Reasons for Raising Tax

At this moment, there are only two main reasons I can see for PAP’s intention to raise tax.

One, the unreliable investment returns from Temasek Holdings and GIC due to their past risky bets made in 2008 financial crisis. At most half of the investment returns from our SWF could be put into PAP government’s annual budget.

However, from various “External” news sources, it seems that the types of huge risky portfolios from TH and GIC are not performing well. Some have suffered extraordinary losses. Sovereign Wealth Funds are not supposed to be dominated by high risk portfolios. But due to the misjudgment and mismanagement of investments since 2000, the portfolio of our SWF, especially TH, has become highly volatile. We could hear about tens of billions losses in one year and the with tens of billions of gains the next. This is totally undesirable and it is not what SWF should end up with.

When the investment return from our SWF becomes unstable with great uncertainties, there is no way to have good budget planning. Thus, the only way is to “play on the safe side” by raising taxes to deal with the uncertainties. By PAP’s Kiasu Kiasi logic, it is better to have more budget surpluses when investment returns from our SWF soars during good times, instead of great “Malu” deficits when our SWF failed to give substantial returns.

The second reason is due to the economic structure which PAP has built upon for the past decades. They have relied heavily on providing great tax incentives to MNCs to make Singapore their Regional or even Global HQs. Corporate Tax rates for these MNCs could be as low as 5%, as long as they registered their global or regional profits here in Singapore.

Thus, PAP made Singapore the “tax havens” for MNCs, enjoying CHEAP EASY tax revenues from them even though these are at a low rate.

However, Trump’s Presidency has started to change the game rules. Broadcom has decided to shit their “HQ status” back to US. What does that mean? It means that although there might not be any “physical shift” of operations from Singapore to US, but through complex transfer pricing, majority of its Global’s profits will be shifted and registered in US instead of Singapore.

It means that PAP government will lose the 5% tax on the huge profits Broadcom and those MNCs making such similar moves.

The impending raise of Tax by PAP government has ABSOLUTELY nothing to do with higher amount of money they are giving out as social welfare to the poor or such. It has nothing to do with money well spent on Singaporeans but basically due to a bloated administration which chose to pay itself and its cronies hefty income and profits via various government contracts (remember that over $400K of “Consultancy fees” for a small rubbish dump?) but face with two diminishing income with great uncertainties.

It is due to their mistake in putting up high risky bets via our SWF as well as the flaws in their Economic strategy of “tax havens-rent seeking” nature which was basically destroyed overnight by Trump administration.

So cut out the bull shit of raising tax or GST is good for the poor. That’s basically dishonest mis-selling of a bad policy due to bad management.

 

Goh Meng Seng

 

 

 

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25 Responses to “Reasons for Raising Tax”

  • Titiana Ann Xavier:

    The PAP government has caused Singapore’s economy to be in deep shit. The huge losses and the state’s revenues weren’t keeping up with expenditures. Instead of raising taxes, the government should cut back on unnecessary spending and prioritise the use of existing funds to the most critical needs. The taxes that the PAP government imposed ends up taking much needed cash away from the have-less rather than the have-lots. Kudos to GMS for speaking up for the masses.

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  • JacobAbraham:

    What about the carbon tax next year? Surely you cannot fault that – after all, it’s for a good cause, save mother earth!!!(Sic)

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  • Lye Khuen Way:

    Agree, Mr Goh about the reasons and all the Bullshit about more social spending and infrastructure spending are just excuses.

    If it was really more social and infrastructure spending, there is ample resources to fall back upon.

    Chris Kuan had written about NRIC (Net Reserves Investment Contributions) which could be changed from current 50 % to say 80% in a jiffy since the Ruling Party has more than enough MPs.

    We have been hearing of our almost yearly Budget Surplus. What’s stopping us from planning for much less Surplus?
    Incidentally, what the coverment reported to Parliament is not the same as what the IMF received as our Budget Surplus amount.

    Readers can read up Mr Leong’s writings. I need only mention that our Land Sales every year us not considered by our coverment as revenue.

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  • Bapak:

    With 70% agreed to all their bs how daft can we be.

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  • Trust only myself:

    Still guessing?
    What is the purpose of putting “reliable” people as AG, president, etc. etc……if not to hide huge losses of taxpayers’ money.

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  • Tom lee:

    The goondu 70%, not only you will not see your CPF at 65 you will now have to pay higher taxes. Happy planning your Retirement!

