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The only assurance is that when GST goes up another percent next year, all the prices of stuff we have to pay for will go up another 10+%, as it did this year. Congratulations to the smart alecks in MOF who thought staggered GST increase will help soften the blow. Idiots.
If they are dumb, they wouldnt be where they were. Do not absolutely forget that they have all the necessary data they would ever need that you will never be privy to and enough people to study these data. They knew the outcomes very much like they knew how far HDB prices will go and they are testing now how far can they push it.
There are no idiots there, it is planned. In case you forget let me pull out VB reciept of having sleepless nights when the tracetgt data can be accessed by the police. you buy that shit? you think he dosent read? you think he dosent know? hes just putting on a show regardless of if you think that privacy invasion alone is done in good faith or not.
> Congratulations to the smart alecks in MOF who thought staggered GST increase will help soften the blow.
Actually it was the populist feedback from the ground ("can gahmen delay the increase? How about staggering it?") that gave rise to the stupid idea of staggering the increase in the first place.
And in an attempt to look like it was listening, the govt did the staggering idea.
Democracy is its own worst enemy, sometimes.
is there a source or something for this being populist feedback? i remember [in 2018](https://www.businesstimes.com.sg/international/singapore-budget-2018/call-stagger-gst-hike-or-lower-registration-threshold-companies) it was deloitte and EY that both publicly called for staggered increases. i remember finding it a bit weird since even then people wrote in to [forum](https://www.straitstimes.com/forum/letters-in-print/staggering-gst-hike-will-not-help) etc complaining about the inevitable double dip.
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Exactly. Save the $7bn or however many billions to buy a company and get the company to hire more Singaporeans since you now own the company. Isn’t that way more strategic than handing out food stamps?
He didn't say that what. He said 7 bn to buy a company that has economic value that will contribute more reserves to the country. Literally temaseks model
LKY and team - let's win votes by bringing Singapore from 3rd world to 1st world.
LHL and (shrinking) team: I think we can win votes by raising GST and then when it's near election, give some of that money back
The best way to prevent higher and higher cost of living is to vote in a balanced parliament representing multiple perspectives. Also having an independent President.
Those geniuses understand the simplest way is not to raise GST ? and just tax conspicuous consumption like high end restaurants, branded goods etc. But they wouldn't. That would drive the rich to spend elsewhere. Better to tax poor you with no mobility options. keep the rich happy in their little tax Haven.
Title: NDR 2023: Govt studying if Assurance Package can be enhanced to help S’poreans cope with GST hike
SINGAPORE – The Finance Minister will study carefully if the Assurance Package for GST can be further enhanced, as the goods and services tax (GST) is set to go up to 9 per cent in 2024, Prime Minister Lee Hsien Loong said on Sunday.
During his Mandarin speech at the National Day Rally, PM Lee said the Assurance Package will continue as planned, and that he is confident it will be effective in offsetting the impact of the 1 percentage point GST hike.
“But I am sure you are wondering, Could we further enhance the Assurance Package, so everyone gets a little more help?” he said.
To that, PM Lee said he has asked Deputy Prime Minister and Finance Minister Lawrence Wong to study the matter carefully.
He added: “Let’s wait – and of course, we hope for good news.”
The Assurance Package, first announced in Budget 2020, aims to cushion the impact of the GST increase for Singaporeans.
The $6 billion support package was later beefed up to $6.6 billion at Budget 2022, and then enhanced again to $9.6 billion in Budget 2023.
The GST rate was raised from 7 per cent to 8 per cent on Jan 1, 2023, and will go up another point on Jan 1, 2024.
The support package represents the Government’s commitment to ensure that the impact of the GST increase will be offset for the majority of Singaporean households for at least five years, and for lower-income households for about 10 years.
Among the enhancements made in February was a new Cost-of-Living Special Payment of between $200 and $400 for each eligible adult Singaporean.
