion is free.

I suggest 75%. Wont make any difference to SAF. But that saving can be put to better use. SAF is just wayang and for show. Our neighbors are fully aware. Dont take them as fools. Their intellience on us should not be underestimated.

 

[Papsmearer]

I suggest 75%. Wont make any difference to SAF. But that saving can be put to better use. SAF is just wayang and for show. Our neighbors are fully aware. Dont take them as fools. Their intellience on us should not be underestimated.

wah lau, give face lah. I say half, you up me to 75%. Ok, I see your 75% and raise you 85% defence budget cut. How u like them apples now?