    … and don’t keep your HDB for too long. It losses it’s value at 40 years old and it’s downhill all the way. Happy Retirement 70%

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  • oxygen:

    @ Goh Meng Seng,

    I HAVE READ OF CYBERSPACE NEWS OF OUR SWFs LOST BILLIONS in a single year, but I have YET and would LIKE to hear of they making TENS OF BILLIONS of realized gains in a year – at least in the last 10 years past. In investment world, paper gains are fictional wealth but paper (unrealized) losses are in practically reality ACTUAL LOSSES but not transacted either because no buyers, no buyers available to take all stocks at last market transacted price or buyer quoted way below the last transacted price for miniscule size bid impossible for SWFs to exit. They are as good as dead losses.

    One good example is GIC substantial shareholding stake in Australian uranium miner, Paladin Energy Ltd. Trading in the shares of Paladin is now suspending pending restructuring of its debt-laden finance with strong likelihood that it will end up in liquidation. GIC, last known to hold over 70 million shares, at average price exceeding 80c per share. It is a huge paper loss but a question is when that is to be written off as real loss? What about TH investment in Pavillion Energy which bought a US$1.3 billion into 20% stake in an offshore Tanzanian gas project in 2014?

    http://www.pavilionenergy.com.sg/news_channel_asia_14Nov13.php

    It is a white elephant. What value to attach to this investment which no buyer would take it from TH’s hand anywhere near US$1.3 billion, maybe not even $20 million now. Political sovereign risks have imploded in Tanzania.

    https://www.cnbc.com/2017/10/12/reuters-america-update-2-barrick-gold-sees-drop-in-production-as-tanzanian-troubles-drag.html

    Goh Meng Seng:However, from various “External” news sources, it seems that the types of huge risky portfolios from TH and GIC are not performing well. Some have suffered extraordinary losses. Sovereign Wealth Funds are not supposed to be dominated by high risk portfolios. But due to the misjudgment and mismanagement of investments since 2000, the portfolio of our SWF, especially TH, has become highly volatile. We could hear about tens of billions losses in one year and the with tens of billions of gains the next. This is totally undesirable and it is not what SWF should end up with.

    In reality, volatility in asset pricing is a norm in financial market. It separates the smart fund manager and the DUD.

    Investors posted solid returns even if they bought just as financial crisis erupted 10 years ago

    https://www.cnbc.com/2017/08/09/even-if-you-bought-just-as-the-global-financial-crisis-erupted-10-years-ago.html

    If our SWFs also earns 10% per annum, DO WE NEED TAX INCREASE?

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  • rukidding:

    TAX those Foreigners further !!!!

    You think to keep this place safe is “Free” meh ????

    Who will be those that are “expected” to “Counter Attack” any Terrorist attack ????

    Full Time Policemen and Soldiers meh ????

    Don’t think so…..must be our poor NS Boys ( from Ordinary Citizens family….definitely not those white horses Sons )

    Nothing is FREE….so in return for all the SECURITY…pse pay for the “peace of mind”. ( especially PRs and F/ts )

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  • ours r outwitted all the time:

    oxygen:
    I HAVE READ OF CYBERSPACE NEWS OF OUR SWFs LOST BILLIONS in a single year, but I have YET and would LIKE to hear of they making TENS OF BILLIONS of realized gains in a year

    This isn’t going to happen anytime soon, not with those rote-learning exam-smart but robotic minds running the show in SG.

    It is one thing to spend insane amount of time to master the textbooks to regurgitate them to excel in the exams, but another to possess wits. real wits or true intelligence, not self-proclaimed intelligence based on exam grades.

    For playing the stock market is a zero sum game. You either outwit the other party, or they outwit you.

    Alas, ours have been outwitted all the time.

    Nobody is going to off-load the stocks if they have confidence in the future of their holdings or think will make a bundle. Now, when they know the going is gonna get rough, well, they now know who to seek. Those gullible self-claimed (exam-smart) brains running our administration and GLCs. Easily outwitted. To off-load the duds, and often at a premium price.

    The irony is that ours unintelligently think they can outwit the oppoosite party, those insiders who knew when they had to run (or stay).

    paper (unrealized) losses are in practically reality ACTUAL LOSSES but not transacted either because no buyers, no buyers available to take all stocks at last market transacted price or buyer quoted way below the last transacted price for miniscule size bid impossible for SWFs to exit. They are as good as dead losses.

