Singapore government aims to grow revenue without underminin
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Tuesday November 7, 8:17 AM
Singapore government aims to grow revenue without undermining growth
SINGAPORE: The government says it will explore ways to preserve and grow revenue without undermining economic growth.
The commitment came from the Finance Ministry, in its addendum to the President's address to Parliament last week.
Prime Minister Lee Hsien Loong, who is also the Finance Minister, says changing demographics and growing social needs are pushing up social expenditure.
But he emphasised that the key priority for the Finance Ministry will be to help Singaporeans stay together and move ahead.
Meanwhile, the Trade and Industry Ministry says it will continue to diversify Singapore's economy and enable new services to be brought in.
This will include enabling individuals to generate new economic activities.
The ministry also highlighted the government's efforts in continuing to invest in research and development as a driver for economic growth and as a foundation for long-term competitiveness.
The Monetary Authority of Singapore says it will continue with its efforts to develop Singapore as a leading financial centre in Asia. - CNA/so
They should have done this long way back!!!
They should have allowed more liquidity of cash flowing within our society instead of sucking the peasants dry!!! -
"Grow revenue without undermining economic growth".... ?
That is like growing plants without any nutrients... is this possible, or another gimmicky propaganda .... ?
It can be done if the "increase in revenue" is accomplished without increasing the "Tax Burden", which will surely retard if not kill the possibility of economic growth, as Singaporeans are already hardpressed in the take-home household earnings while the Treasuries of the various Government Ministries and Goverment Linked Companies are getting larger.
If the government takes on an enlightened path of reducing tax further - covering a whole list that include GST, COE, Property Development Charges, Stamp Duties, Property Taxes, HDB Resale Capital Gain Tax - perhaps the Singapore Economy may slowly return to life with renewed energy.
Returning the hard earned monies to Singaporeans by reducing all forms of direct and indirect taxes will mean more monies available to Singaporeans to manage their own resources, and perhaps spark a second tier of economic activities from small venture capitalists.
With an expanded economy, the Government may perhaps achieve revenue growth without undermining economic growth.
This was explained in CSJ's book published in 1994 -
"Your Future, My Faith, Our Freedom".
If only the self-acclaimed Elitists will humble themselves to listen to opinions from all Singaporeans, perhaps Singapore's economic performance could have been more stable; and not floundering along for the last TWENTY YEARS since the last 1987 crisis. -
That's correct!!!Originally posted by Atobe:
"Grow revenue without undermining economic growth".... ?
That is like growing plants without any nutrients... is this possible, or another gimmicky propaganda .... ?
It can be done if the "increase in revenue" is accomplished without increasing the "Tax Burden", which will surely retard if not kill the possibility of economic growth, as Singaporeans are already hardpressed in the take-home household earnings while the Treasuries of the various Government Ministries and Goverment Linked Companies are getting larger.
If the government takes on an enlightened path of reducing tax further - covering a whole list that include GST, COE, Property Development Charges, Stamp Duties, Property Taxes, HDB Resale Capital Gain Tax - perhaps the Singapore Economy may slowly return to life with renewed energy.
Returning the hard earned monies to Singaporeans by reducing all forms of direct and indirect taxes will mean more monies available to Singaporeans to manage their own resources, and perhaps spark a second tier of economic activities from small venture capitalists.
With an expanded economy, the Government may perhaps achieve revenue growth without undermining economic growth.
This was explained in CSJ's book published in 1994 -
"Your Future, My Faith, Our Freedom".
If only the self-acclaimed Elitists will humble themselves to listen to opinions from all Singaporeans, perhaps Singapore's economic performance could have been more stable; and not floundering along for the last TWENTY YEARS since the last 1987 crisis.
If I could recall.....two years ago or slightly more. The moment when the property market was swinging up slightly...then came the increase of development charge so......quickly.
The way that sg govt manages singapore.......they charge loads on land costs, rentals,utilities,communications, direct or indirect taxes, Authorities charges and etc....heck.. these are the contribution of high operating cost of businesses in sg.
On the other hand...they closed one eye on companies that were cheating on labourer quotas such as....ratios of employment; these companies are supposed to employ X numbers singaporeans versus employing Y numbers of foreigners...but many companies made up blank employment of housewifes, old men or old women so as to meet the quotas with monthly CPF contributions of about S$60.00; and that were for submission to MOM for approvals of application of foreigners workers.
Those less important industry...like cleaning works or maintenance works....it seemed that these bosses have had hard time in applying for foreign workers' permit.
Now...the current situation may seemed inevitable due to highly competitive market...
But as not to affect or rather continuing to increase collection of govt or tax revenue.....somehow, sg govt chosen to sarcrifice or at the expense of poor and lower income peasants.