The Man Says....
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Corporate tax to go down by at least 1%: MM Lee
By Valarie Tan, Channel NewsAsia | Posted: 21 January 2007 0026 hrs
Corporate tax to go down by at least 1%: MM Lee
HO CHI MINH CITY, Vietnam : Minister Mentor Lee Kuan Yew says Singapore's corporate tax is to go down by at least one percentage point to attract more investors to Singapore.
He did not specify when this will take place but said that this will make Singapore more competitive in the long run.
Mr Lee was speaking to reporters in Ho Chi Minh City on the last day of his official trip to Vietnam.
MM Lee, who had visited the Vietnam-Singapore Industrial Park, said investors are not in Singapore simply because they like the country. ItÂ’s because Singapore offers them better returns than other places in the region.
And Singapore, he stressed has to remain attractive to investors.
One way is to bring down its corporate tax which now at 20%.
Said Mr Lee: "Hong Kong's income tax is 17%. In Ireland, its 14-15%. So we're going to bring it down (by) at least by 1 percentage point, and that's going to cost us four to five hundred million dollars. Then we're going to top the lower income to make sure they do not stagnate. And the GST has to go up for the next 5 years. We have to do this either now, or next year or the year after. So let's do it now."
And Mr Lee added that the proposed GST increase is in line with where Singapore's economy is heading next.
That is why it is necessary, even though Singaporeans will complain about the move.
"Popular government does not mean you have to be popular when you govern. All it means is at the end of your term, you've done all the unpopular things that were necessary to get you where you have to go and you get there. You're successful and everybody's better off. That's how we govern," said the Minister Mentor.
"If you govern by the polls, just keeping them happy for the next day, you'll be in trouble (because) we'll never make any progress."
The government has promised there will be an offset package to help the needy cope with the proposed two percentage point hike in the GST.
And Mr Lee said Singapore is not alone when it comes to a widening income gap caused by globalisation. But he expects things to equalise in the next 10 years, depending on how fast lesser developed countries can catch up and be on par in skills with Singaporeans.
By then, a new steady state will be struck between the higher and lower income groups. - CNA /ls -
Originally posted by ShutterBug:
and the other man tells you that GST increase was thought up after the elections
Corporate tax to go down by at least 1%: MM Lee
By Valarie Tan, Channel NewsAsia | Posted: 21 January 2007 0026 hrs
Corporate tax to go down by at least 1%: MM Lee
HO CHI MINH CITY, Vietnam : Minister Mentor Lee Kuan Yew says Singapore's corporate tax is to go down by at least [b]one percentage point to attract more investors to Singapore.
He did not specify when this will take place but said that this will make Singapore more competitive in the long run.
Mr Lee was speaking to reporters in Ho Chi Minh City on the last day of his official trip to Vietnam.
MM Lee, who had visited the Vietnam-Singapore Industrial Park, said investors are not in Singapore simply because they like the country. ItÂ’s because Singapore offers them better returns than other places in the region.
And Singapore, he stressed has to remain attractive to investors.
One way is to bring down its corporate tax which now at 20%.
Said Mr Lee: "Hong Kong's income tax is 17%. In Ireland, its 14-15%. So we're going to bring it down (by) at least by 1 percentage point, and that's going to cost us four to five hundred million dollars. Then we're going to top the lower income to make sure they do not stagnate. And the GST has to go up for the next 5 years. We have to do this either now, or next year or the year after. So let's do it now."
And Mr Lee added that the proposed GST increase is in line with where Singapore's economy is heading next.
That is why it is necessary, even though Singaporeans will complain about the move.
"Popular government does not mean you have to be popular when you govern. All it means is at the end of your term, you've done all the unpopular things that were necessary to get you where you have to go and you get there. You're successful and everybody's better off. That's how we govern," said the Minister Mentor.
"If you govern by the polls, just keeping them happy for the next day, you'll be in trouble (because) we'll never make any progress."
The government has promised there will be an offset package to help the needy cope with the proposed two percentage point hike in the GST.
And Mr Lee said Singapore is not alone when it comes to a widening income gap caused by globalisation. But he expects things to equalise in the next 10 years, depending on how fast lesser developed countries can catch up and be on par in skills with Singaporeans.