    That is how those multimillion dollar salaried and insanely bonus awarded bumps running GIC and Temasek have been left carrying the babe (duds). And write off billions of our hard-earned tax dollars and CPF savings.

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  • oxygen:

    @ ours r outwitted all the time:

    OF COURSE, OURS GET OUTWITTED ALL THE TIME – the track history cannot be refuted. PAPpys’s fake meritocracy rely on instant tree cultivation of volunteerism of ex-military generals and admirals with no commercial experiences but book-scholarly outstanding – as if like Christmas tree bought from Walmart and grow in the living room

    ours r outwitted all the time: It is one thing to spend insane amount of time to master the textbooks to regurgitate them to excel in the exams, but another to possess wits. real wits or true intelligence, not self-proclaimed intelligence based on exam grades.

    PAPpys might find it interesting that this self-made multi-billionaire has got some realistic practical perspective of what is real “talent” and “valuable skills assessment and its potential” in the real business world. Here you go.

    Richard Branson says he looks for these 2 things in employees

    Richard Branson: It’s a shame that people shut down ideas because they’re worried about being crushed by people who are supposedly better educated than them,…This is all about fear of failure. In my opinion, entrepreneurial drive beats a fancy degree anytime….I never judge people by their education and qualifications,…The first thing we look for at Virgin when hiring new staff is personality, which always wins over book smarts or job-specific skills — the latter can be learned. We also give a lot of weight to experience….Time and time again I’ve seen people with a broad employment history and skill set who aren’t an obvious fit for a particular role bring a new perspective to a position and become incredibly successful.

    https://ca.finance.yahoo.com/news/richard-branson-says-looks-2-010000523.html

    IN OTHER WORDS, DEGREE AND SCHOLASTIC ACHIEVEMENTS COUNT FOR SH*T – 50 years of fake meritocracy coded as volunteerism and camouflage by cronyism and nepotism led us to this standstill of OUR ECONOMY MAXED OUT and the Committee for Future Economy could only come up with this recommendation – WE DON’T KNOW WHAT TO SAY OF THE WAY FORWARD.

    I will say this – IF REAL TALENT CAN BE HUNTED DOWN AND GROOMED TO SUCCESS – it NEVER EXISTED IN THE FIRST PLACE.

    If the contrary is true of hidden talent, that talent would have shined to high heaven and been seen, not searched for to be DISCOVERED.TALENT HUNT AND POLITICAL/GROOMING via GRC backdoor etc are FAKE & propaganda fiction fed to peasants.

    That is why WE ARE FAILING BADLY.

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  • ours r outwitted all the time:

    Norway’s Sovereign Wealth Fund Hits $1 Trillion:

    https://www.forbes.com/sites/niallmccarthy/2017/09/22/norways-sovereign-wealth-fund-hits-1-trillion-infographic/#6d00631483c9

    Earlier this week, it was announced that Norway’s sovereign wealth fund surpassed the $1 trillion mark for the first time, driven by climbing stock markets and currency shifts.

    Temasek and GIC lose when stock markets climb because they missed the boat. And lose when stock markets tumble because they were caught carrying the babe.

    Brilliant indeed. We have the best (world class) education system in the world. Our education system churns out the most number of straight A’s scholars per sq. km. in the world.

    If only our education system also produces witty minds.

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  • CronLEEism:

    But most Singaporeans never question and feel obliged to believe.

    Ruled by fear.

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  • COMMON SENSE:

    Dont forget every yr the PAP gagmt collect from LAND SALES about $10-12 BILLIONs and this amt is not include in the BUDGET,but into a special fund,
    WHY NOT USE THIS AMT TO FUND SOCIAL SPENDING AND INFRUSTRUCTURE SPENDINGS,
    BUT COME OUT WITH IRRATIONAL REASONS TO RAISE TAXES.
    TKS TO 70% of VOTES, PAP GAGMT CAN DO WHAT THEY LIKE.
    YOUR AND MY VIEWS ARE USELESS,AND IRREVELANT TO PAP GAGMT….and get shot down by PAP regime and its cronies and internet brigades.
    WHAT THEY DO IS TO FORCE WHATEVER REASONS THEY GAVE U DOWN OUR THROATS.
    WHAT U NOW SEE IS NOTHING SHORT OF AN AUTOCRAT GAGMT BENT ON DESTROYING WHATEVER DEMOCRACY TRAITS THAT REMAINING HERE.
    SEE SOCIAL ACTIVISTS ONE BY ONE ARE CHARGED..FOR VOICING SOCIAL INJUSTICES.
    I HOPE U HAVE WAKEN UP TO SEE REALITY WHAT OUR COUNTRY HAVE DESCEND TO.

