REACH 409 - What are your views on the debate on the impacts of the GST hike in Parliament (7 Nov)? How are you coping with the rising cost of living?

(SK)

09 Nov 2022 (10am - 7pm)

REACH

[9:53 am, 09/11/2022] +REACH: Dear contributors,

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[10:00 am, 09/11/2022] +REACH: 📢 Topic 📢 

Rounding up the debate on the GST (Amendment) Bill, which saw 15 MPs speak, Mr Wong responded to alternatives raised by opposition MPs saying that their suggestions entailed spending more from past reserves and leaving less for the future.

The suggestion that the goods and services tax (GST) increase should be postponed due to current inflationary pressures does not hold water, Deputy Prime Minister Lawrence Wong told Parliament on Monday. 

💬 What are your views on the debate on the impacts of the GST hike in Parliament (7 Nov)? How are you coping with the rising cost of living?

The Government’s support measures delay the effect of the hike by at least five years for the majority of Singaporean households, he said. That the support is targeted at lower- to middle-income households, rather than broad-based, will also minimise any additional inflationary pressures, he added.

There will be a $1.4 billion boost to the support package for households to offset the impact of the upcoming goods and services tax (GST) hike, given higher inflation, Deputy Prime Minister Lawrence Wong told Parliament on Monday. Mr Wong said: “The Government will help all Singaporeans adjust to the GST increase, especially the less well-off.”

This means that the Assurance Package will now be worth $8 billion, up from $6.6 billion before. The package was first announced in 2020, with a top-up of $640 million announced in Budget 2022. More details on the enhancements to the package will be announced in Budget 2023, said Mr Wong.

📌Why increase GST now?

The Government had considered the GST hike carefully and decided that it was necessary to do so, given how Singapore’s economic challenges are not just near-term or cyclical in nature, Mr Wong said. The ongoing war in Ukraine, disruptions to energy and food supplies, rising geopolitical tensions and more fragmented supply chains are realities Singapore has to deal with possibly for a more prolonged period, he added.

Mr Wong added: “The WP is entitled to your own position. By all means, oppose the GST, adopt a different position, fine. But at least be honest and responsible, acknowledge that your alternatives would either end up requiring the middle income to pay more or would use more of the past reserves.”

👉🏼 WP’s alternatives to GST hike do not add up, GST hike among options needed to meet funding gap: DPM Wong - https://www.straitstimes.com/singapore/politics/wp-s-alternatives-to-gst-hike-do-not-add-up-gst-hike-among-options-needed-to-meet-funding-gap-dpm-wong

👉🏼 Assurance Package to help households offset GST hike to get $1.4b boost, will now total $8b - https://www.straitstimes.com/singapore/politics/assurance-package-to-help-households-offset-gst-hike-to-get-14b-boost-will-now-total-8b

👉🏼 ’Doomsday’ predictions over past GST hikes did not pan out: Murali Pillai -

https://www.straitstimes.com/singapore/politics/doomsday-predictions-over-past-gst-hikes-did-not-pan-out-murali-pillai

👉🏼 Tourists, foreigners living here paid half of GST in 2018 and 2019: Chee Hong Tat - https://www.straitstimes.com/singapore/politics/tourists-foreigners-living-here-paid-half-of-gst-in-2018-and-2019-chee-hong-tat

👉🏼 FairPrice to give 1 per cent discount for 500 items in first half of 2023 to offset GST hike - https://www.straitstimes.com/singapore/fairprice-to-give-1-per-cent-discount-for-500-items-in-first-half-of-2023-to-offset-gst-hike

Please visit MOF’s website for the available resources on the Key Budget 2022 Measures for Individuals and Households - https://www.mof.gov.sg/singaporebudget/resources

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[10:12 am, 09/11/2022] +Uncle Law: Difficult to tell the impact yet. Essential items costs are going up.

[10:12 am, 09/11/2022] +Uncle Law: I still feel strongly essential items like rice, noodles, bread should not be taxed

[10:29 am, 09/11/2022] +Rama or Andrew: There's no such thing as oversaving as any rainy day is different.  Coping with upcoming gst increase is to be practical in all forms of expenditure.

[10:29 am, 09/11/2022] +Rama or Andrew: This will need increase subsidies coming from increase taxes.

[10:51 am, 09/11/2022] +Grace: Just tax the ultra rich

[10:52 am, 09/11/2022] +KL: 😀 let be fair first mah , before we tax them

[10:52 am, 09/11/2022] +Grace: We can look at reducing expenditure too - air con at 16 degrees in some ulu library or public space for the whole day, waste money lah

[10:52 am, 09/11/2022] +KL: Me uncle  bo ta che ,  Why need to increase GST arh ? My ah gong once say must save when young 😀 , keep ur expenditure low.

[10:54 am, 09/11/2022] +KL: Did u spent neccassry  ?

[10:55 am, 09/11/2022] +Rama or Andrew: This issue of taxing the super rich is ongoing behind the scenes

[10:56 am, 09/11/2022] +KL: behind the sence mah no action i also dont knwo hor lol

[10:56 am, 09/11/2022] +Rama or Andrew: Present so called soon to be ah gong don't see like original ah gong

[10:56 am, 09/11/2022] +KL: Did u spent necessary  ?

[10:56 am, 09/11/2022] +Tan Kay Eng: I still think GST is the fairway of tax, however, would like to appear to Gvt that when come to rebate/subsidies, don't just focus on HDB housing type. It should be across the board. On top of that, those who paytax should also be given some token of appreciation though they may not need it ( they may donate to charity)

[10:57 am, 09/11/2022] +Frankie Wee: Federal Reserve raises interest rates by 0.75% affect global economy 

Singapore inflation increase price and even GST increase too

[10:57 am, 09/11/2022] +Rama or Andrew: All government ministry, stat boards and glc must set air cob temperatures at 25 degrees as advised by pub

[10:57 am, 09/11/2022] +Rama or Andrew: Agree

[10:58 am, 09/11/2022] +Frankie Wee: 3 times priced increased 2023 it’s more worse stress money

[10:58 am, 09/11/2022] +KL: Me bo tat che how much GST we increase ah ?

[10:58 am, 09/11/2022] +Frankie Wee: 8% +

[10:59 am, 09/11/2022] +KL: i thgt 28.57 %

[10:59 am, 09/11/2022] +Tan Kay Eng: Not just govtbuilding. Commercial building should do so too. Most buildign and shopping malls aircon too strong. Waste of energy/money

[11:00 am, 09/11/2022] +KL: these are small money , did we spent neccassry  ?

