GST to be raised to 7%
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no, in fact i hardly notice he died. like a ghost faded away into the background.Originally posted by anhydrouscoppersulphate:he din get state funeral right
abit out of point.. i was reading the interview and saw this. i didn't know about it either.I wouldn't be able to say that. Even in my last year as president, I was still not being informed about some ministerial procedures. For example, in April last year, the government said it would allow the sale of the Post Office Savings Bank POSB to DBS Bank. In the past, when there was no elected president, they could just proceed with this kind of thing. But when there is an elected president you cannot, because the POSB is a statutory board whose reserves are to be protected by the president. You cannot just announce this without informing him. But I came to know of it from the newspaper. That is not quite right. Not only that, but they were even going to submit a bill to parliament for this sale and to dissolve the POSB without first informing me.
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increase by 2%
the MRT case also jump by 2 stations
"lakeside then clementi"
what next? what "2"?
other then "2 lan" -
Making the goods expensive to help the poor buy the expensive goods
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An application of some 'Robin Hood' chivalry from Sherwood Forest? But first you need to spend ...
Maybe one can consider the significance of the 'safety net - 2% gst increase' this way ...
The average household expenditure is the key to understanding the 'social safety nets' from the 2% GST increase. The other component is demographics.
Its true that the 2% gst increase is going to affect every consumer (personal or industrial) at all levels ie low-spending, mid-spending or high-spending.
By the law of averages, peppered with a touch of randomness, the amount of total gst collected will go up probably quite linearly by at least 2%, maybe up to 20% if you consider to include cases of 'non-linearly' increases in some B2C or B2B2C industries.
If you just consider the 2% increase, what you can get is a very big pot of money. I do not know what the total yearly consumer spending of Singapore is. Say X dollars. I am guessing maybe $12 Billion (churned out like this: $500 per month, 2M (households), 12 months). 2% of that would be a cool $240M.
The eventual figure by way of the 2% GST increase would be much much more than $240M. I am guessing maybe $1B.
Now the trick is knowing how many households are categorised as under the safety net. Name a figure ... 10,000 households?. Offer $1k to them*, it will only knock $10M off the first figure of $240M, a percentage point of bout 4.2%. For $1B, it woud be 1%. You can extrapolate that for a larger net of needy households.
The remaining 95.8% of $240M or 99% of $1B ... goes into reserves, more investments, infrastructure, creating jobs, future thinking ...
One of the many applications of the Robin Hood economic models ... just an exercise for casual reading ...
* Households spending $500 monthly incurs a $10 more GST (2% increase); $120 a year. So a safety net package of $1k a year is 8.3 times more than what's put upfront in $120. -
If economy is good, can bring employer cpf contribution back to 20%? No need so fast, 1% annual increment will do fine.
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Actually if you come to think of it, the increase to 7% just assured the public transport fare hike to come for 2007. Remember NUS and NTU had to raise their tution fees coz they can't absorb anymore? So those enrolling next year, pray hard.
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Every yr no gd news, only bad news. Low morale.
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He gave his explanation on the price hike in the New Paper using reserve boosters and other stupid metaphors.
It sounded so "ooh, wow.. that sounded so cheem". But I still don't understand what the hell he is talking about. And I still don't see the logic in it.
doko -
Its no use comparing S'pore GST rate with other country rates because of a different government, taxation, living standard, welfare system..
Its obviously naive of LHL to mention other countrys' GST rate with singapore making S'pore's GST rate as somewhat low. Hes obviously thinking S'poreans do not travel nor there aren;t much oversea singaporeans to make comparison of the GST system of the country that they are living in and the one that is implemented in S;pore.
If the gahmen is really SINCERE about closing the gap between the low income and high income, then they should IMPLEMENT the increase only on the LUXURY GOODS since he mentioned that the wealthier are the ones who will be able to afford the increase in still spend more thus contributing more to the GST rather than the lower income who will have to struggle even more due to the INCREASE IN THE PRICE OF DAILY NECESSARY goods.
It doesn;t take a rocket scientist to figure this out, why can;t the gahmen figure this out instead of saying they need to collect 2% more on GST to help the lower income, 2% increase in the GST is equals to Billions, will they be a transparency to show how much has being given out to the poor?
The ST had a reader who wrote in to say that to maintain the 'FIRST CLASS' service and infrasture in S'pore, it seem right to increase the GST, like Australia to 10% ANN IT MIGHT EVEN BE SUCCESSFUL??!! Australia has high GST due to welfarism so does like countries in Japan and Korea, States with pension funds..etc
Here in S'pore.. 'welfarism' means donating your own money to help your needy neighbour instead of asking the government for a hand. Remember? S'pore is not a welfare country.. -
Well we have elected this government for their next, we have to work with the gov to make thing work... i mean in their favour....Originally posted by 4getmenot:Its no use comparing S'pore GST rate with other country rates because of a different government, taxation, living standard, welfare system..
Its obviously naive of LHL to mention other countrys' GST rate with singapore making S'pore's GST rate as somewhat low. Hes obviously thinking S'poreans do not travel nor there aren;t much oversea singaporeans to make comparison of the GST system of the country that they are living in and the one that is implemented in S;pore.
If the gahmen is really SINCERE about closing the gap between the low income and high income, then they should IMPLEMENT the increase only on the LUXURY GOODS since he mentioned that the wealthier are the ones who will be able to afford the increase in still spend more thus contributing more to the GST rather than the lower income who will have to struggle even more due to the INCREASE IN THE PRICE OF DAILY NECESSARY goods.
It doesn;t take a rocket scientist to figure this out, why can;t the gahmen figure this out instead of saying they need to collect 2% more on GST to help the lower income, 2% increase in the GST is equals to Billions, will they be a transparency to show how much has being given out to the poor?