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  • oxygen:

    @ ours r outwitted all the time:

    MATE, IT IS NOT JUST FOREIGNERS OUTWITTED OUR SWFs all the time. I have a compelling apprehension that WE OUTWITTED OURSELVES most of the time.

    Why?

    Let me explain below.

    ours r outwitted all the time: For playing the stock market is a zero sum game. You either outwit the other party, or they outwit you. Alas, ours have been outwitted all the time.

    Take a look at Temasek Holdings 2016 Annual Report. I am befuddled as to its asset portfolio allocation and the fuzzy illogic implied of decision choices made – a STAGGERING 29% of investible funds is invested in LEE-jiapore & another 40% is in Asia, ex-Singapore (in reality Chinese banks). Now just reflect this incomprehensible risks/return balancing – SGP is the most globally exposed economy and its GDP is less than 0.5% of global economic pie in GDP terms. For the same GLOBAL RISKS EXPOSURE to technology, geopolitical and financial market risks, TH’s lopsided weighting in investing in SGX-listed stocks must mean we are investing in a mere 0.5% of opportunities space in exchange for 100% of the global risks.

    I DON’T THINK this is the most clever investing paradigm.

    For 100% of global risks exposure, I want exposure to exactly 100% of global opportunities. Therefore instead of investing in LEE-jiapore, I would want those billions invested in GLOBAL OPPORTUNITIES like FANG stocks like Facebook, Apple, Netflix,Ten Cent, Alibaba, Microsoft, Biogen, ExxonMobil, Alphabet, Barrick Gold, Samsung, BHP, even Rio Tinto.

    https://www.marketwatch.com/story/what-1000-invested-in-15-popular-stocks-before-the-great-recession-looks-like-now-2017-11-20

    Way back in 2002, just after Sgp emerged from its worst recession since 1964, PAPpys seek our diversification to developing global footprint. TH was mandated as it corporate mission statement to spearhead our Sgp drive abroad.

    https://www.bloomberg.com/news/articles/2017-11-29/singapore-s-boring-businessmen-discover-the-fun-of-risk

    After massive losses in 2008 GFC, this global thrust of TH was SILENTLY DROPPED. By 2016, it is 29% funds invested in LEE-jiapore and WORST STILL, 40% in Asia, ex-Sgp, mostly in Chinese banks. We found out banks are the worst investment post GFC – too many counterparty risks and Chinese banks even deeper in that sinkhole. Chinese banks are not market-oriented but OBEY POO YI command from Beijing – riddled with bad loans from State-owned behemoths and shadow banking.

    LEE-jiapore missed the digital-driven economy. Chinese banks are ambulance stocks.

    We outwitted ourselves, right?.

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  • oxygen:

    GOH MENG SENG, PAPpys promise of tax increase tells me two things.

    IT CONCEALS AND CAMOUFLAGES the fact and reality that our SWFs have been UNDER-PERFORMING for too long.

    IT ALSO CONCEALS AND CAMOUFLAGES the fact and reality that our economy BADLY UNDER-PERFORMING at least since 2002. The NIRC (net investment return contribution) suction pump draining away returns from our SWF (together with other tax revenue from our economic base) to fund budgetary balances is unable to fund those development expenditures of infrastructure costs (hara kiri cow told Parliament that we are always short of cash to fund MRT lines). That means our population economics are below sustainable pathway trapped in negative returns. The exaggerated GDP growth statistics DOES NOT HAVE AN ECONOMIC BASE yielding enough taxes to fund govt spending in keeping pace of accelerating population base – THAT MEANS TROUBLE NOW AND AHEAD.

    Remember these facts too. Past Tense told the nation in Jan 2010 – we grew the last 5 years solely by importing foreign labor i.e. zero indigenous growth, zero productivity growth to drive economy and tax collection SINCE 2005.

    Present Tense told the nation

    - in 2015, our economy MAXED OUT i.e. grinding to a screeching halt

    - in 2016, restucturing has failed

    - in 2017, the Committee for Future Economy says we don’t have a prescription of the way to move forward i.e. like TPL’s famous utterance – I DON’T KNOW WHAT TO SAY.

    In 2017, Tharman told a New Dehli conference – our foreign population influx (i.e. eat-and-sh*t) economy is BOTH POLITICALLY AND ECONOMICALLY STUPID.

    The proposed tax increase will fund this EAT-AND-SH*T unsustainable economic driver of foreign influx – it is self-devouring of consequences. More foreign influx means more MRT lines, health care and other infrastructure spending to beautify a FAKE ECONOMY AND GDP GROWTH STATISTICS forward of an economic growth illusion or self-delusion.

    WHO PAYS FOR THIS SELF-DECEPTION ECONOMY?

    The peasants, of course – most likely GST increase – more capital gain tax ( higher HDB resale levy) more delayed CPF withdrawal and ever escalating CPF minimum sum (back door tax and theft of peasants retirement money), sewage tunneling tax of don’t know where rocks is harder(hilarious reminder of our eat-n-SHITTING economy with even higher foreign influx)

    Keechiu told us NO DISCONTINUITIES of govt policy from the 4th generation of future leaders i.e. more of the same PROVEN FAILED COLLAPSING ECONOMIC MODEL AND A FAST SOCIALLY DISINTEGRATING SOCIETY.

    70% of the daft too stupid to even begin to discover they are stupid to impossibility, the other 30% will just have to grit their teeth.

    It is democracy.

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  • Rabble-rouser:

    @ Goh Meng Seng:
    My thoughts exactly! It’s b*ll-sh*tting by the PAP! But your “second reason is due to the economic structure which PAP has built upon for the past decades ie. great tax incentives to MNCs to make Singapore their Regional or even Global HQs.” which left out the significance of China’s OBOR that is designed to exclude S’pore. Two points to consider:
    1. SHIFTING GEOPOLITICAL FACTORS
    The 2 largest economies in the world (THE USA – cancelled TPP, reshoring eg Broadcom; CHINA – OBOR exclusion, possible trade diversion) are tightening the noose on S’pore’s existance. China’s OBOR drive will further affect S’pore’s geographical & trade positioning – trade routes will be re-routed to bypass S’pore en-route for China’s bigger & more liquid consumer market while favouring those ports whom pivot to China. S’pore will face the possibility of trade deviation (higher shipping cost) as well as a climate change from high food price competition from a richer China with a greater volume of trade to food suppliers. Read below artice & see the map;
    http://www.zerohedge.com/news/2017-12-01/caucasus-balkans-chinas-silk-roads-are-rising
    S’pore are being squeezed out of the global food market by economic giant, China. Look at how the Chinese caused Shark’s Fin to be banned from the restaurant menu. Now they have developed a taste for the durian – there isn’t enough M’sian durians around to fill China’s growing appetite.
    https://www.bloomberg.com/news/articles/2017-11-28/the-fruit-that-smells-like-gym-socks-is-skyrocketing-in-china
    2. THREAT OF WAR IS COMING
    And US President Trump constant cage-rattling of North Korea fat-boy dictator Kim Jong-Un has the ulterior motive of onshoring more US corporate manufacturing investments to avoid supply chain disruption in North Asia. If war breaks out on the North Korean peninsula – 90% of the world’s manufacturing productive capacity is at risk ie. China, Japan, South Korea & even Taiwan.
    And his re-twittering of UK’s far-right party comments are destabilizing overseas Muslim communities everywhere. The global electorate shift to the Far right is coming & anti-immigration sentiment is rising.
    What’s it gotta to with S’pore? Er! We’re right in the epicenter. And property prices are subjected to stability & safety factors – & immigration.
    And the end result of bad economics, poor geopolitical factors and social upheaval will be a system collapse.

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  • State secrets:

    Government reserves, GIC and Temasek Holdings are state secrets and are treated as such. Only LHL, Ho Ching and a few others are in the know. Anyone who shows interest in such funds are wasting their time and are in danger of falling foul of the OSA. Whatever info the G discloses about the state of such funds are what the G wants you to know. Nothing more. Just like the missile base. It is a tightly kept secret

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  • Ong PC:

    To: Rable Rouser

    1. China’s OBOR initiative will have some effect on Singapore but not a lot. The ports and pipelines financed and built by China are to facilitate its oil & gas imports from the Middle East. Manufactured goods will be little affected. Singapore is an excellent geographical trade location and the OBOR initiative won’t change that.

    2. There will be no war. Donald Trump is a very smart businessman. He don’t want war. He just want to sell more weapons to US allies Japan & South Korea. So the electronics manufacturing capacity in North Asia will not be affected.