[11:05 am, 09/11/2022] +Khuan Yew: Dear REACH,

I would like to suggest:

1) the articles to be discussed be posted earlier instead of being between 9.50 am to 10am on the day of feedback.

2) feedback to be open for longer period and not always only from 10 am to 7 pm on weekdays. 

I’m raising this because for working adults, it is difficult to read the articles, think and reply during office hours. I hope that you will consider having longer feedback hours.

[11:18 am, 09/11/2022] +Timothy Low: Not sure if any Economists can calculate and see if an increase of GST will cause inflation to be worsen?

[11:18 am, 09/11/2022] +Rama or Andrew: The lead comes from government

[11:18 am, 09/11/2022] +Tan Kay Eng: Notes

[11:20 am, 09/11/2022] +KL: The GST is not just 1 to 2 % , it around 28.57 % if u use by percentage , =2/7 .

[11:20 am, 09/11/2022] +KL: on top of inflation but we have many foerginer thus it make sense to tax

[11:20 am, 09/11/2022] +KL: but commoner is feeling the heat

[11:21 am, 09/11/2022] +KL: To Stop GST raise we need to raise addtional 3.2Bn a year

[11:21 am, 09/11/2022] +KL: and how to tax properly is the question

[11:22 am, 09/11/2022] +Ken: Smart lol… people didn’t think that way

[11:22 am, 09/11/2022] +KL: Soln may not please all

[11:22 am, 09/11/2022] +Ken: That’s a lot of revenue

[11:22 am, 09/11/2022] +KL: i can say asoln  but only ard 216 Millions bbut may have impact to tohers

[11:23 am, 09/11/2022] +KL: still a gap to 3.2 bn

[11:24 am, 09/11/2022] +Ken: Did you see the bond issue recently?

[11:24 am, 09/11/2022] +KL: that a loan need to repay one

[11:25 am, 09/11/2022] +Ken: All government borrow…

[11:25 am, 09/11/2022] +KL: it make sense to borrow now if u know interest will hike further

[11:25 am, 09/11/2022] +Ken: One month we already can borrow 2.2b

[11:25 am, 09/11/2022] +Smiley face: Hi Grace, 

How about tax on luxury items?

[11:25 am, 09/11/2022] +KL: it lock the interest to 3.47%

[11:26 am, 09/11/2022] +Ken: Yup

[11:27 am, 09/11/2022] +Smiley face: Hi KL,

This counting is a multiplier way of assessing the impacts and the significance of any price and equilibrium.

Thank you.

[11:27 am, 09/11/2022] +KL: Yes it 85

[11:27 am, 09/11/2022] +KL: so 28.57% x5 =

[11:27 am, 09/11/2022] +KL: but GST if tax properly only one layer tax only

[11:27 am, 09/11/2022] +KL: but not fool proof

[11:28 am, 09/11/2022] +KL: if u read GST only pay by last consumer but only if they rev 1 million . etc hard to expalin as my english not good

[11:33 am, 09/11/2022] +Smiley face: Can all of us rethink the existing tax structures and perhaps suggest new ways in taxing from basics, common and luxury?

[11:34 am, 09/11/2022] +KL: i think foreigner buying GCB and shop  must tax

[11:34 am, 09/11/2022] +KL: regardless first or last property but this wont make up the difference in 3.2Bn

[11:35 am, 09/11/2022] +Smiley face: Road tax for basic vehicles from two wheelers to the heavy weighted luxury vehicles?

Property taxes can be reviewed to adjust these 3 models that is public, private and commercial.

[11:36 am, 09/11/2022] +Smiley face: Transfer/resale tax can be one area to consider.

[11:36 am, 09/11/2022] +KL: i try to aviod touching locals that the best i can do

[11:37 am, 09/11/2022] +Smiley face: What if the more Physical properties one holding, can be individuals or entity. Incremental property taxes will apply?

[11:37 am, 09/11/2022] +KL: acutally hk airport u can learn they charge a bit more for mrt to custom

[11:38 am, 09/11/2022] +KL: so discrimte charge to tourist

[11:38 am, 09/11/2022] +KL: this i s yearly rev

[11:38 am, 09/11/2022] +Timothy Low: Charge more for ABSD - Rich Singaporeans and foreigners can afford it

[11:40 am, 09/11/2022] +Smiley face: Relook at the STRATEGIC assets class of a country.

From there, count and addon taxes if it makes economics and Social sense.

[11:53 am, 09/11/2022] +L or BL: Agreed, same in the malls. Waste of money and harmful to environment.

[11:56 am, 09/11/2022] +Caleb: A lot of public places, have a lot of lights turn on, for security.. but it's a waste of money. No need to on so many...

[11:56 am, 09/11/2022] +Caleb: 10pm to 5am

[0:10 pm, 09/11/2022] +Rama or Andrew: Worth looking into

[0:10 pm, 09/11/2022] +Rama or Andrew: Agree

[0:11 pm, 09/11/2022] +Joseph Yap: 💬 What are your views on the debate on the impacts of the GST hike in Parliament (7 Nov)? How are you coping with the rising cost of living?

A number of people are still not knowledgeable about how GST hike with the accompanying support measures can help the lower income groups to cope and put the heavier burden on the higher income groups. More public education/ explanation at the community level is needed, otherwise these people will be misled. 

To cope with the rising cost of living, I am adjusting my lifestyle to cut down on excessive/ wasteful spending.

[0:11 pm, 09/11/2022] +Rama or Andrew: . Government too cannot have it their way

[0:15 pm, 09/11/2022] +Smiley face: Hi Caleb, good point.

How about switch off almost all lightings in schools during evening time?

Thank you.

[0:16 pm, 09/11/2022] +Caleb: Example is HDB hub, level 1 ofc. On Sundays, almost all the lights or on when the place is closed.

[0:16 pm, 09/11/2022] +Caleb: From outside can see...

[0:18 pm, 09/11/2022] +Rama or Andrew: Lights should be motion sensor editing activated.

[0:34 pm, 09/11/2022] ☸️  Danny 心: 

GST - broadbase tax

1. GST is a broad base tax. As long as anyone spend - a tax is levy.

2. GST is a fair tax - because everyone who are resident in Singapore or foreigners who come to Singapore buy goods and services - they pay a percentage of tax. 