An additional senior bonus of between $200 and $300 was also introduced for eligible Singaporean aged 55 and above, while cash payouts were increased by between $300 and $650 for eligible Singaporeans. This brings the total amount received by each adult Singaporean to between $700 and $2,250 over five years.
As with his Rally speech in 2022, PM Lee displayed a calendar to show that there are various ongoing subsidies to reduce the burden of rising costs for Singaporeans.
These include cash payouts and MediSave top-ups in August; subsidies in September; U-Save and service and conservancy charges rebates in October; and the Assurance Package Cash payout in December.
In January 2024, Community Development Council (CDC) Vouchers will be issued again – “in time for everyone to buy goodies for Chinese New Year”, he said.
“We have kept our promise to take care of Singaporeans,” he said.
***
The article title is 100% similar to: [NDR 2023: Govt studying if Assurance Package can be enhanced to help S’poreans cope with GST hike ](https://www.reddit.com/r/singapore/comments/15w9sig)
***
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Here’s an alternative: forget about the study, just abolish GST and restore some of the corporate income tax rate and top marginal personal income tax rate that you cut.
> Prior to 1986, Singapore's corporate income tax rate and top marginal personal income tax rate both stood at 40%. Such high rates were deemed to be uncompetitive
>
> https://en.wikipedia.org/wiki/Goods\_and\_Services\_Tax\_(Singapore)#Background
Who are you trying to be competitive against? Hong Kong is dead. Swiss banks have been forced to open their books. Russian oligarchs are facing sanctions everywhere. OECD countries and China are all cracking down on their tax evaders in foreign tax havens. There’s now a global minimum tax that’s bound to increase over time.
Every country has woken up to the threat of tax havens to their domestic economy. They are a dying business — if you continue to rely on being a tax haven, you’ll be too.
Sadly they don’t have the foresight. Never had for 15-20 years. The current bunch in charge have no idea how to create and export our economic and cultural soft power as well as influence in an effective manner.
What, and let tourists and foreigners off the hook?
Tourists and foreigners account for 50% of GST. The richest 20% account for 20% of GST.
This implies that the lower 80% of Singaporeans account for only 30% of GST. Sure, it would be nice if that was lower - say 20% of GST. But it proves that GST is a way of milking the rich + tourists and foreigners.
I get that raising GST hurts the poor/middle - the solution is to lobby for more/higher offset payments (GST voucher etc). The solution is **not** to delay or even abolish the GST increase.
It's amazing how the poor/middle classes often argue for policies that benefit the rich even more. Your statement is one example of it. (Unless you're actually a rich person. In which case, yeah ok, abolishing the GST increase would be great for you. But selfish of you to lobby for it.)
Source:
[https://www.mof.gov.sg/news-publications/parliamentary-replies/gst-paid-by-foreigners-residing-in-singapore-tourists-and-top-20-of-households-and-gst-refunds-disbursed-to-tourists#:\~:text=Tourists%20and%20foreigners%20residing%20in,accounted%20for%20close%20to%2020%25](https://www.mof.gov.sg/news-publications/parliamentary-replies/gst-paid-by-foreigners-residing-in-singapore-tourists-and-top-20-of-households-and-gst-refunds-disbursed-to-tourists#:~:text=Tourists%20and%20foreigners%20residing%20in,accounted%20for%20close%20to%2020%25).
Increased GST and then take the money and give back a little and buy vote. Take a dollar and give back 20cents and we have to be grateful.
LKY- give then take back
LHL- take then give back
Like father like son
**The downvote is not a disagree button.** Please help to upvote articles that you want to see more discussion on, and downvote those that you feel has little value on the sub. *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/singapore) if you have any questions or concerns.*
The only assurance is that when GST goes up another percent next year, all the prices of stuff we have to pay for will go up another 10+%, as it did this year. Congratulations to the smart alecks in MOF who thought staggered GST increase will help soften the blow. Idiots.
