Will Singaporeans be over taxed?

As increasing or lowering taxes are politically significant decisions, I expected to see some consideration of the PAP’s leadership transition with respect to the timing of an increase in taxes in this Straits Times piece. Raising taxes before a new PAP Prime Minister takes office would allow the new leader to start on a relatively ‘clean slate’, preserving his political capital. Prime Minister Lee has openly stated he is going to hand over power after the next elections. Singaporeans would remember the staggered increase in GST in the lead up to the handover of the Prime Ministership from Mr Goh Chok Tong to PM Lee Hsien Loong from 3% to 4% in 2003 and 4% to 5% in 2004, in spite of the negative economic environment.

The second missing elephant in the room was the glaring omission of any reference to the inclusion of Temasek Holdings in the Net Investment Returns Contribution (NIRC) framework. This constitutional change took effect just last year resulting in around an additional $5b for the Government to spend each year. With the opening of this Temasek tap, even if the primary budget position of the Government reveals a deficit, the overall budget position of the current term of Government is in a state of a very healthy surplus of about $7b already (2016 – $5.91b, with the 2017 position estimated at $1.91b).

This state of healthy overall surpluses does beg the question, will Singaporeans be over-taxed, should taxes go up again?

Singapore Government Fiscal Position in 2017: [ LINK ]

 

* Facebook post by MP Pritam Singh.

 

 

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11 Responses to “Will Singaporeans be over taxed?”

  • pap selected INDIAN president:

    when one makes S$m year in year out like pap Ljs and pap Cbs are paying each other there is no problem at all whatever GST whatever income tax.

    but when one makes median wage S$3,500 p.m. and below, then, there are many problems.

    1st, dollar for dollar, the % paid by median wage earners and below is far larger as a proportion compared with the S$m of pap Ljs and pap Cbs.

    2nd, factually, 70% sheep is the source of the problem. because they allowed pap Ljs and pap Cbs to get away with injustice.

    to expect pap Ljs and pap Cbs to do the right thing is to expect the pap pig to climb trees. it won’t happen.

    the only way to right all the pap wrongs is to have New Government. to investigate pap abuse of power. to investigate pap Ljs and pap Cbs source of wealth. to put those pap Ljs and pap Cbs who have broken the LAW in changi chalet. we know they have broken the law. just that they lie together. that is why INSIDE is not within. that is why an INDIAN is a malay.

    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
    pap can all say INSIDE is not within 200m. we don’t where they learn their england. inside is not within? WTF.
    +++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

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  • JacobAbraham:

    Wait till the carbon tax comes next year. Nobody seems to be agitated by the announced $2-$3 tax per ton of carbon dioxide emitted by the
    power plants. Maybe most people think this will not amount to much. Well think again!

    Singapore produced 48,000,000,000 kWh of electricity in 2014.
    At .572 kg of carbon dioxide per kWh produced, this works out to 27,456,000 tons.
    At $2 per ton, it’s $54,912,000 !! This will obviously be passed on to consumers. Then there are other industries like transport, oil refinery, food and restaurant, etc.
    Eventually you’ll be taxed on your Carbon Footprint!!

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  • Orr Bee:

    But Pritam, it’s the choice of 69.9% voters. They handed the PAP a blank cheque. PAP decides.

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  • N.Jungne:

    There is a wise saying by a great man of PAP, “if he is not inside, he must be outside”.

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  • Wonderfools:

    Pritam Singh, you’re simply politically naive to simply believe 100% of power being handed over in the next couple of years. In fact, this fiction was told years ago, year after year.

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  • Maxchewy:

    Have they lost so much money (billions) through bad investments via GIC and Temasek, that they again need to recoup reimbursement from us the taxpayers? “We invested on your behalf. Bad luck we lost…..so, sorry, you have to pay up. We are just your elected investors. Who ask you to vote (70%) in 2015 for us? “ Might as well take the billions to the STC to bet on the horse-races. Who knows we might even win? Do you depend on luck to gamble-invest away the taxpayers money? Our reserves? How horrible and sad for Singapore, don’t you think so?
    MC
    28.11.17

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  • Change We Must:

    The Net Investment Returns Contribution (NIRC) from Temasek Holdings is our CPF money. They should be distributing those money to the CPF fund instead of just paying 2.5%.

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  • Harder Truths:

    Even if you have no means to earn a living you have to pay taxes.

    Every basic product you need to survive is already costed for taxation and maximum profit to government and supplier.

    Plus GST, COE etc. etc. all make sure NO ONE can escape even though you may starve in the meantime.

    Truly we live in a Swiss Standard of Dying…

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  • No more chances:

    2018 GST raised by another 2%..staggered stages of 2 years.
    So by end 2020 we daft peasants will be paying 9% gst on almost everything we purchase under this SG sun.
    CHA CHING! CHA CHING! CHA CHING ! CHA CHING! CHA CHING!
    (sound of cash registers taking your hard earned pennies is music to these pappies).

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  • Rabble-rouser:

    @ Pritam Singh:
    People living in S’pore were already being overtaxed:
    1. WEALTH TRANSFER SCHEMES
    - COE is a wealth transfer scheme;
    - CPF’s 2.5% return is another wealth transfer scheme;
    - Compulsory Land Acquisition Act is yet another wealth transfer scheme;
    - HDB flats are yet another wealth transfer scheme.
    2. STEALTH GOVT REVENUE MEASURES
    - Liquor & smokes subject to prepaid tariffs – that why it’s the highest in the world;
    - Imported cars need to have their import duty prepaid onshore ie. S’pore cars are so expensive;
    - ERP is a toll road fee but over multiple point on the same stretch of road – DUH?;
    - HDB resale levy is capital gains tax by another name. But why penalized public housing dwellers while exempting private property owners who gain capital gains tax exemption?;
    - Retirement housing re: 2-room flexi is a form of estate tax on the retirees. Short-term lease; onerous sale condition; no subletting yet high HDB selling price on pro-rata lease basis & on a psf comparison makes it a clear that retirees are paying an implicit death estate tax on their no-choice HDB housing;
    - Land price is so expensive due to a host of hidden fees, levies & charges. Eg. Enbloc Sales eats up a lot of beneficiaries windfall re: redevelopment charges, lease reset levies & a host of levies, fees & hidden charges;
    - S’pore cost of living are very high due to GLC/NTUC/Stat Board dominance over the domestic economy – uncompetitive market structures eg. Cartel pricing, profiteering & rent-seeking activities.
    Clearly Pritam Singh need to understand more about the S’pore Economy & PAP’s stealth revenue schemes!

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  • Human Pyramid of fools:

    Dun worry. They have been painting a rosey wage increment picture . This will make the peasants feel the tax hikes and new taxes are justified.

    The human world is a pyramid.

    This is what guarantees how the world works.

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