GST: Should be the very last Resort

Singapore government wants to raise GST when inflation is running from high to higher?! Looks at USA government, to control inflation, the Fed is planning to raise interest rate even at the expense of stock market.

Singapore government wants to raise GST when the country is still suffered from Covid uncertainties?!

Singapore government wants to raise GST when GDP growth is strong? But isn't GDP is a wrong yardstick to use? Shouldn't we use median income growth instead?

Singapore government wants to raise GST when our country reserve is growing at record speed?! Temasek grew its portfolio value by 24.5% from S$306b to S$381b in FY21, or S$75b, more than the S$50b we drew from reserve to combat Covid. While GIC is not as transparent as Temasek, CNA reported that GIC's annualized real return at highest since 2015 in its FY21.

Singapore government wants to raise GST despite our land sales income is strong, and it goes straight into reserve instead of funding our operating budget?! HDB is paying $3b in FY21 to Singapore Land Authority while URA and JTC did not disclose such amount but URA is likely to be higher than HDB as it involves private housing and commercial lands in CBD area.

Singapore government wants to raise GST despite we are using only up to 50% of Real Return from our reserve? Assuming our gross return is 5% and inflation is 2%, real return is only 3%, and we are only using 50% of 3%, or just 1.5% out from the 5% gross return. In FY21, Temasek return was 24.5%!

Singapore government wants to raise GST before exploring other alternatives? GST is highly negative to low income family vs Income tax. If we earn S$20k per year, guess we have to spend almost 100% of our income, and at 9% GST, it means we will be paying 9% tax on 100% of our hard earned income? While the guy who earns S$200k, he probably can save S$100k, and thus he is paying only 4.5% on GST.

Singapore government wants to raise GST, in the time of covid uncertainties, when inflation is running from high to worst, at the time when our reserve is growing at record speed, highly conservative use of investment return, and our land sales income is strong(Singapore government is not transparent to disclose annual land sales income)??? 

Let's ask our government not to hike GST in the upcoming budget to be announced in Feb 2022.

 

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