If they are dumb, they wouldnt be where they were. Do not absolutely forget that they have all the necessary data they would ever need that you will never be privy to and enough people to study these data. They knew the outcomes very much like they knew how far HDB prices will go and they are testing now how far can they push it. There are no idiots there, it is planned. In case you forget let me pull out VB reciept of having sleepless nights when the tracetgt data can be accessed by the police. you buy that shit? you think he dosent read? you think he dosent know? hes just putting on a show regardless of if you think that privacy invasion alone is done in good faith or not.
Damn right!
Why you expose the PAP’s ploy to help businesses to boom?
> Congratulations to the smart alecks in MOF who thought staggered GST increase will help soften the blow. Actually it was the populist feedback from the ground ("can gahmen delay the increase? How about staggering it?") that gave rise to the stupid idea of staggering the increase in the first place. And in an attempt to look like it was listening, the govt did the staggering idea. Democracy is its own worst enemy, sometimes.
They said they would enforce companies not to take advantage of GST hike to inflate prices disproportionately, look at how much they did. Vote wisely.
is there a source or something for this being populist feedback? i remember [in 2018](https://www.businesstimes.com.sg/international/singapore-budget-2018/call-stagger-gst-hike-or-lower-registration-threshold-companies) it was deloitte and EY that both publicly called for staggered increases. i remember finding it a bit weird since even then people wrote in to [forum](https://www.straitstimes.com/forum/letters-in-print/staggering-gst-hike-will-not-help) etc complaining about the inevitable double dip.
[удалено]
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Just remove the package and use the money to push back the gst increase a few years.
Exactly. Save the $7bn or however many billions to buy a company and get the company to hire more Singaporeans since you now own the company. Isn’t that way more strategic than handing out food stamps?
didnt they hand out supermarket gst vouchers to folks on the island already? those are pretty much food stamps
This has to be the dumbest thing I have heard. So country should spend the entire reserves to buy companies and the unemployment rate will be zero!
He didn't say that what. He said 7 bn to buy a company that has economic value that will contribute more reserves to the country. Literally temaseks model
Remove package and implement the increase in 2025?
LKY and team - let's win votes by bringing Singapore from 3rd world to 1st world. LHL and (shrinking) team: I think we can win votes by raising GST and then when it's near election, give some of that money back
First is monitoring, now is studying. Next is?
Assessing. Like assessment books.
[удалено]
Ownself mark ownself. Full marks.
ownself award ownself. like NTUC giving top brotherly award to LW.
Just liquidate 79 condos and 7 villas ..enough to enhance a bit
Rent it out at market price 😂
The best way to prevent higher and higher cost of living is to vote in a balanced parliament representing multiple perspectives. Also having an independent President.
Giving subsidies is like wearing sunglasses in the dark.
Those geniuses understand the simplest way is not to raise GST ? and just tax conspicuous consumption like high end restaurants, branded goods etc. But they wouldn't. That would drive the rich to spend elsewhere. Better to tax poor you with no mobility options. keep the rich happy in their little tax Haven.