Since everyone has a stake in the Economy - it is fair for everyone to pay. No free rider.

3. It is fair for everyone to chip in to pay a small tax - so that Government can use it to pay yearly recurring expenses that fund our population healthcare, education, and many social services.

4. As GST is a spending tax (as all people need to spend to live their life) - it provide a stable source of revenue for the Government to finance the running cost - unlike other tax structure such as income tax, corporate tax - that will depend on whether the company is profitable to pay corporate tax, and if a person is working to earn sufficient income to be taxed.

5. Hence, in financial principle, as fiscal instrument - GST is an appropriate tax instrument for all Government to finance its running cost. 

This will ensure that Singapore will continue to be financial prudent - and ensure we always maintain a balanced budget and sound, prudent fiscal policy --- without incurring high public debt or digging into our reserves and depleting our financial reserves that our many generations have painstakingly earn and build.

6. Incidentally, our GST taxes at 9% is among the lowest in the World as compared to many developed Countries.

7. As economist say that GST is a regressive tax - whereby lower and middle income earners contribute the largest share of their income to pay tax - it is true for other Countries in the World - but not in Singapore.

Because :-

a. Singapore provide Reassurance relief package specifically - GST voucher, town council rebate, U-save rebate to subsidise energy, CDC voucher - that will help low and middle income cover the GST hike (in this case 10 years for low income and 5 years for middle income earners).

For many years, these reliefs - have becoming a permanent features as our Government maintain a sound balance fiscal policy - as our Economy do well years after years, do not incur debt, grow our reserves without frivolously depleting our reserves and earn good investment income that contribute to a larger NIRC, and not incurring budget deficit year after year - as we strive to maintain budget surplus for many years in good times.

b. The rich - especially the super rich, the ultra rich, the millionaires - are paying a big proportion of the GST - as they buy big ticket items in flashy, luxuries goods, cars, houses. Foreigners who come to Singapore to work, tour also pay a big part of GST and they are not granted GST relief.

Statistics show :- 

i. Foreigners and tourist contribute 50% of the total GST revenue.

ii. Super rich, the ultra rich, the millionaires Singaporeans - contribute 20% of the total GST revenue.

iii. The remaining 30% GST revenue - are contributed by 80% of the middle and low income group.

c. Hence GST is not a regressive tax in Singapore - unlike other Countries in the World - because our Government GST relief scheme - cushion the lower and middle income group - and GST are mostly paid by forigners and our super rich.

[0:37 pm, 09/11/2022] +Smiley face: GST is a COMMON and broad based tax regime. Developed nations used them for revenues and peg against fiscal policies and so on. Hopefully, surplus arises, in totality, the entire taxonomies.

[0:39 pm, 09/11/2022] +Smiley face: Pets licensing for additional pet and onwards...(exotic or lifestyles tax)

Basic pet and incremental annual license fees collectible...

[0:41 pm, 09/11/2022] +Smiley face: Building on this incremental taxation.

How about household with additional motorised vehicles from 2 wheelers onwards.

Plus high value vehicles including 2 wheelers to be incrementally tax on additional "exotic or lifestyles" WANTS?

[0:42 pm, 09/11/2022] +Timothy Low: Not a good idea. It may encourage people to abandon their pets and then we will have more strays roaming on the streets

[0:43 pm, 09/11/2022] +Ken: This is cost we bear for safety… 

In terms of real money is relatively low for safety. 😅

[0:43 pm, 09/11/2022] +Shobith: The rising cost of living is certainly an issue.  

Regardless of the income level, it would be an uneasy experience to see an additional % raise in GST to the above burden.

However, it is evident that government is also undertaking several measures to lighten the burden on people with lower income. 

It has also explained the clear necessity to undertake this raise now. 

Taking also the fact that the significant financial support provided by the government during the Covid time - essentially keeping the life support for the nation's economy.

With the above, feels sufficient has been done by the government to justify raise.

[0:44 pm, 09/11/2022] +Smiley face: Use technologies such as tagging for all Pets, exception is BIRDS, let them fly off, is ok!

Thanks Timothy.

[0:44 pm, 09/11/2022] +Ken: There are some wastage… maybe system can be in place for places that don’t really need power. But system need to be in place to govern such. For now still not easy.

[0:45 pm, 09/11/2022] +Smiley face: If runoff chicken or hen, catch them at own descretion...

[0:45 pm, 09/11/2022] +Timothy Low: To be honest, this topic has been discussed so many times. Why are we still discussing about it 🤔 it’s not as if the Government will delay their timeline in increasing GST

[0:45 pm, 09/11/2022] +Ken: How do you consider what is not necessary 😅

Pet can be a person’s mental health well being.

[0:46 pm, 09/11/2022] +Smiley face: How about road lamp post?

Certain less busy roads can ALTERNATELY off each post?

[0:47 pm, 09/11/2022] +Ken: Switching off needs some sort of system in place alternative switch off is not so simple as home lights 😅

That will cause a surge in power in the whole grid. 

Not impossible but that’s lots of effort.

[0:47 pm, 09/11/2022] +Timothy Low: In return, we should incentivise people for adopting stray animals and keeping them off the streets. One less problem for the Government

[0:47 pm, 09/11/2022] +Smiley face: Idea is lifestyles, needs or wants?

A blind person may have a guide dog for his or her needs! He or she couldn't  have 2 or more dogs?

[0:48 pm, 09/11/2022] +Ken: If so easy… more advance countries would have done it… way earlier or even MNC in factory which systems are smaller…

[0:48 pm, 09/11/2022] +Ken: From engineering stand point it is hard

[0:49 pm, 09/11/2022] +Ken: How you determine? What is a need or a want? 😅

The shop owners that sell those stuff you will also affect their business… those are also tax paying people

[0:50 pm, 09/11/2022] +Smiley face: One good Samaritan! Thanks Timothy!

These days, pets like cat or dog are popular petting for many People.

That's ok and a good companionship too! Any excess, perhaps, licensing should be incrementally adjusted too!

It is not cheap to visit a Vet?

[0:51 pm, 09/11/2022] +Timothy Low: For me both of my cats are adopted from the street, so i hope i won't be taxed for helping them and keeping them off the streets

[0:51 pm, 09/11/2022] +Ken: And how much income can be generated? With it being so small… but doing that you basically destroy the whole industry.