By then, a new steady state will be struck between the higher and lower income groups. - CNA /ls
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What makes me wonder, is his/their expression of PROGRESS.Originally posted by LinYu:and the other man tells you that GST increase was thought up after the elections
Do they mean progress for themselves only, or progress for the people of SG?
How can you mean progress when there are now more people needing financial help, progressively increasing costs in everything, and now GST up by 2%?
What kind, or rather, WHOSE "pgrogress" does HE mean?
Because I seriously doubt it is ours! -
whatever they implement hardly benefits the poor.
always about the economy, the elites and the rich!!! -
and the other man tells you that GST increase was thought up after the elections
who is a right frame of mind would believe that SH*T. they are the ones who always told us govt plan 5-10 years ahead.
when come to GST they only after election?
maybe most singaporean would like to be treated like baby(born yesterday) so they won the election. -
Originally posted by ShutterBug:
He forgot to mention that while Hong Kong has low corporate tax rates, they don't have GST (VAT), while Ireland las low corporate tax rates, they have exemptions of GST (VAT) on necessities like food, medicine, drinks, etc.
Corporate tax to go down by at least 1%: MM Lee
By Valarie Tan, Channel NewsAsia | Posted: 21 January 2007 0026 hrs
Corporate tax to go down by at least 1%: MM Lee
HO CHI MINH CITY, Vietnam : Minister Mentor Lee Kuan Yew says Singapore's corporate tax is to go down by at least [b]one percentage point to attract more investors to Singapore.
He did not specify when this will take place but said that this will make Singapore more competitive in the long run.
Mr Lee was speaking to reporters in Ho Chi Minh City on the last day of his official trip to Vietnam.
MM Lee, who had visited the Vietnam-Singapore Industrial Park, said investors are not in Singapore simply because they like the country. ItÂ’s because Singapore offers them better returns than other places in the region.
And Singapore, he stressed has to remain attractive to investors.
One way is to bring down its corporate tax which now at 20%.
Said Mr Lee: "Hong Kong's income tax is 17%. In Ireland, its 14-15%. So we're going to bring it down (by) at least by 1 percentage point, and that's going to cost us four to five hundred million dollars. Then we're going to top the lower income to make sure they do not stagnate. And the GST has to go up for the next 5 years. We have to do this either now, or next year or the year after. So let's do it now."
And Mr Lee added that the proposed GST increase is in line with where Singapore's economy is heading next.
That is why it is necessary, even though Singaporeans will complain about the move.
"Popular government does not mean you have to be popular when you govern. All it means is at the end of your term, you've done all the unpopular things that were necessary to get you where you have to go and you get there. You're successful and everybody's better off. That's how we govern," said the Minister Mentor.
"If you govern by the polls, just keeping them happy for the next day, you'll be in trouble (because) we'll never make any progress."
The government has promised there will be an offset package to help the needy cope with the proposed two percentage point hike in the GST.
And Mr Lee said Singapore is not alone when it comes to a widening income gap caused by globalisation. But he expects things to equalise in the next 10 years, depending on how fast lesser developed countries can catch up and be on par in skills with Singaporeans.
By then, a new steady state will be struck between the higher and lower income groups. - CNA /ls
[/b]
http://www.finfacts.ie/fincentre/tax2002A.htm#vat
Countries like Hong Kong and Ireland can have a low corporate tax rates because they have less useless people sitting in parliament; if you can't increase your revenue from taxes, you should think about reducing your fixed cost like MPs. Singapore has a citizen to MP ratio of 50,000 : 1, while places like Hong Kong has a citizen to MP ration of 100,000:1.
Too many cooks spoil the broth!
They should think about reducing their own cost structure, having 84 MPs when 50 MPs would have been sufficient. Moreover these 84 MPs are holding chairmanships and directorships in government linked corporations, getting payouts from director fees. Conflicts of interest. -
Well said!!!!Originally posted by maurizio13:He forgot to mention that while Hong Kong has low corporate tax rates, they don't have GST (VAT), while Ireland las low corporate tax rates, they have exemptions of GST (VAT) on necessities like food, medicine, drinks, etc.
http://www.finfacts.ie/fincentre/tax2002A.htm#vat
Countries like Hong Kong and Ireland can have a low corporate tax rates because they have less useless people sitting in parliament; if you can't increase your revenue from taxes, you should think about reducing your fixed cost like MPs. Singapore has a citizen to MP ratio of 50,000 : 1, while places like Hong Kong has a citizen to MP ration of 100,000:1.
