7% GST - ouch

[kaki11]

Interesting policy move - but we don't comment on politics.
Have and have nots - Wealth redistribution - Regressive tax - Eeasy to collect - Economy doing well

[ah beng]

Yikes ! FTs preeze tell me its worse in your homeland !

[plus ca change...]

OK, it was predictable. What made me puke on CNA was the glee that horrible Cheryl Fox & May Wong put on when announcing this incredible positive step.  How stupid do they really think people are?

[political analyst]

You have to look at the whole package, man !!!

Why not simply tax the higher incomes if you want to help the poor ?

I agree with the overall objectives, but PALHEASE, just say as it is...

He starts to sound as our ministers back home....

[Milton Friedman]

From where did said defender of this policy get his economics degree? At a degree mill?

Higher sales taxes and the development of the casino industry... that is pretty darn progressive...

NOV. 13 7:31 A.M. ET Singapore's goods and services tax will be increased by 2 percentage points 7 percent to finance social programs and help people with low incomes, local media cited the prime minister as saying Monday.

Lee Hsien Loong told Parliament that the GST will be raised from 5 percent to 7 percent, Channel NewsAsia reported.

The details of the tax changes will be announced in the budget in February.

[.....sigh]

wrong at so many levels i don't know where to start

[haha so funny]

So the Singapore government has one of the highest reserves in the world and they're taxing the citizens more to pay for social programmes? Didn't LKY say Singapore is not a welfare state? Since when has this changed? And why is this change in direction shoved down the citizens' throat- again?

[Pension]

The population is growing older.  It's a common issue all around the world.  It makes sense to have some provision for those who can't look after themselves later on in life.

Seriously, the low level of taxation here is a major reason for many of us to stay.  I don't mind paying an extra 2% GST if it's going to help the elderly.

['merican]

For Americans, low taxes here means nothing as we pay here and at home, so this 2%, coupled with George Bush's current year tax increment hurts.

[Pension]

Well that's really an American issue, not a Singaporean one.

[GST]

GST adds to the expenses of the poor too - they are going to have to find another 2 percent on all their spending too.  

[Aliya]

Exactly.  So not sure where this is going to assist.  Also I see that corporate tax is to come down?  So the rest of us middle tax payers get stuck with it all.

[um]

I think the additional 2% will hurt the poor more than the rich. If they are really sincere about helping the poor then by all means increase the GST but do not levy it on foodstuffs (exclude restaurants) and medicare

[humptyhump]

 

quote:It makes sense to have some provision for those who can't look after themselves later on in life.

You mean like open new food courts for them to work in to support themselves?

[Chancellor]

Is GST same as VAT?

If I recall when VAT was introduced in UK the politicians said it was a "tax on luxuries" therefore targetted at the well-off which made everyone want it.

However in UK the tax soon spread to cover essentials such as children's clothes, books etc. Now noone wants it.