GST hike ‘more likely’ if Govt needs to raise revenue

General comments and chit-chat, or tell us how we can improve KiasuParents.com

GST hike ‘more likely’ if Govt needs to raise revenue

Postby Oppsgal » Thu Aug 22, 2013 3:32 pm


Oppsgal
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1776
Joined: Fri May 01, 2009 4:24 pm
Total Likes: 1


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby raysusan » Thu Aug 22, 2013 4:04 pm

very high chance to 10%

an article to test the market now
someone need $

raysusan
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 1417
Joined: Tue Jul 22, 2008 12:13 pm
Total Likes: 6


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby Harlequin » Thu Aug 22, 2013 4:31 pm

Mmmm... my guess is GST will be increse to 8%, 8.5% or 9%, but not likely in this year.... maybe 1/7/2014?

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby Harlequin » Thu Aug 22, 2013 4:33 pm

raysusan wrote:very high chance to 10%

an article to test the market now
someone need $


All good things need to be paid for mah... increase social spending is a long term commitment that requires heavy financing

Harlequin
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5249
Joined: Fri Nov 16, 2012 8:16 am
Total Likes: 43


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby Dora1 » Thu Aug 22, 2013 4:43 pm

Well, I'll first like to ask where did all the money from land sales, housing stamp duty, ABSD, COE, ERP go to? We have been seeing insane rises on all these in the past few years. Show us the books first. How much extra has been collected from all these as compared to previous years. Can these fund the extra medical and housing benefits announced recently? If not, how much is the shortfall?

Dora1
BlueBelt
BlueBelt
 
Posts: 455
Joined: Sun Mar 07, 2010 10:16 pm
Total Likes: 20



Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby 3Boys » Thu Aug 22, 2013 4:52 pm

Congrats guys! We have now officially moving to a high tax, high benefits society.

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby Augmum » Thu Aug 22, 2013 4:58 pm

It's juz a matter of time for the GST hike.....

Augmum
Councillor
Councillor
 
Posts: 13292
Joined: Sat Aug 22, 2009 9:02 am
Total Likes: 86


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby 3Boys » Thu Aug 22, 2013 4:58 pm

Sweden VAT - 25%

http://en.wikipedia.org/wiki/Taxation_in_Sweden

Denmark VAT - 25%

http://www.visitcopenhagen.com/copenhag ... ms-and-vat

Finland VAT - 24%

http://www.vero.fi/en-US/Tax_Administra ... 2013(25751)

France VAT - 19.6%

10% for Singapore? If we keep spending the way we do, I'd be surprised it not hit 25% by 2050.

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby 3Boys » Thu Aug 22, 2013 5:00 pm

Dora1 wrote:Well, I'll first like to ask where did all the money from land sales, housing stamp duty, ABSD, COE, ERP go to? We have been seeing insane rises on all these in the past few years. Show us the books first. How much extra has been collected from all these as compared to previous years. Can these fund the extra medical and housing benefits announced recently? If not, how much is the shortfall?


Land sales are one-offs, ABSDs are one-offs, you can't keep supporting perpetual social programs with one off items.

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Re: GST hike ‘more likely’ if Govt needs to raise revenue

Postby 3Boys » Thu Aug 22, 2013 5:08 pm

Anyway, for those who are interested in where the government generates its income -->

http://www.singaporebudget.gov.sg/budge ... 202013.pdf

....and how it spends money.....-->

http://www.singaporebudget.gov.sg/budge ... 202013.pdf
Last edited by 3Boys on Thu Aug 22, 2013 5:10 pm, edited 1 time in total.

3Boys
KiasuGrandMaster
KiasuGrandMaster
 
Posts: 5014
Joined: Tue Sep 02, 2008 5:28 pm
Total Likes: 220


Next

Return to Recess Time