[0:51 pm, 09/11/2022] +Smiley face: Bread is one cheaper item to buy from your provision shop. As for other items, you need to be a savy shopper to identify and compare prices from groceries store.

Is this one way to save money or rather pay more to the convenience store and grocers?

[0:51 pm, 09/11/2022] +Ken: They are not as lucrative industry as we think.

[0:52 pm, 09/11/2022] +Ken: Might as well say we can’t buy atas bread… we should tax all high end supermarkets?

[0:52 pm, 09/11/2022] +Smiley face: In Maths, "1 million here and 1 million there will addup to multi millions?'

[0:52 pm, 09/11/2022] +Ken: Revenue will be so much higher

[0:53 pm, 09/11/2022] +Smiley face: Pls go check out, gardenia bread at some local shops can be ten cents cheaper...

Be curious and investigate...

[0:53 pm, 09/11/2022] ☸️  Danny 心: 

Flaws in proposing using more reserves and land sales proceed (limitd reserves and limited land) - to fund recurring government expenditure - a sure way to deplete our reserves, land -- and soon our descendants will have no reserves

1. In particular, I will like to talk about the opposition parties proposal, in particular WP proposal to :-

a. Use land sales proceed to fund yearly running cost instead of GST hike - never mind if our land is very limited being a small Country.

b. Use more reserves - by using another 10% more NIRC from the reserves so that our future descendants will have less reserves to protect themselves.

c. Not a good time to implement GST due to current high inflation - in which case there will never be a good time - because every year - something will happen whether domestically or overseas - there will be war, economic problem, global climate --- that means GST can be postpone indefinitely -- and who is funding the pressing spending needs?

2. Holding into account WP argument to use more of NIRC - from reserves, use land sales proceed - to fund government running cost instead of implementing GST hike of 2%:-

a. WIll WP stop charging town council charge - and use its reserve investment to fund the town council charges? This is a challenge I throw to WP. 

If WP feel so strongly about using more reserve (NIRC) and proceed from land sales - then WP should do what they say :-

i. Use your interest, dividend income earn through the WP saving and reserves from the town council fund to pay the town council running expenses - eg. pay workers salary, cleaners salary, estate maintenance ---- then I will believe what you say in Parliament is financially sound.

If WP is unable to demonstrate in managing the town council estate using such financial approach --- then how to convince the population that what WP proposal of using more reserves and land sales proceed --- are the right way to finance the government running cost instead of GST hike?

b. Is it sound for business to use shareholders fund and share capital to pay recurring expenses - eg. salary wages, pay electricity overhead, material costs, admin cost etc? No it is not a sound financial policy. Business need to get recurring revenue such as sales revenue to cover recurring expenses.

Likewise, Government need to use tax recurring revenue such as GST to fund government running costs.

c. Likewise, will individual not work to earn salary (recurring revenue) to fund their daily expenses - or WP expect individual to use their savings or investment in shares, in saving deposit - to use dividends or bank interest to fund daily expenses?

WP by suggesting to use 60% NIRC - is akin to doing so - and this don't make financial sense.

In fact WP is suggesting a dangerous move - that will deplete our generation of hardwork to accumulate our reserve overtime --- and our descendants will suffer.

Even 金山银山 (gold mountain, silver mountain) - will be gone in no time - if WP harp on using our financial reserves and land sales reserves - to spend on yearly recurring expenses.

Because earning and accumulating reserves is very hard and our reserves and land are limited - spenindg them like what WP suggest is very easy and soon will be gone in no time.

We must jealously guard our reserves - and be hawk eyes about politicians who keep harping on spending our reserves.

Singapore is a small Country with no natural resources.

Human resources and financial reserves - are our only resources - and we must guard against politicians spending our reserves away unprudently - not based on sound financial principles.

d. By spending 50% NIRC and keeping 50% and ploughing back to reserves will make our sovereign capital bigger and will help to earn more investment income - which in turn can have a bigger NIRC - and contribute to the Government budget.

But if only 40% NIRC is accumulated, our capital investment will reduce and our earning capacity will decrease.

[0:53 pm, 09/11/2022]Ken The income will be ok.. if they will operate even if the tax increase. But if they will shrink due to the profit being so tiny… is it wise?

[0:54 pm, 09/11/2022] +Smiley face: That's one way to raise money whether is personal or a larger entity!

[0:54 pm, 09/11/2022] +Ken: I know… hence market demand, and location they have to pay rent and workers… 

If they all priced the same… then what for give you convenience?

[0:56 pm, 09/11/2022] +Smiley face: Is true, some shops do have cheaper pricings... item for item, no short changing!

Again go walk and check prices if it matters to anyone who aims to save little money?

[0:56 pm, 09/11/2022] +KenThen with those tax.. profit reduce, will you get more choices? 

Tax is not easy, hence they increase GST. Consider more fair as it affects everyone in the system equally… I think

[0:56 pm, 09/11/2022] +Ken: Specialise tax only apply if you don’t want a sector, or you want to encourage certain sector.

[0:57 pm, 09/11/2022] +Smiley face: Do these shops charges GST?

Is it a loophole for taxmen to look into it?

[0:57 pm, 09/11/2022] +65 9876 5095: Hence you have the choice to walk further to get the savings

[0:57 pm, 09/11/2022]Ken: If over a mil in sales they do…

[0:57 pm, 09/11/2022] +Ken: Then again many ways to get around.. 🤣🤣

[0:57 pm, 09/11/2022] +Ken: Like one company many groups

[0:58 pm, 09/11/2022] +Smiley face: There are many shops in HDB areas...go walk and check things out...

Unless we are talking about private estate like a condo convenience shop.

[0:59 pm, 09/11/2022] +Smiley face: That's easy accounting, aka creative accounting!

[0:59 pm, 09/11/2022] +Ken: Lol up to IRAS to do their work 🤷🏻‍♂️

[0:59 pm, 09/11/2022] +Ken: Small fish not worth the effort…

[1:00 pm, 09/11/2022] +Ken: Unless they see you evade more than a certain amount … if not the team hire to investigate you think cheap arh

[1:00 pm, 09/11/2022] +Ken: Lol

[1:00 pm, 09/11/2022] +Ken: Everywhere the same.. unless they suspect otherwise..

