GST up to 7%

[Lenscapes]

what to do.. got to finance those many peanuts ministers mah. :thumbsd:

 

[Cheesecake]

In another 3 and a half year time..:bsmilie:

:thumbsd: upset!!!!! beta buy my pc before tragedy strikes! :thumbsd:

 

[Silence Sky]

You knew it is coming and you voted for it, didn't you?


"You ask for it"
"Your wish granted"
"More is on the way":bsmilie::bsmilie:

 

[Silence Sky]

well said!

in a hypothetical country X, of population 4.49million and gdp usd28,600.
the garmen of country X recently increased the VAT by 2%.
assuming a small family of total income $2000 and they spend, say $1000 on food and necessities, it means $70 on VAT per month versus current $50 and therefore a a difference of $20x12=$240/- per year.

assuming 10% of the population is 'lower income' (hypothetically speaking). then it needs an extra budget of 4.49million x 10% x $240 = $107.76 mio.
assuming this is borned by the whole population, which is = $24 per capita per year.

GDP per capita is = $44,330
let's say all spend half the GDP per capita, =$22,165 (conservatively speaking. consumption per year), but some will spend more and some will spend less.
$24/$22,165 = 0.108%
if the population spend more of the gdp, then the percentage will be even lower.
yet gst is increased by 2%!! (nearly 20 times the needed budget).

can deduce that 'garmen X' may give $22,165 x 2% per year to offset the lower income group?
don't think so..

this is only simple math, an approximation that is simple enough for the common man to understand simple economics.
pls correct if there is a better way to understand the impact and the implications.

You forgot the most important component! “The Elites”
The bottom 10% are the easiest to satisfy. It is the top 10% that needs the most help from us.
Our top 10% is the poorest among their counterparts, because of no corruption.

How I wish they learn to corrupt. At least they do not need to rob the poor.

 

[night86mare]

=/ I see that Singapore is emo'ing on this issue already.. Pretty fast too!

Let me state that Singapore's taxes are one of the lowest in the world, and even after this change, it'd remain relatively low, when you compare it in the region. Not just GST hor. Combined and all that.

I have no idea why they're stating the reasons they state, but the raise is not unjustifiable, just with other reasons, imho. So, be fair, would all of ya? =/

 

[mattlock]

I love this line.

"Q14: Why don't we just cut government expenditure instead of raising GST?

A: Cutting back on $650 million worth of government expenditure so as not to increase the GST rate would mean a significant reduction in the many benefits and subsidies that Singaporeans now enjoy. It works out, for example, to one year's worth of HDB upgrading projects and public housing subsidies. A cut-back of this magnitude would adversely affect the quality of life of many Singaporeans."

 

[night86mare]

USA got give money to jobless people leh ! they got free food at certain places...

Btw, I would also like to point out that a welfare state idea has proven disastrous in many cases.. In Britain would be the strongest counter-example.. =D

It is definitely not desirable; if one frowns on the able-bodied beggar asking for money instead of working, then think what happens if the government "approves" of such people by granting welfare benefits for the jobless.

So far, personally I think their stand is desirable, ie. to help those who wish to help themselves. Definitely , there will be room for improvement, but no one is perfect. =/

 

[JoshSiao]

I think its to offset inflation rate.

 

[centuryegg]

Btw, I would also like to point out that a welfare state idea has proven disastrous in many cases.. In Britain would be the strongest counter-example.. =D

It is definitely not desirable; if one frowns on the able-bodied beggar asking for money instead of working, then think what happens if the government "approves" of such people by granting welfare benefits for the jobless.

So far, personally I think their stand is desirable, ie. to help those who wish to help themselves. Definitely , there will be room for improvement, but no one is perfect. =/

The govt is always ranting about the worries of creating a welfare state and how people will be lazy if you give them too much help. Unfortunately facts do show that many lower income are not getting the help they need. Retrenched staff over 40 not able to get employment. Pregnant mothers getting fired from companies so that companies do not have to pay maternity benefits. All are facts and sometimes it is hard to not wonder if the ones up there really know what the common folk are facing. Instead transport fees increase, gst increase and we have party supporters saying that govt is doing the right thing, we have elites that say that we cannot take the brutal truth and we should be grateful and get a job as a service staff. We have ministers asking us to take public transport but they themselves drive cars. It is a bit hard to understand how our leaders can understand what we are feeling and experiencing when their lifestyle is so much way among us mere mortals.... maybe we should just stop "whining" and obey. After all they know best yah?

 

[nightpiper]

http://www.channelnewsasia.com/stories/singaporelocalnews/view/241058/1/.html

Stressing that globalisation was here to stay, and Singaporeans would have to deal with its impact, Mr Lee said this was something that could strain the country's social compact, and this was why it was essential that there would be a whole set of measures to tilt playing field in favour of the lower income group.

