Chitchat Foreign workers get pay raise while locals get GST

[jw5]

So you still think the votes are honest?

In terms of vote casting and vote counting - yes.

In terms of gerrymeandering, brainwashing, threatening, incentivising, manipulating - no.

 

[Hypocrite-The]

In terms of vote casting and vote counting - yes.

In terms of gerrymeandering, brainwashing, threatening, incentivising, manipulating - no.

Tat is why the wankers is a dud oppies. Why are they not bringing up this matter?

 

[jw5]

Tat is why the wankers is a dud oppies. Why are they not bringing up this matter?

Now they don't even have to bring up this matter, they are facing the brunt of it.

 

[bobby]

So you still think the votes are honest?

Of course the votes are honest...why then you think they need the serial number linked to your NRIC to ensure that your vote is secret ?

 

[parrardee]

61% still residing in your head? Rent free?

61% song with it , let it be,hope job lost ate those 61% ,as all these foreigners n PRs will replace them,it's a fact

 

[tobelightlight]

Of course the votes are honest...why then you think they need the serial number linked to your NRIC to ensure that your vote is secret ?

There are many wyas to cheat on the votes. Putting number menas 100% secure. Wow. This is the first for me.

 

[Hypocrite-The]

Commentary: Is Singapore’s tax burden shifting toward GST and taxing individuals more than businesses?​

The planned GST hike could add S$3.2 billion more in tax revenue, but Singapore needs a sustainable tax system to fund healthcare and other recurrent costs in the long run, says NUS Business School’s Simon Poh.

Singapore's Central Business District. (File photo: AFP/Roslan RAHMAN)

Simon Poh​

21 Feb 2022 06:11AM(Updated: 21 Feb 2022 06:11AM)
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SINGAPORE: In his maiden Budget Speech on Friday (Feb 18), Minister for Finance Lawrence Wong finally announced that Singapore’s Goods and Services Tax (GST) rate will be increased first to 8 per cent in January 2023 and then to 9 per cent in January 2024.
Mr Wong said he had “carefully considered the overall situation” and understood Singaporeans’ concern about the tax hike coming at a time of global inflation, rising costs of living and a COVID-19 pandemic that does not seem to end, but that “our revenue needs are pressing”.

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GST has always been among the top three contributors of government operating revenue, accounting for about S$12 billion in financial year 2021. The other two contributors are corporate income tax (CIT) and personal income tax (PIT), accounting for $17.5 billion and $13.8 billion respectively.

GST COULD BECOME THE TOP TAX REVENUE STREAM​

With the 2-percentage point GST hike, experts expect to raise an additional S$3.2 billion in revenue - or about 0.7 per cent of Singapore’s gross domestic product.
In fact, GST could become Singapore’s largest tax revenue stream.
Additional GST revenue is expected with the introduction of new GST rules from January 2023 with GST extended to cover business-to-consumer (B2C) imported non-digital services and imported low-value goods.
Although PIT revenue will also be boosted with the increase in the top marginal PIT rate of 2 percentage points with effect from the Year of Assessment 2024, the projected increase generated at S$170 million is much lower than the revenue generated by GST.

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Going forward, there is probably little scope to increase PIT revenue further, with a rapidly ageing population and continued low birth rates. With globalisation and many businesses offshoring operations, highly mobile, high-income earners might be tempted to relocate to cities with lower tax rates, such as Hong Kong.

People walk across the Jubilee bridge in Singapore on Dec 28, 2021. (File photo: AFP/Roslan Rahman)
Ongoing discussions under the OECD Base Erosion Profit Shifting (BEPS 2.0) may also mean reduced CIT revenue in the future.
Under BEPS, some multinational enterprises (MNEs) will need to re-allocate profit from where activities are conducted to where consumers are located, and this is expected to hurt tax revenue due to Singapore’s small domestic market and extent of activities conducted. Some MNEs may also be imposed a Minimum Effective Tax Rate of 15 per cent instead of current investment-friendlier rates and choose instead to relocate.
While these are early days and Singapore would do well to observe the experience of other countries and the behaviour of MNEs, it is not inconceivable that GST will end up being the biggest tax revenue stream.

SHIFT TOWARDS TAXING CONSUMPTION NOT NEW​

Regardless of whether GST eventually overtakes both CIT and PIT, there is a clear trend of shifting from income tax to consumption tax over the last decades.

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When Singapore was recovering from its first post-war recession back in 1986, one of the key recommendations of the 1986 Economic Committee, convened to respond to the recession and lead the nation to recovery, was to introduce GST and gradually increase GST revenue.
This would help Singapore be more competitive and attract investments, compared to the high 40 per cent CIT and top marginal PIT rate which were then slashed to sustain economic growth and create good jobs.
Other economies have also undertaken similar tax reform, cutting income tax rates to increase attractiveness to international investments and manpower, and structuring their tax system to rely more on GST.
For example, Ireland’s standard corporate tax rate was phased down from 40 per cent in 1995 to 12.5 per cent today, while standard value-added tax (VAT) rate was increased from 21 per cent in 1995 to the current 23 per cent. VAT is generally the second highest revenue generator for Ireland, behind individual income tax.

 

[bobby]

WTF is Stroke Heng's portfolio now...chobolan ????

 

[bonds]

Thank you

Thank you

Thank you

.