[1:01 pm, 09/11/2022] +Ken: Or reported by people with proof no need investigation.. then they will be affected immediately

[1:01 pm, 09/11/2022] +Smiley face: Ok...wait

[1:03 pm, 09/11/2022] +Ken: When they register for GST likely they are more than 1 mil over and much more… to be willingly lose 7% income from tax

[1:03 pm, 09/11/2022] +Ken: To comply to reduce being a target board 🤣🤣 be realistic Lar

[1:03 pm, 09/11/2022] +Timothy Low: Can we stay exploring introducing Sugar Tax, Plastic Tax and etc on consumers? Increase revenues from these sources and at the same cut down spending on other matters (like switching off electricity in some areas) to save cost?

[1:03 pm, 09/11/2022] +Smiley face: Rent $6k

Salary $10k

Utilities $1.5k

Cost of goods $50k (that's alot?)

Using 3x the turnover, $1.0 million or over?

[1:04 pm, 09/11/2022] +Ken: Think it’s on the way…

[1:05 pm, 09/11/2022] +Ken: Sugar can see the labelling start Liao… so after that easy to tax.

Plastic is being explored and NEA is following up.. I am in the industry yes it will happen. 

Carbon tax also coming

[1:05 pm, 09/11/2022] +Ken: Don’t know I don’t do business not familiar lol

[1:06 pm, 09/11/2022] +Ken: So expect some stuff to get more expensive 😅

[1:06 pm, 09/11/2022] +Rama or Andrew: Yes

[1:06 pm, 09/11/2022] +Ken: And people losing jobs due to carbon tax as well

[1:07 pm, 09/11/2022] ☸️  Danny 心: 

1. Spending 50% NIRC to finance our current running cost while saving another 50% NIRC for our future descendants - is a responsibility that we must jealousy guard - so that we don't spend our descendants money for our comfort - and let our children, grandchildren and future descendants suffer.

2. Our forefathers have been doing this to us - and we must keep this wholesome principles for the sake of our children and future descendants.

And our future descendants will have land to stay.

3. Hence I fully oppose WP and other opposition proposal to spend more of our reserves and land sales.

[1:08 pm, 09/11/2022] +Timothy Low: to be honest i think you fully oppose to whatever the oppositions proposed

[1:09 pm, 09/11/2022] ☸️  Danny 心: 

Argue and discuss facts please.

[1:11 pm, 09/11/2022] ☸️  Danny 心: 

Prove the opposition argument is more superior.

[1:12 pm, 09/11/2022] +Timothy Low: No I won't as I don't have the expertise in this area

[1:12 pm, 09/11/2022] ☸️  Danny 心: 

So your above comments can be discarded.

[1:14 pm, 09/11/2022] +Rama or Andrew: For the last 57 years, opposition proposals are just empty vessel promises with no substance

[

1:15 pm, 09/11/2022] ☸️  Danny 心: 

I agree with you - in Singapore context.

[1:20 pm, 09/11/2022] ☸️  Danny 心: https://en.wikipedia.org/wiki/List_of_countries_by_tax_rates                                                                     GST taxes among the World - most double digits.                                                                                                Singapore 9% GST taxes --- lowest among the world.

[1:23 pm, 09/11/2022] +Sh Koh: Do we need to top the list ?

[1:23 pm, 09/11/2022] +Rama or Andrew: If not shadow government capable, opposition no point in our context

[1:23 pm, 09/11/2022] ☸️  Danny 心: 

And no GST reliefs in most countries - hence GST tax is regressive - affecting low and middle income people.

Singapore GST is the only progressive tax affecting the rich while shielding the lower and middle income people - because our government provide GST relief - and it has become a permanent features - as our economy and reserve income are doing well years after years.

[1:26 pm, 09/11/2022] ☸️  Danny 心: 

We are not competing with the world who is lowest for ego purpose.

We do it to ensure sound fiscal policy.

It is through our sound fiscal budget and diversify tax structure plus strong financial reserves - that allow us to keep our GST tax low.

[1:28 pm, 09/11/2022] +Rama or Andrew: No

[2:00 pm, 09/11/2022] +Smiley face: Three Macro ideas?

Individual abilities.

Total Benefits after tax collected.

A Fair tax system.

Tax Models?

Pls fill the ideal Micro models.

[2:06 pm, 09/11/2022] +REACH: [For Info]

MOF has prepared an infographic on the support from the Government for cost of living (GST).

DPM Wong announced that the Assurance Package will be further enhanced by $1.4 billion to around $8 billion in Parliament (7 Nov). 

The Assurance Package will offset the GST increase for the majority of Singaporean households for at least five years, and around ten years for lower-income households.   

Details will be announced in Budget 2023. This is on top of the enhanced permanent GST Voucher (GSTV) Scheme that will support eligible Singaporeans, with cash, MediSave and utilities rebates.

[2:08 pm, 09/11/2022] +REACH: 📢 Topic 📢 

Rounding up the debate on the GST (Amendment) Bill, which saw 15 MPs speak, Mr Wong responded to alternatives raised by opposition MPs saying that their suggestions entailed spending more from past reserves and leaving less for the future.

The suggestion that the goods and services tax (GST) increase should be postponed due to current inflationary pressures does not hold water, Deputy Prime Minister Lawrence Wong told Parliament on Monday. 

💬 What are your views on the debate on the impacts of the GST hike in Parliament (7 Nov)? How are you coping with the rising cost of living?

The Government’s support measures delay the effect of the hike by at least five years for the majority of Singaporean households, he said. That the support is targe…

[2:09 pm, 09/11/2022] +Sh Koh: A compare of lower or higher among other countries is not of use.

[2:21 pm, 09/11/2022] +Smiley face: "Economic medicine that was previously meted out by the cupful has recently been dispensed by the barrel. These once unthinkable dosages will almost certainly bring on unwelcome after-effects. Their precise nature is anyone's guess, though one likely consequence is an onslaught of inflation."

- - Warren Buffett

[2:32 pm, 09/11/2022] ☸️  Danny 心: 

Direct comparison of GST tax among countries may not be meaningful as different countries have different economic and financial situations.

But it provides a good benchmark because it reflects we have a sound diversify tax structure and prudent financial structure.

This is the reason why we can keep our overall GST tax rate low and our tax low - to attract investors and business onto our shores to create jobs for our people.

If we start to deplete our reserves and then start to incur big debts by borrowing - our future descendants will suffer and investors will leave our shores to a better place.