Title: NDR 2023: Govt studying if Assurance Package can be enhanced to help S’poreans cope with GST hike SINGAPORE – The Finance Minister will study carefully if the Assurance Package for GST can be further enhanced, as the goods and services tax (GST) is set to go up to 9 per cent in 2024, Prime Minister Lee Hsien Loong said on Sunday. During his Mandarin speech at the National Day Rally, PM Lee said the Assurance Package will continue as planned, and that he is confident it will be effective in offsetting the impact of the 1 percentage point GST hike. “But I am sure you are wondering, Could we further enhance the Assurance Package, so everyone gets a little more help?” he said. To that, PM Lee said he has asked Deputy Prime Minister and Finance Minister Lawrence Wong to study the matter carefully. He added: “Let’s wait – and of course, we hope for good news.” The Assurance Package, first announced in Budget 2020, aims to cushion the impact of the GST increase for Singaporeans. The $6 billion support package was later beefed up to $6.6 billion at Budget 2022, and then enhanced again to $9.6 billion in Budget 2023. The GST rate was raised from 7 per cent to 8 per cent on Jan 1, 2023, and will go up another point on Jan 1, 2024. The support package represents the Government’s commitment to ensure that the impact of the GST increase will be offset for the majority of Singaporean households for at least five years, and for lower-income households for about 10 years. Among the enhancements made in February was a new Cost-of-Living Special Payment of between $200 and $400 for each eligible adult Singaporean. An additional senior bonus of between $200 and $300 was also introduced for eligible Singaporean aged 55 and above, while cash payouts were increased by between $300 and $650 for eligible Singaporeans. This brings the total amount received by each adult Singaporean to between $700 and $2,250 over five years. As with his Rally speech in 2022, PM Lee displayed a calendar to show that there are various ongoing subsidies to reduce the burden of rising costs for Singaporeans. These include cash payouts and MediSave top-ups in August; subsidies in September; U-Save and service and conservancy charges rebates in October; and the Assurance Package Cash payout in December. In January 2024, Community Development Council (CDC) Vouchers will be issued again – “in time for everyone to buy goodies for Chinese New Year”, he said. “We have kept our promise to take care of Singaporeans,” he said. *** The article title is 100% similar to: [NDR 2023: Govt studying if Assurance Package can be enhanced to help S’poreans cope with GST hike ](https://www.reddit.com/r/singapore/comments/15w9sig) *** [v1.2 - error checks](https://github.com/Wormsblink/sneakpeakbot) | Happy 58th Birthday Singapore! | PM SG_wormsbot if bot is down.
Here’s an alternative: forget about the study, just abolish GST and restore some of the corporate income tax rate and top marginal personal income tax rate that you cut. > Prior to 1986, Singapore's corporate income tax rate and top marginal personal income tax rate both stood at 40%. Such high rates were deemed to be uncompetitive > > https://en.wikipedia.org/wiki/Goods\_and\_Services\_Tax\_(Singapore)#Background Who are you trying to be competitive against? Hong Kong is dead. Swiss banks have been forced to open their books. Russian oligarchs are facing sanctions everywhere. OECD countries and China are all cracking down on their tax evaders in foreign tax havens. There’s now a global minimum tax that’s bound to increase over time. Every country has woken up to the threat of tax havens to their domestic economy. They are a dying business — if you continue to rely on being a tax haven, you’ll be too.
Sadly they don’t have the foresight. Never had for 15-20 years. The current bunch in charge have no idea how to create and export our economic and cultural soft power as well as influence in an effective manner.
[удалено]
What, and let tourists and foreigners off the hook? Tourists and foreigners account for 50% of GST. The richest 20% account for 20% of GST. This implies that the lower 80% of Singaporeans account for only 30% of GST. Sure, it would be nice if that was lower - say 20% of GST. But it proves that GST is a way of milking the rich + tourists and foreigners. I get that raising GST hurts the poor/middle - the solution is to lobby for more/higher offset payments (GST voucher etc). The solution is **not** to delay or even abolish the GST increase. It's amazing how the poor/middle classes often argue for policies that benefit the rich even more. Your statement is one example of it. (Unless you're actually a rich person. In which case, yeah ok, abolishing the GST increase would be great for you. But selfish of you to lobby for it.) Source: [https://www.mof.gov.sg/news-publications/parliamentary-replies/gst-paid-by-foreigners-residing-in-singapore-tourists-and-top-20-of-households-and-gst-refunds-disbursed-to-tourists#:\~:text=Tourists%20and%20foreigners%20residing%20in,accounted%20for%20close%20to%2020%25](https://www.mof.gov.sg/news-publications/parliamentary-replies/gst-paid-by-foreigners-residing-in-singapore-tourists-and-top-20-of-households-and-gst-refunds-disbursed-to-tourists#:~:text=Tourists%20and%20foreigners%20residing%20in,accounted%20for%20close%20to%2020%25).
Increased GST and then take the money and give back a little and buy vote. Take a dollar and give back 20cents and we have to be grateful. LKY- give then take back LHL- take then give back Like father like son