Tharman: GST will not be raised for at least another 5 yrs
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By Hasnita A Majid | Posted: 23 April 2011 1606 hrs
SINGAPORE : Finance Minister Tharman Shanmugaratnam has reiterated that the goods and services tax (GST) will not be raised for at least another five years.
Mr Tharman said there is no need to raise the GST as Singapore's budget is in a healthy state.
The GST was last raised from 5 per cent to 7 per cent in 2007.
Mr Tharman was speaking to reporters on the sidelines of a community event in Jurong on Saturday.
He said: "As Finance Minister, I have made that very clear in Parliament that at least for the next five years - it does not mean we will raise it in five years' time - but at least for five years, there is absolutely no reason to raise the GST, because this was the whole idea - we strengthen our revenue base in time. In fact, in the good years before the crisis, it came in very handy in the crisis but it is also going to come in handy in the next five years when we build our infrastructure in health, in infrastructure and we increase our support for the poor.
"Basically, the GST and changes to the constitution have provided us a lot addition to our revenue base. Firstly, it has provided us to react very forcefully during the crisis, it wasn't just the draw on the reserves...we were very fortunate that we made the revenue changes in time so that we could react forcefully to help Singapore through the crisis and now post-crisis, it has helped us to build up our infrastructure, education, health, including continuous education and training.
"That was the original motivation for GST, help the poor more and prepare Singaporeans for the future through investment income, two very solid sources of revenue to help us in the years to come."
Mr Tharman also said that his team is taking the opposition seriously, whether they are well-known or otherwise.
But he said that the People's Action Party (PAP) team has a track record in Jurong, having made many improvements for the elderly, children and low-income families in the last 10 years.
Mr Tharman added that aside from national schemes, Jurong also has its own local schemes that have benefited the residents there, and so residents already know what the PAP can do more and that they can deliver on their promises.
- CNA -
after tt is how?
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loL! i spotted this article b4 you!
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They have other charges to raise after the election.
So, in the case of budget deficit, they will raise the GST.
Please read between the lines.
They will spend a lot this year to cause it to go to deficit.
Who will believe them when it come to cost ?
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If they say they won't raise GST for next 5 years, then I'll also assume they're gonna release some news about the transportation.
SCC increase.
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cigs will be more asspensive
more ERPs erected -
After 5 months raised again. Stand corrected.
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Still have many other taxes to raise, it's not only limited to GST.
They can raise stamp duties, traffic fines, road tax, tobacco, alcohol, petrol, ERP, S&C, water, electricity, etc.
Remember....they only promised not to raise GST for 5 years, that's all.
Still alot of things could go up.
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mebbe need to sell kidney or mortage heart to gov in the end.
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they give $600
later take back 3 times the amt -
Originally posted by FireIce:
cigs will be more asspensive
more ERPs erected
That's a good one......
Slowly downgrade from Marlboro to Next... =(Marlboro --> Next --> LM --> LD --> Break/Score/dice
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Originally posted by FireIce:
they give $600
later take back 3 times the amt
sigh~~~ -
Stupid is the fool who believes a politician's words days before an election.
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They wun raise as long as they dun bother reducing corp tax rate
But wat if they decide to reduce???
Wat has the opp has to say sekali.... you know what I mean
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Originally posted by sbst275:
They wun raise as long as they dun bother reducing corp tax rate
But wat if they decide to reduce???
Wat has the opp has to say sekali.... you know what I mean
You think they will reduce GST?
Are you high on some banned substance or what ?
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Originally posted by charlize:
You think they will reduce GST?
Are you high on some banned substance or what ?
I believe in tax balancing.Thing is, how long can corp tax rate go? Furthermore how much property tax would they want to collect?
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another sweet for you
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Originally posted by sbst275:
I believe in tax balancing.Thing is, how long can corp tax rate go? Furthermore how much property tax would they want to collect?
You want to raid the Singapore Reserves?
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What Tharman is implying is that he is reaffirming the govt's stand all along......
the govt has never promised to fix the rate of GST.or put it another way: -
the govt WILL RISE the rate of GST as time passes.
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yah. not now. later. but later when? and by how much?
GST going down is as possible as me winning Miss Universe. -
Originally posted by FireIce:
yah. not now. later. but later when? and by how much?
GST going down is as possible as me winning Miss Universe. 
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Originally posted by FireIce:
yah. not now. later. but later when? and by how much?
GST going down is as possible as me winning Miss Universe.Tharman the botak promise within five years no increase
after five years sakali goes to 12% .....pienz..... -
Originally posted by FireIce:
yah. not now. later. but later when? and by how much?
GST going down is as possible as me winning Miss Universe.I rank your odds of winning Ms Universe higher than that of GST being reduced.
No, I am not trying to suck up to you.
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Lim Hwee Hua: 'Ideal for women to form one-third of Parliament' http://bit.ly/gk7EZG
maybe my chances of being in the parliament is oso quite high -
They have lost the people faith in them....you can never tell. Once you signed on the dot, you're as good as signing a death sentence