[2:36 pm, 09/11/2022] +Smiley face: 9 November, 2022

"This I that havocs the world"

"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value."

- - Alan Greenspan 

Searching for solutions?

So why inflation cannot be contained besides the already known past excessive monetary policies of many Central banks to offer zero to low interest rate for the sake of growth? 

One big number to digest is the entire world population has reached 8 billions! The biggest headache of all is this eight billions (and growing) human in various stations of life, geographically spread and their basic needs from simple meals to necessities in order to stay alive!

How about a progressive ageing population across the developed n…

[2:53 pm, 09/11/2022] +REACH: Easing inflation: More time needed for tighter monetary policy to affect prices, says Alvin Tan

👉🏼 https://str.sg/wjVt

Laws proposed to regulate electric vehicle chargers in Singapore, require operators to be licensed

👉🏼 https://str.sg/wjVu

[3:11 pm, 09/11/2022] +L or BL: That's good. Regulation brings certainty and enables companies to plan, and therefore invest.

[3:16 pm, 09/11/2022] +Smiley face: 7 November, 2022

"In Search of Equilibrium...?"

"Deficits do not in themselves produce inflation, nor does a balanced budget assure a stable price level."

- - William Spencer Vickrey        (1996 Nobel Laureate)

Equilibriums?

Going forward, perchance, an urgent needs to look for new tax avenues in order to sustain through many rough patches of economics uncertainties. Singapore has no natural resources to cushion any impacts of sort. Either we contract or we progress, no two ways game!

Nor intentional for Policymakers to purpose and to collect more taxes for revenues (more money) sake. There is simply not many ways in attaining a balanced budget YTY given now, next year and the year after next. What if deficit happened YTY?  And of course any surpluse will be great news for all of us in SG!

    - - in progress - -

[4:04 pm, 09/11/2022] +REACH: 📢 Topic 📢 

Rounding up the debate on the GST (Amendment) Bill, which saw 15 MPs speak, Mr Wong responded to alternatives raised by opposition MPs saying that their suggestions entailed spending more from past reserves and leaving less for the future.

The suggestion that the goods and services tax (GST) increase should be postponed due to current inflationary pressures does not hold water, Deputy Prime Minister Lawrence Wong told Parliament on Monday. 

💬 What are your views on the debate on the impacts of the GST hike in Parliament (7 Nov)? How are you coping with the rising cost of living?

The Government’s support measures delay the effect of the hike by at least five years for the majority of Singaporean households, he said. That the support is targe…

[4:49 pm, 09/11/2022] +danielhl chua: I urged the gov to be more empathetic when going ahead of the GST hike. We have seen many people already struggling with their daily lives. 

The rift between high SES families and low SES families is widening. The reasons you mentioned for going forward with GST hike, such as ongoing Ukraine war, disruptions to energy and food supplies, rising geopolitical tensions affect the everyone as well. Food prices up, inflation is ongoing, public tpt fare increased, medical, housing(essential needs)etc. Assurance package is offering them a life buoy as they were waiting to be saved in the sea. While it may keep them afloat for some time, but a raft for these group will deem more helpful. 1% of GST at this time may be a further storm for these group of people. With a bleak confidence in future (inflation which is ongoing and god knows when the war is gg to end) , they will definitely need more than an assurance package in order to hang in there.

[4:55 pm, 09/11/2022] +L or BL: Gov has done everything possible to ensure families are not affected by the GST increase for many years to come. Prices will go up, but not for local Singaporeans, since Gov is giving subsidies, as I understood.

[4:57 pm, 09/11/2022] +Sam: If the government introduce a new tax that's 1% only on the rich, foreigner and tourist upon their consumption. The proceed of the tax is to help with social and medical cost for the lower and no income, will you urge the government to delay such tax?

[5:00 pm, 09/11/2022] +Rama or Andrew: Outflow of funds is a concern for the government so idea still being considered only

[5:03 pm, 09/11/2022] +KL: Depend on how many local ppl impacted 😀

[5:05 pm, 09/11/2022] +KL: It not 1% , it is a 14 % increase.

[5:05 pm, 09/11/2022] +KL: 2% is a 28.57% increase

[5:06 pm, 09/11/2022] +Sam: It is a new tax. So don't talk about increase

[5:07 pm, 09/11/2022] +Rama or Andrew: 😳

[5:07 pm, 09/11/2022] +Sam: The impact to foreigner, rich and tourist is 1%

[5:07 pm, 09/11/2022] +Sam: No impact on local

[5:08 pm, 09/11/2022] +Smiley face: Hi Andrew, a good point!

What if Singapore continues to be highly relevant to this resetting world, that's to foretell in coming of more than 1,000 family offices relocated into our economy!

That's a good news and a happy problem too!

Thank you.

[5:08 pm, 09/11/2022] +Sam: If they spend $10 for food, they pay $0.70 on GST and $0.10 on the new tax

[5:10 pm, 09/11/2022] +Thomas: We have build this reserves for rainy days (eg. Pandemic) to help the country. I am very disappointed to that WP, PSP are pushing to use this reserve by indirect way . It will soon be depleted if not careful. I will say to them , dream on and don't touch my reserves as I also contributed to it over the years of my tax paying. I must think of my children, grandchildren and future children.

[5:10 pm, 09/11/2022] +Rama or Andrew: Likewise

[5:11 pm, 09/11/2022] +Smiley face: Hi Thomas, thank you for this short and sharp message!

Majulah!

[5:13 pm, 09/11/2022] +Rama or Andrew: Here here!

[5:15 pm, 09/11/2022] +KL: I think i did suggest to learn from HK airport they charge a more for MTR link to airport portion etc

[5:17 pm, 09/11/2022] +KL: of course u need to do it silently and discretely.

[5:22 pm, 09/11/2022] +Smiley face: Hi KL, good creative thinker! Thank you!

[5:23 pm, 09/11/2022] +Smiley face: Thailand entry and exit airport tax is 1,000 baht.

[5:24 pm, 09/11/2022] +Smiley face: The upshot is that a passenger departing from Changi Airport will pay S$59.20 in airport taxes for tickets issued from 1 November 2022, versus S$52.30 now. This will further increase to S$62.20 from 1 April 2023, and S$65.20 from 1 April 2024.

[5:25 pm, 09/11/2022] +KL: than u add into the MRT potion to earn more lor

[5:25 pm, 09/11/2022] +KL: best is discreet

[5:30 pm, 09/11/2022] +Smiley face: Good idea, KL!

