Economists: PAP will raise GST to fund Medishield Life, PGP and Project Jewel

[makapaaa]

Today 12:45 PM

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http://statestimesreview.com/2015/0...o-fund-medishield-life-pgp-and-project-jewel/ Singapore economists expect the Singapore PAP Government to raise the GST to fund the slew of healthcare, housing and infrastructure projects announced by Prime Minister Lee Hsien Loong Project Jewel, Pioneer Generation Package, Medishield Life and Jurong Lake are some of the initiatives by PM Lee Hsien Loong recently and the economists do not expect the PAP Government to raise income taxes to fund them. According to UOB economist Francis Tan: “ “Raising income tax is not very possible if Singapore wants to remain relevant for multinational corporations and high-income global talents. 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.” Another economist from Barclays, Joey Chew pointed to DPM Tharman’s Budget 2012 speech and said that the DPM compared Hong Kong’s income tax levels with Singapore’s and therefore there is a limit to how high income taxes can go without hurting competitiveness. Joey Chew also criiticised the GST as regressive but said that the PAP Government has however made GST Voucher Scheme permanent to indicate that the GST have only the up direction to go: “ “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. 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.” CIMB economist Song Seng Wun also gave similar sentiments: “ “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).” Prime Minister Lee Hsien Loong will likely only announce the increase of the GST after the coming General Elections to avoid any political backlash from Singaporeans. Relatively, the lower income you earn, you pay more taxes as compared to the rich. The GST effectively taxes the retirees, unemployed and even the ComCare recipients. Under PM Lee Hsien Loong​, the GST has been raised numerously times from 3% in 2004 to the present 7%. GST Vouchers functions as an effective political carrot as well as it sees the ruling party back to government every election year when they are announced. In 2015 this year, 1.6 million Singaporeans will get up to S$600 in cash depending on their income level and household they are living in.

 

[makapaaa]

60%: Yes, please!

 

[syed putra]

They should abolish corporate taxes, increase income taxes, tax capital gains which is currently zero to maybe 15-20% and abolish taxes in dividends and savings.

 

[Cerebral]

I think raising the GST for the projects is just an excuse. These projects are mid term projects and the cost spread out over x number of years, while GST is perpetual. Beyond this, government is reporting surpluses every year, so why do we need the extra tax?

 

[Kuailan]

I think raising the GST for the projects is just an excuse. These projects are mid term projects and the cost spread out over x number of years, while GST is perpetual. Beyond this, government is reporting surpluses every year, so why do we need the extra tax?

If this coming Erection Papaya win again!

Peasantporean will die at the hands of Pap!!
1. GST will be raised to 10%

2. ERP gantry those on standby like the one at KPE, in and out
Pay And Pay. Besides this you will have to pay for distance traveled by GPS billing
by our greedy LTA !! Money is really No Enough!!

3. More PAP gangster Fcuking Warden will be on the road to issue more summons to motorists!!

4. COE will hit $100K!! just watch they are all out to screw Stingkapporean!!

5. Suing Roy Rogers will commences and you know who will demand for $500K defamation!

6. Poor Amos will be recalled again to attend Kangaroo Cock hearing!! why u say this why u say that!

7. Inflation will hit Middle income group very badly!!

8. Papaya will start to import more Foreign Trash Ah Neh, PRC & Pinoy to defy Peasantporean!

9. More true Blue Stingkaporean will be out of Job!! Jobs available: Cleaners, sweepers, taxi & bus
drivers, Security Guard....Garbage collector, all these jobs will be availabe to Stingaporean
Whereas PRC, Ah Neh and Pinoy will work in Bank, Retail, PRC in Kopitiam stall owner!!

10 . Time for Peasantporean to wake up and think carefully during this Erection, you have waited
5 years to show who's the boss, show them...Our pinky will only say once every 5 years "I am
your humble servant" one time only!!!

 

[kopiOuncle]

unfounded fears and rumour mongerings
with pap in for the next term
singaporeans will soon meet the golden era
everything will be finalized
no more stupid oppo mps to disturb and talk rubbish in parliament
policies will be quickly drawn and quickly executed
Singapore will be the world's best place to live, to work and to have your families.
Singapore will prosper more and more with the PAP in control.

 

[frenchbriefs]

how about cutting civil servant pay for a start?this country is in need of austerity measures more than greece.

 

[kopiOuncle]

the minister's pay is a pittance
if you weigh in the number of hours they are working
the grace responsibiites
the stress and the pressure
they deserved to be paid more....
ministerial pay is not an issue
those oppo should just shut up and go sleep
then our ministers can all work in peace undisturbed...