The ST had a reader who wrote in to say that to maintain the 'FIRST CLASS' service and infrasture in S'pore, it seem right to increase the GST, like Australia to 10% ANN IT MIGHT EVEN BE SUCCESSFUL??!! Australia has high GST due to welfarism so does like countries in Japan and Korea, States with pension funds..etc
Here in S'pore.. 'welfarism' means donating your own money to help your needy neighbour instead of asking the government for a hand. Remember? S'pore is not a welfare country...... WTF.
10% GST will be an inevitable fact in the future, if they win another them after this. So we have to start acting now by "getting out of their uncaring elite face" or face more pain -
Well everytime they raise transport fares or GST or whatever things they can think of, they will tell you that they have thought up of brilliant schemes to help the poor offset the increase.
But every year, the ST will highlight the widening income gap between the rich and the poor.
Apparently their schemes to help the poor only exaberates the problem and widens the gap even further.
Go figure. -
Everyone have to "pay a price" for voting them. The goverment pay should be lower to help lower income people. When bus fare increased, they say the increased is affordable. GST, electric, medical increased always say affordable because they earn the most. To them they are very affordable, in their small bird eye view. I am so sad, pityful and grateful to the man who die in the MRT, if not for him, people still thought that the bill, cost of living will always be affordable by poor people, and thought the goverment is so eager helping the poor, whereby there is a lot barrier when poor people getting help from government. what reason is that to increase GST to help the poor. More like adding burden. More poor people will kill themselves.
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Not kill themself lah, broken family is enough as u see so many divorce case.Originally posted by sunnytv:what reason is that to increase GST to help the poor. More like adding burden. More poor people will kill themselves.
Meaning less baby and more FT coming. More side effect and social problem will created from poor and broken families. -
what 2% increase? It an increase of 40% in additional expenses you have to pay. eg.
if you spend $100 and you pay $5 for GST but with GST increase, you pay $7 instead
then 7-5 div 5 = 40%
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$7/- can feed a poor family already.Originally posted by LinYu:what 2% increase? It an increase of 40% in additional expenses you have to pay. eg.
if you spend $100 and you pay $5 for GST but with GST increase, you pay $7 instead
then 7-5 div 5 = 40% -
actually hor if they say increase GST i also not so tulan. But talking with a straight face that the GST increase to help the poor... can't he come up with a better story?
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first day u know garment arh?Originally posted by LinYu:actually hor if they say increase GST i also not so tulan. But talking with a straight face that the GST increase to help the poor... can't he come up with a better story? -
U c ah. Gahmen rarely listen to their people opinion. Mayb go in and go out. Eventually, among those high pay ministers will make a decision. Raise here , raise there. Becuz they know ppl in SG only whine and get over it. So they bochup and the story just goes on.
I tell u, can you imagine if SG is given a scenario like Taiwan who wanna bring their president down. Protest here and there. You always tell us dont take SG for granted, safe place, no calamity... blah blah blah... BUT the Gahmen is taking fellow Singaporeans for granted.
As the chinese saying goes, Lao Hu Bu Fa Wei, Ni Ba Ta Dang Chen Bing Mao Kan. ( If a tiger never show the powerful side, you take it as a sick cat.).. agar agar you know the meaning la. -
They can get away with it because there are Singaporeans who are actually stoopid enough to accept it.Originally posted by LinYu:actually hor if they say increase GST i also not so tulan. But talking with a straight face that the GST increase to help the poor... can't he come up with a better story? -
GST raised to 7% is ok for some but the problem is
cost of living is very high here but the PAY IS LOW
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"This is inevitable over the next 5 to 10 years. Infrastructure investments will cost money - R&D is to cost $5b over the next 5 years; as medical technology improves, people age and more will go to hospitals to get more treatment, so spending is bound to go up. As we tilt the playing field across the board, the lower income will be getting another boost, not just once in a while. Therefore its better to start building resources now so that when we spend more, we have the means to do so," said Mr Lee.Originally posted by NUS_Superst@r:PM like never say why must increase to 7%?
To finance this, indirect taxes or the Goods & Services Tax will have to go up.
http://www.channelnewsasia.com/stories/singaporelocalnews/view/241058/1/.html -
Originally posted by Ito_^:
cham liao..your family now kena black mark by the evil government
mi proud to say mi whole family neber vote pap!
so [b]i can complain![/b] -
The government should really focus hard on internet business, since we already have all the infrastructure created many years ago. Why is it that such a high tech country doesn't have a decent global internet company baffles me.
Google's market capitalization now stands at US$117. Our country's reserve is even lower than that! And that's around 10000 Google employees earning that amount.
I cannot understand why the success stories of oversea internet companies don't excite the government. They must know something we don't if they are not interested, surely. -
Average monthly spending for a family
of Two adults and two children
at present in sg is approx S$ 2500
all your spending tie up with GST
so every family going to pay 7% GST of S$175 pmonth
and for a year GST to sg govt is S$2100 from a family
so approx 3 million family pay GST of S$6,300,000,000 per year
so this money going to use for to close gap
Really our Govt is the ppl care govt -
i agreed what u mentioned below and i did not hear any actual reason why the GST is needed to be up to 7%...
the only thing can do so far, i think it is to increase the income tax rate for the higest pay people in SG, not only that 20%, too low compared to most of the countries...Originally posted by gorby107:The government must well ask the rich one to contribute and distribute to the poor than raising the GST which does not greatly benefit anyone out there.
This mean that we need to work extra hard for the money in order to purchase a product.
Why let the middle-class and poor to suffer?
Another thing to bring up is our education policy Something went very wrong with it. If this continue on, our future will be in threat.