... embedded 'tourist card or 3 days pass'...

[5:31 pm, 09/11/2022] +Smiley face: Indonesia, 

international passengers at IDR 240,000 (USD 16)

[5:33 pm, 09/11/2022] +Ken: Oh? Didn’t know that I just came back from there

[5:34 pm, 09/11/2022] +Smiley face: Hi Ken,

Airport tax embedded inside your Air ticket.

[5:34 pm, 09/11/2022] +Ken: Ah…

[5:34 pm, 09/11/2022] +Ken: Book via company so don’t know

[5:35 pm, 09/11/2022] +Ken: $16 is not really a lot 😅

[5:35 pm, 09/11/2022] +Smiley face: Anymore STRATEGIC assets that can derive additional tax revenues?

Or any grey areas too aka circumventing areas (can Siam areas)

Pls think, thank you.

[5:37 pm, 09/11/2022] +KL: it maybe 3 meal for some ppl

[5:37 pm, 09/11/2022] +Smiley face: When you pay $16, you gets that much of services and facilities at the airport. That's life!

[5:37 pm, 09/11/2022] +Ken: Tourist tax I think is a must.. since we are there to trouble them.. 😅

[5:38 pm, 09/11/2022] +Ken: I am there for work

[5:38 pm, 09/11/2022] +Ken: Not much service as compare to Singapore airport.

[5:38 pm, 09/11/2022] +KL: yes i know cos u say book by company. 😀

[5:39 pm, 09/11/2022] +Ken: $200 there can hire a maid for one month there 😅

[5:40 pm, 09/11/2022] +Smiley face: Hi Ken, bingo!

Thanks

[5:40 pm, 09/11/2022] +Khuan Yew: Calculating a percentage change on a percentage misrepresents the situation. The correct way is to look at the absolute change which is actually only $1 additional GST for every $100 spent.

[5:41 pm, 09/11/2022] +Ken: Also reason why tourist like to come Singapore transit

[5:42 pm, 09/11/2022] +Smiley face: Hi Khuang Yew, well explained!

Thanks.

[5:42 pm, 09/11/2022] +Smiley face: Another full house!

[5:43 pm, 09/11/2022] +Smiley face: Is it possible to differentiate a tourist playing just $2 more for entering the day or the nite zoo?

Would it hurts? Any blind spots?

[5:44 pm, 09/11/2022] +Smiley face: Thinking how to earn extras from our millions of tourists...

Applying KL creative thinking...

[5:51 pm, 09/11/2022] +Ken: Maybe already have just that we don’t know?

[5:52 pm, 09/11/2022] +Ken: Maybe coming here already not cheap..

[5:52 pm, 09/11/2022] +KL: Sg is the only place dont 😀

[5:52 pm, 09/11/2022] +KL: Citizen and toruist play full price

[5:52 pm, 09/11/2022] +KL: Tw and china do have half price for local

[5:54 pm, 09/11/2022] +KL: to be fair Sg tourist ticket is consder x

[5:54 pm, 09/11/2022] +Smiley face: Doesn't matter, increase!

[6:00 pm, 09/11/2022] +Smiley face: Tourism and Incoming family offices are strategic assets...

[6:00 pm, 09/11/2022] +Smiley face: Further strengthen our S$...

"Small bites always win!"

[6:02 pm, 09/11/2022] +Rama or Andrew: Ambhvani family from India opening office here very soon. Supposedly, richest man in the world!

[6:06 pm, 09/11/2022] +Smiley face: Hi Andrew, that's another good news! A highly worth family coming into our economy.

Anymore to say!

Thank you!

[6:08 pm, 09/11/2022] +REACH: Active ageing hub caters to lower-income seniors, teaches them useful skills

👉🏼 https://str.sg/wjjH

[6:12 pm, 09/11/2022] +Smiley face: Watching Indonesia progress, it might become a strategic player, this instance is battery for electric cars of tomorrow!

Australia is next but is too early to foretell how they will play it?

[6:16 pm, 09/11/2022] +Ken: Still building not yet…

[6:16 pm, 09/11/2022] +Ken: I am near the factory area

[6:19 pm, 09/11/2022] +Khuan Yew: I think that increasing GST is an easier approach for the government to raise revenues. However, in this high inflation environment, it shows a lack of sensitivity to the situation of the lower and middle income. 

I would like to see the government consider alternative sources to raise revenue such as reintroducing estate duty. It used to be applicable on assets above $12 million but estate duty was abolished.

Owners of freehold private property enjoy the benefits of good infrastructure (paid for by public taxpayers) and they are able to compound these benefits and keep passing it on to the next generation with no “costs”. Introducing estate duty would help to “extract” such gains and redistribute it to the nation. This would also help to reduce inequalities as the rich get richer through income and asset growth while the lower and middle income mainly grow their wealth from income only. 

I’m not advocating a high estate duty rate but a 5% estate duty on financial assets and real estate would be a good start. It is unlikely wealthy Singaporeans would relocate elsewhere because the income tax and estate duty rates elsewhere are a lot higher.

[6:24 pm, 09/11/2022] ☸️  Danny 心: 

Topic 2 -  Society and Community | 社会与社区

1. a. With runaway supply side inflation (trigger by covid pandemic) - such as global manufacturing lockdown, labour lockdown, global supply chain disruption, energy price spike due to oil drilling, production disruption, global climate, flood, drought that disrupt crop production etc.

b. With demand side inflation - due to impending GST hike, and food stalls, business raising their prices for food, goods and services that price in both supply side and demand side inflation :-

i. Government provision of Budget 2022 $6 billion Assurance fund - can help to cushion the price hike or inflation for a few years.

ii. However the concern is, what will happen after that especially for :-

a. retirees (without income) - that will deplete their savings as prices that have go up will not come down - even though the impact of global supply side inflation may subside after pandemic taper off. Eg. are food prices.

b.low income and middle income group - whereby salary increment may not be able to catch up with the inflation.

