The_King Posted December 31, 2021 Share Posted December 31, 2021 SINGAPORE: The Government will have to start moving on the planned hike in Goods and Services Tax (GST) in Budget 2022, given that the economy is emerging from COVID-19, said Prime Minister Lee Hsien Loong in his New Year message on Friday (Dec 31). The Government must have reliable and adequate revenues to carry out its social programmes, said Mr Lee, adding that additional revenues are needed to fund the expansion of the healthcare system and support schemes for older Singaporeans. “Those who are better off should contribute a larger share, but everyone needs to shoulder at least a small part of the burden,” he said. “This is the rationale for raising a broad-based tax like the GST, coupled with a comprehensive scheme of offsets to cushion the impact on lower-income households. “The GST forms one important component of our system of taxes and transfers that also includes income and wealth taxes. Overall, our system will remain progressive and fair,” he added. “We have seen this need coming for some years. Now that our economy is emerging from COVID-19, we have to start moving on this. Budget 2022 will therefore lay the basis for sound and sustainable government finances for the next stage of Singapore’s development.” The plan to raise the GST by two percentage points, from 7 per cent to 9 per cent, was first announced in 2018 during then-Finance Minister Heng Swee Keat’s Budget speech. He said the increase would be necessary to strengthen Singapore’s revenues, given recurrent increases in healthcare, security and other social spending. “The responsible way to pay for them is through taxation so that every generation pays its share. We should not borrow for recurrent spending, because that will put the burden of recurrent spending on future generations,” Mr Heng said in 2018. “This GST increase is necessary because even after exploring various options to manage our future expenditures through prudent spending, saving and borrowing for infrastructure, there is still a gap,” he added. “Increasing GST by two percentage points will provide us with revenue of almost 0.7 per cent of GDP per year.” Mr Heng said then that the hike would take place sometime from 2021 to 2025 – earlier rather than later in the period - with the exact timing to be decided based on factors such as the state of the economy. Given the impact of COVID-19 on the economy, Mr Heng said last year that the increase would not take place in 2021. He reiterated, however, that the hike would be implemented “sooner rather than later”, between 2022 and 2025. “Without the GST rate increase, we will not be able to meet our rising recurrent needs, in particular healthcare spending,” Mr Heng said in his 2021 Budget speech. Mr Heng, who is also Deputy Prime Minister, previously announced that GST on publicly subsidised education and healthcare will continue to be fully absorbed. Lower- and middle-income households can also get support from the permanent GST Voucher scheme, which will be enhanced when the new GST rate takes effect. Singapore’s Budget 2022 will be unveiled by Finance Minister Lawrence Wong on Feb 18. Source: CNA/gs 1 1 Link to comment Share on other sites More sharing options...
The_King Posted December 31, 2021 Author Share Posted December 31, 2021 already say 2022 or after GE 2025 i am right hahahahahaha 1 Link to comment Share on other sites More sharing options...
unclefcuker Posted January 1, 2022 Share Posted January 1, 2022 Operation take back chicken starts nao! 1 Link to comment Share on other sites More sharing options...
Homelander Posted January 1, 2022 Share Posted January 1, 2022 Time to take back chicken farm liao 1 Link to comment Share on other sites More sharing options...
The_King Posted January 1, 2022 Author Share Posted January 1, 2022 (edited) Already say it in June 2021 And I managed to stockpile 25yr worth of spirits seal with para film 5yr worth of kopi 7kg worth ofraw unfiltered, traceable Honey (hardly use honey but it forever food, so should last me a lifetime) Next one to stock up is stuff for my bto flat before end of2022 from ecom Edited January 1, 2022 by The_King 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted January 2, 2022 Share Posted January 2, 2022 (edited) if giant is selling 30 cans of coca cola for sgd11.88 last cny and most likely this cny as well, u can know how bad the economy is liao. Edited January 2, 2022 by socrates469bc 1 Link to comment Share on other sites More sharing options...
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