Too many cooks spoil the broth!
They should think about reducing their own cost structure, having 84 MPs when 50 MPs would have been sufficient. Moreover these 84 MPs are holding chairmanships and directorships in government linked corporations, getting payouts from director fees. Conflicts of interest.
SG only knows only how to rob the poors and to become richer themselves!!!
Do we know how many MPs r sitting on the Directorship of public listed companies in Spore??
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Exactly my sentiments; HE always thinks that the problem is with the people of Singapore, never thinking that the internal rot came from all his policies.Originally posted by maurizio13:He forgot to mention that while Hong Kong has low corporate tax rates, they don't have GST (VAT), while Ireland las low corporate tax rates, they have exemptions of GST (VAT) on necessities like food, medicine, drinks, etc.
http://www.finfacts.ie/fincentre/tax2002A.htm#vat
Countries like Hong Kong and Ireland can have a low corporate tax rates because they have less useless people sitting in parliament; if you can't increase your revenue from taxes, you should think about reducing your fixed cost like MPs. Singapore has a citizen to MP ratio of 50,000 : 1, while places like Hong Kong has a citizen to MP ration of 100,000:1.
Too many cooks spoil the broth!
They should think about reducing their own cost structure, having 84 MPs when 50 MPs would have been sufficient. Moreover these 84 MPs are holding chairmanships and directorships in government linked corporations, getting payouts from director fees. Conflicts of interest.
In nature, huge old trees has no one to fell - and are mostly struck down by lightning so that sunlight may shine again for other trees under its shadow... -
no true.Originally posted by ShutterBug:Exactly my sentiments; HE always thinks that the problem is with the people of Singapore, never thinking that the internal rot came from all his policies.
In nature, huge old trees has no one to fell - and are mostly struck down by lightning so that sunlight may shine again for other trees under its shadow...
he knows it but he just didnt care.
their policy is always to take the easiest solution. -
ABSOLUTELY CORRECT!!Originally posted by dragg:no true.
he knows it but he just didnt care.
their policy is always to take the easiest solution. -
Before Hitler killed himself, he said that it was the weakness and cowardice of the Germans that led to Germany's defeat. if only they had lived up to his expectations and acted like true Aryans....Originally posted by ShutterBug:Exactly my sentiments; HE always thinks that the problem is with the people of Singapore, never thinking that the internal rot came from all his policies.
In nature, huge old trees has no one to fell - and are mostly struck down by lightning so that sunlight may shine again for other trees under its shadow... -
their refusal to face up to their mistake is amazing.Originally posted by ShutterBug:ABSOLUTELY CORRECT!! -
Knn.......
Pm said increase GST is to help the poors.......
After that, Senile Minister G added so many more things like have to spend on R&D, this lah..that lah.....
Now, this old man...is bringing down corporate income tax.....
Knn.....all these were done to benefit the rich with immediate effect......
Poors and average Singaporeans are going to be dome with the governing by PAP!!!
Just look at Taiwan alone.....I really admired their people there...true democracy will always bring true value for its people.
Knn.....increase GST and cut corporate tax. Obviously..is to recover loss from corporate tax revenue collection.
By cutting corporate tax...it will untimately channel more $$$ into the chairmen, directors, elites and major shares holder's pocket and those bosses of tomasick and GLC!!!
We hardly getting any increment for working in private sectors after 1997 financial crisis!!! salaries had gone down too!!!
NOT IN SINGAPORE!!!
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If you go into the CNA forums page, you will find a lot of people expressing disgust at the explanations for the rise in GST.
They really think their intelligence has been insulted.
And no, these aren't your typical "let's bash the government for the sake of bashing them" Singaporeans.
I kid you not. -
What's address of the website? tksOriginally posted by charlize:If you go into the CNA forums page, you will find a lot of people expressing disgust at the explanations for the rise in GST.
They really think their intelligence has been insulted.
And no, these aren't your typical "let's bash the government for the sake of bashing them" Singaporeans.
I kid you not. -
He is lowering our corporate tax of 20% by 1% to compete with HK which is 17.5%.
Since he wants to compare with HK, we should use HK to slap his face.
How come HK can afford a much lower corporate tax without implementing GST? While lowering 1% of corporate tax we need to increase 2% of GST. If we need to match HK corporate tax does that means GST will be increase to 10% very soon?
If the people who runs Hong Kong can do better without the need of GST, something is wrong with our leaders?
If they are only paid 1/4 of what we are paying our minister, are our minister over paid?
If their pay is only 1/4 and there are no corruption, does the logic of high salary = prevent corruption still justified?
Knnccb... -
http://www.channelnewsasia.com/discussion/forum.htmOriginally posted by Lowclassman:What's address of the website? tks
Go to the section "In the News".
There's a thread on the GST increase. -
Oh, yeah.
The strategy for helping the poor: increase regressive consumption taxes, reduce corporate taxes.
Someone please help me explain how all this works. My A Level Econs can't seem to do so.
And no, I do not accept empty rhetoric and personal attacks. I only accept explanations based on proper and accepted economic theory backed up with hard and verifiable facts. -
Government says can means can lor.Originally posted by fudgester:Oh, yeah.
The strategy for helping the poor: increase regressive consumption taxes, reduce corporate taxes.
Someone please help me explain how all this works. My A Level Econs can't seem to do so.
And no, I do not accept empty rhetoric and personal attacks. I only accept explanations based on proper and accepted economic theory backed up with hard and verifiable facts.
You mean you don't trust the people who have governed Singapore for the past 40 odd years? -
GST in Hong Kong and Singapore and why we need to empower ourselves
23 Jan 07
There are many Singaporeans who cannot see the importance of people power as it relates to their everyday lives.
For them, political rights such as freedom of speech and freedom of peaceful assembly are idealistic notions that have nothing to do with bread-and-butter issues that affect their everyday lives.
Nothing could be further from the truth.
Take the recent announcement of the hike in the GST. Despite the people's unease over such an increase, does anyone doubt that the PAP will again get its way, however negatively its policies impact on society and our economy?
There is hardly any scrutiny and zero public debate on the matter. Meanwhile the widening income disparity looks set to grow even bigger with the 7 percent GST hike. And like a joke coming out of a bad comic strip, the prime minister tells us that the increase will help the poor.
Contrast this with Hong Kong. When the SAR Government put forth the idea of introducing a GST, there was much debate in the Legislative Council as well as among the wider public through the free media.
Seeing how such a tax would hurt the competitiveness of Hong Kong as well as the poorer segments of society, opposition and civic groups conducted marches and protests to convey Hong Kongers' unhappiness over the introduction of the tax (see photographs).
It wasn't long before the administration got the message and shelved the idea of a GST.
That's active citizenry at work. That's how citizens make governments listen. That's how democratic rights help to protect our economic welfare, the issues that affect our everyday lives.
Without these fundamental rights to freely speak and congregate, how are we going to rectify the current imbalance that we now have where whenever the PAP says jump, everyone asks how high?
There are also many who see that protests are a political, albeit necessary, evil that must be conducted only as a last resort, lest society breaks down into violence and anarchy.
Alas, the PAP has managed to sear into our minds that public protests are dangerously subversive weapons that if unbanned will lead to the disintegration of society as we know it.
If truth be told, mass public activities such as protests help bond citizens together as well as to the State. A political culture that makes the people feel at ease in expressing themselves publicly, even vociferously, but peacefully, is one that will ultimately signal greater stability and continuity.
Again, Hong Kong provides us some valuable lessons. In the myriads of protests that have taken place in the territory, and there have been some massive ones, Hong Kongers have demonstrated how mass public action can be conducted with civility and dignity while at the same time send clear messages to the authorities how they want their city to be run.
Does the city look like its on the verge of anarchy?
The sad truth is that we in Singapore have lost our ability to hold our government accountable and to make sure it serves our interests rather than its own and those of the ruling elite.
But all is not lost. We can rebuild and we can regain our voice. To do this, we need to come together to discover how we can empower ourselves. And what better way to start than with the Empower Singapore Seminar Series.
If you haven't already registered yourself for the seminar this Sunday, 28 Jan 07, do it now and learn for yourself how we can all become active citizens in our own country.
So the next time you hear someone say that democracy and rights have nothing to do with bread-and-butter issues, tell him of the impending increase in the GST and ask him what he intends to do about it.
Then mention what his Hong Kong counterpart has done about it.