2. Budget 2022 have focus on Wealth Tax to ensure social compactness and address income inequaltiy - namely by targeting property such as raising property tax especially on non-owner occupied properties as well as to a lesser extent - owner occupied high-end private properties; increasing tax on expensive cars; as well as raising the personal income tax of the highest end of top income earners.

a. I support the Government effort to redistribute wealth to ensure a fairer society, helping the lower income group and hence ensure a more harmonious and compact society.

b. However, I will like to caution targeting of other wealth tax that may drive away wealthy and enterprising people that intend to settle themselves in Singapore, setup business here and contribute to our Econonmy and create jobs for Singaporeans.

i. GST hike is a good way for our Government to collect more tax revenue from the wealthy - as rich people will pay high price for those premium goods and services they like to buy irregardless of the GST rate.

To the rich, it is a "Win-Win" outcome - because they pay a high price but they perceived to benefit from the goods and services they received.

They don't feel sore unlike a "Win-Lose" situation - whereby they pay but get no benefit.

ii. Higher property tax is also consider a "Win-Win" outcome for the rich, because even though they pay a higher stamp duty, gst, property tax etc - the wealthy will still pay because they possess the asset and they believe the assets will appreciate in values over time.

iii. Likewise for expensive car, the higher ARF is not too high a price for the wealthy people because they get to own the car, use it and is a prestige item to the wealthy.

ii. But other form of wealth tax eg. the Inheritance tax, tax on capital investment such as interest income, dividend, insurance income etc ---- in which the wealthy rely on using their passive income to accumulate their wealth --- will turn off the wealthy to put their money overseas and lead to capital outflow away from our Economy.

Because this will be seen as a "Win-Lose" outcome for the wealthy.

In addition, the wealthy can invest their passive income in overseas Countries that do not levy such taxes - and hence make Singapore less competitive as a financial hub.

Important to note that, recently many wealthy setup home-office in Singapore and transfer big funds into Singapore to help them to accumulate wealth - and as a result benefit Singapore greatly with S$4.7 trillion (US$3.5 trillion) assets under management.

We may trigger the outflow of these assets if we levy the above wealth tax - as such passive income can be invested overseas without such wealth tax.

Our past experience reveals that we collected a meagre sum $153.7 million of estate tax in 2007, the year before it was abolished.

Clearly the wealthy have moved their funds elsewhere - and I can't see how this will help to expand our financial hub and grow our financial sector when wealthy park and invest their passive funds elsewhere - while we collect a meagre sum of estate duty and other passive income wealth tax.

[6:26 pm, 09/11/2022] ☸️  Danny 心: https://www.visualcapitalist.com/migration-of-millionaires-worldwide-2022/

MONEYMapping the Migration of the World’s Millionaires.

[6:30 pm, 09/11/2022] ☸️  Danny 心: 

Wrong tax policy - it will doom our business, investment and our jobs.

[6:33 pm, 09/11/2022] +Rama or Andrew: Anymore on the way once available 👍✋😁😄

[6:34 pm, 09/11/2022] +Smiley face: Raw materials like nickel...

Indonesia is attempting and hoping to add value towards manufacturing than digging for nickel to export.

[6:35 pm, 09/11/2022] +Smiley face: In no time, there MAYBE more than 1,000 family offices into Singapore?

[6:36 pm, 09/11/2022] +Smiley face: Surabaya or Bandung?

[6:36 pm, 09/11/2022] +Ken: Cikarang

[6:37 pm, 09/11/2022] +Ken: It is very toxic to make battery 😅

[6:39 pm, 09/11/2022] ☸️  Danny 心: 

If the super rich move out because of wealth tax - then all Singaporeans low and middle income got to pay even higher GST - double figures to compensate.

Personal income tax bracket got to be lower - means those earning lower income also need to pay tax.

Rich people move out - and it backfire on us.

[6:45 pm, 09/11/2022] +Smiley face: Australia and Indonesia are tied for the highest nickel reserves in the world, each coming in at 21 million MT. While Australia is only the fifth largest nickel producer in the world, with 160,000 MT produced in 2021, Indonesia takes the top spot on that list as well, with 1 million MT of the metal produced in 2021.

[6:46 pm, 09/11/2022] +REACH: Dear Contributors,

⏰ We will be closing the chat in 15 minutes ⏰

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

[6:46 pm, 09/11/2022] ☸️  Danny 心: https://www.straitstimes.com/singapore/politics/parliament-wp-mp-jamus-lim-proposes-wealth-tax-of-05-to-2-per-cent-on-the-richest                                                                               WP MP Jamus Lim proposes wealth tax of 0.5% to 2% on the richest.

[6:46 pm, 09/11/2022] ☸️  Danny 心: 

Everyone think can trust this "economic prof"?

[6:47 pm, 09/11/2022] +Rama or Andrew: I had good impression initially but now in the gutter!

[6:48 pm, 09/11/2022] ☸️  Danny 心: He only theory liao liao.

When come to practical economics, fiscal policy and financial policy - cannot stand up to scrutiny.

[6:52 pm, 09/11/2022] +Rama or Andrew: So, previously working with the world bank and being a member of a certain economic group amount to!?

[6:53 pm, 09/11/2022] ☸️  Danny 心: 

You think some of the developed world economic with 30 trillion debt is a good economic policy or a populist policy waiting to implode?

[6:54 pm, 09/11/2022] +Rama or Andrew: No way!

[6:55 pm, 09/11/2022] +Rama or Andrew: Very dangerous

[6:56 pm, 09/11/2022] ☸️  Danny 心: 

WP fiscal policy is a populist policy - ready to bankrupt us.

[6:59 pm, 09/11/2022] +Smiley face: One more for the road.... good nite and have a good evening!

[6:59 pm, 09/11/2022] +Smiley face: 9 November, 2022

To: All Singaporeans

Turn Back The Clock!

Some five decades ago, one gentleman told his colleague why don't he build more parks? His colleague asked why? This gentleman said,"how do you expect a young man holding his girl friend's hand in a housing board flat!"

- - PM Lee Kuan Yew & Minister E W Barker*, circa 1970

Fifty years today, Singapore is proud to have parks and the latest Gardens by the Bay for all to enjoy!

The next time when you visit any Npark or happens to be at the Gardens by the Bay gazing the clear sky and the gleaming skyline. Do think of this simple yet significant conversation between this two great men.

What more can one say? 

Simply beautiful! Thank you very much!

(* Mr E W Barker was then Minister for MND)

…

[7:01 pm, 09/11/2022] +Rama or Andrew: Agree

[7:03 pm, 09/11/2022] +REACH: Dear Contributors,

We will be closing the chat for today.

Thank you very much for being part of our WhatsApp chat and participating actively.

Goodnight!

Megan 😊

=====