Adding that the GST increase would help finance enhanced social safety nets to help this group, Mr Lee said it was better to raise the GST when the economy was doing well. - CNA /dt

thx for the source.

i dun know what has been done for the lower income group all these years to qualify for the "in favour". all i know is... whenever someone applies for aid (applies to everything from job seeking to health care to education), u fill up forms & wait months to get approval. ever wonder what happens during the waiting period? if u happen to be the "in betweener", nothing for u & u bite the bullet. its only in recent few yrs (i think 3 yrs ago) that the min wage for CPF contri was raised to $600. whatever happen to those people who earn $400 ~ 500 all these yrs before this change?

"Safety Nets" he said... oh man... rem during the period of 98 - 01? everyday the msg across the nation was "there's no such thing as safety nets (refers to the govt) & job security, everyone shud & must upgrade to improve one's employability". so what's this thing about safety net?

if u ask me about quitters & stayers, i'll say its better to be the quitters.. at least they r capable or well to do to leave & seek other pastures. :angry: :angry:

 

[nightpiper]

soon.... the price of chicken rice, drinks, bah chor mee, mee siam all up price..... time to work harder and harder.....

rem to ask for "mee siam mai hum" :bsmilie: :bsmilie: maybe can get discount.

 

[nightpiper]

but actually singapore's tax is lower than some other countries already if u look from another angle.

so, our govt aims to achieve world class status in tax & yet remain a welfare-free country? thats a difficult one to pull. how about more income tax raise? utilities' levy? definitely ERP too.

 

[nightpiper]

U give them an inch, they take a mile.

its more like... u dun give them an inch, they will simply squeeze a mile out of u.

 

[adamadam]

time to buy buy before the prices go up
The GST here is 10%, the good thing about it is that it's very easy to calculate 10% in your head

 

[nightpiper]

according to p a p, it is to prevent widening of the income gap. so..., erm....., you blaming the poor leh.;p

the way i see it, the gap can never be narrowed but will keep widening.

if u r the boss or the CEO or VP of a company, u surely want to cut cost. u want to hire cheap people & freshies, then restructure so that the higher pay old staffs get handshake & the existing staffs can "multi task" & do much much more. the basic pay drops & less increment & or no bonus. with such good performance, u get more money but the poor is struggling to make ends meet. how else do u think they can save money to invest? when money doesn't work harder, u work harder. :sweat:

the rat race juz gotten more difficult to get out. ;(

 

[nightpiper]

time to buy buy before the prices go up
The GST here is 10%, the good thing about it is that it's very easy to calculate 10% in your head

is everything affected by 10% including basic needs like food & education? i have a few friends who wanted to migrate to australia when they grow old.

 

[walla]

I like this generous package!!!


Q7: What are the items in the offset package?

A: The (GENEROUS) offset package includes the following:

(a) Economic Restructuring Shares for all adult Singaporeans;
(b) Rental rebates for HDB flats;
(c) Rebates for HDB Service and Conservancy Charges (S&CC);
(d) Additional subsidy to Town Councils to offset GST payable on S&CC;
(e) Additional Subsidy to cover all the GST payable on subsidised healthcare services in the restructured hospitals and polyclinics;
(f) Additional Subsidy for public education to cover all the GST payable;
(g) Increase in Public Assistance for the destitute;
(h) Increase in Singapore Allowance for pensioners; and
(i) Citizens’ Consultative Committee (CCC) Assistance Scheme to help households with monthly income less than $3,600.

 

[yanyewkay]

Thanks to the 66.6% "clever singaporeans". All thanks to u, now we got to pay 7%.

THANKS A LOT. I HOPE TO MEET any of the 66.6% and CONGRATULATE ur choice. THANKS A LOT.

HAVE U ALL WAKE UP UR FREAKING MIND????
WAKE UP UR IDEA 66.6% !!!

thinking.. it could have been 7% because of the 66.6% had the 33.7% won, they might have striked back with a 15% as a "this is what you get". chill man.. work hard while you're young. earn as much as you can, then migrate and retire in another country.. I'm finding less and less reasons to stay.

 

[yanyewkay]

Wonderful wonderful... Cab, MRT, Bus... And now GST!! Damn!!!
Sure come progressively, it's really PCN man... PUIIIIIIIiiiii So, what's next?

you got the progress package right? this is part of it mah.. progress package.

 

[staz]

" I'm not going to tax 15% on income tax, I'm not going to tax 25% from GST the way the Scandanavians do, but I have to make the adjustments of 2% which I think is fair and I think Singaporeans will support" quote from PM lee

i feel that if he has implemented it before the elections he could have felt the real impact whether singaporeans really do support or not.

The 7% GST will not affect the higher income holders ( that include the ministers ) as much as those from the lower income group. Although he cite 3 areas to help lower income groups, i dont think it's an effective way to redistribute income.

:thumbsd: