Do You All Dig This?
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Govt earned $990m extra from GST hike
Lynn Lee
Tue, Jan 22, 2008
The Straits Times
THE Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services tax.
The bulk, $540 million, came from local consumer spending, while the remainder was from foreigners.
A large portion of the collection went back to Singaporeans.
They received a total of $630 million in cash, to offset the GST increase to 7 per cent in July 2007.
With other measures like utility rebates, to help people adjust to paying more GST, the Government will spend $1.17 billion by the end of fiscal year 2007 on Mar 31 this year.
Read the full story in Wednesday's edition of The Straits Times. -
99% of all statistics are lies, except this one.
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This is bizarre news
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I always thought GST penalized the people who can't claim the rebates.
It seems to me to be like a tax on the poor to make up for income lost by the Government through lower income tax rates for poor people.
Edited: I'm not saying that it is. It's just my impression, feel free to correct me. -
this is because they hightlighted the amount collected is less than the amount given out. so they can publishOriginally posted by googoomuck:This is bizarre news
if the amount collected is more, you think they will publish??? -
I dig it sucka!
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Take it with a pitcher of salt la........
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Originally posted by HyperFocal:
Note that they collected $540 million from locals, in a matter of less than 1/2 a year
Govt earned $990m extra from GST hike
Lynn Lee
Tue, Jan 22, 2008
The Straits Times
THE Government earned an extra $990 million last year from the two-percentage point hike in Goods and Services tax.
The bulk, $540 million, came from local consumer spending, while the remainder was from foreigners.
A large portion of the collection went back to Singaporeans.
They received a total of $630 million in cash, to offset the GST increase to 7 per cent in July 2007.
With other measures like utility rebates, to help people adjust to paying more GST, the Government will spend $1.17 billion by the end of fiscal year 2007 on Mar 31 this year.
Read the full story in Wednesday's edition of The Straits Times.
& they gave $630million to offset, a one off amount.
Think what this means for long term
10 years: $540 x 20 - 630 = 10 800 - 630 = $101 700 million (from locals)
Give some insignificant sweets, so that they can collect real 'peanuts' long term.
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so you've even managed to find a way to blame the gov for returning MORE than what it took from citizens.
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you must be lacking sleep, he highlighted how much less the money was returned...Originally posted by deathbait:so you've even managed to find a way to blame the gov for returning MORE than what it took from citizens. -
Originally posted by kaoya:
the next election is not 10yrs away lar.. it won't tak that long to see another increase in the GST..
Note that they collected $540 million from locals, in a matter of [b]less than 1/2 a year
& they gave $630million to offset, a one off amount.
Think what this means for long term
10 years: $540 x 20 - 630 = 10 800 - 630 = $101 700 million (from locals)
Give some insignificant sweets, so that they can collect real 'peanuts' long term. [/b]
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Increasing GST is to help the poor.
How many times must this be repeated?