    Finally, even if anti-immigrant sentiment is rising globally, this is not true in Singapore. We continue to have welcoming attitude to immigrants. And even if the flow of immigrants to Singapore slows, our property market will not be much affected because Singaporeans (not PRs or foreigners) remain the biggest property buyers and when we buy, we don’t sell easily. Coupled with the fact that our land supply is so limited, property prices will remain strong.

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  • so that we cannot find out:

    State secrets:
    Government reserves, GIC and Temasek Holdings are state secrets and are treated as such. Only LHL, Ho Ching and a few others are in the know. Anyone who shows interest in such funds are wasting their time and are in danger of falling foul of the OSA. Whatever info the G discloses about the state of such funds are what the G wants you to know. Nothing more. Just like the missile base. It is a tightly kept secret

    Keep State funds a secret and only known to a few persons so they can indulge in their gambles and lose, and pilfer and rob and pay themselves lavishly at will? So that we, the citizens, cannot find out?

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  • oxygen:

    Ong PC

    IRRATIONAL RANTS OF IGNORANCE yet again below.

    Ong PC: The ports and pipelines financed and built by China are to facilitate its oil & gas imports from the Middle East.

    China don’t need to build & finance ports around the Indian Ocean fringes for gas import. Qatar is huge gas producer but Down Under (NW Shelf) is bigger and some projects is mothballed now, so is Canadian hopeful gas export to China. Oil is fungible, gas has to be compressed into LNG, shipped via specially constructed LNG tankers to specialized terminals at destination and for consumption within China,distribution pipelines has to be constructed. Witness how many huge recent gas discoveries off Tanzania, Egypt, Israel, Brazil all in cold freezer of white elephants. The ports built and financed by Chinese money is for far bigger trade consideration than just oil and gas. The biggest user of oil is TRANSPORTATION, never in power generation (too expensive). EV production eliminating internal combustion engines is slowly strangling marginal oil production around the world. Have you noticed platinum in catalytic converters is falling in prices but silver, nickel, cobalt and lithium is in demand? China is NOT building ports abroad for oil and gas BUT TO CUT SHIPPING COSTS. OOR is another cost cutting strategy. Arctic shipping is shaping up to climate warming change.

    And with blockchain technology, the trade sector dependent on banking services in foreign trade is also corroding. Old concepts of banking, financial and trade centres are eroding relevance in a digital transforming world. Hong Kong, Singapore, even London will lose its prominence as trade/financial centres. IT IS FAR MORE DISTRIBUTED NOW OR GOING TO BE SOON. With the loss of its so-called strategic centre, WHO IS SHIPPING perishable food to Sinkieland EXCEPT EXPENSIVELY?

    Ong PC: And even if the flow of immigrants to Singapore slows, our property market will not be much affected because Singaporeans (not PRs or foreigners) remain the biggest property buyers.. Coupled with the fact that our land supply is so limited, property prices will remain strong.

    Please explain these empirical contradictions. MAS said this

    https://www.bloomberg.com/news/articles/2017-11-30/singapore-property-prices-vulnerable-to-rising-supply-mas-says

    and foreigners – the price setters – lost this kind of money in waterfront property.

    https://sg.yahoo.com/finance/news/why-resale-property-suffered-highest-075000552.html

    WHO IS BLUFFING??

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  • oxygen:

    @ Ong PC,

    MATE, DO I TAKE IT THAT YOU POSTED A LOT OF NONSENSICAL AND/OR IRRATIONAL RANTS in TRE is because you are profoundly worried about your falling property values in sinking LEE-jiapore. If you are, you can’t change the fundamentals by simply talking it up your fictions of self-delusions. The fundamental facts speaks for themselves of realities exertion inescapable.

    Ong PC: Finally, even if anti-immigrant sentiment is rising globally, this is not true in Singapore. We continue to have welcoming attitude to immigrants. And even if the flow of immigrants to Singapore slows, our property market will not be much affected because Singaporeans (not PRs or foreigners) remain the biggest property buyers and when we buy, we don’t sell easily. Coupled with the fact that our land supply is so limited, property prices will remain strong.

    MAS, as I pointed out in the foregoing thread, warned of impending further downside price vulnerabilities – DESPITE your much ALMOST DIVINE worship of true fact that land is limited – THIS IN FACT IS A BIG NEGATIVE to future value of property in LEE-jiapore which I shall explain soon.

    First, as MAS warned – interest rate is rising, but slowing of foreign influx undercut rentals – a chunk of property owners will be caught in distressed mortgage risking desperation or even forced liquidation sale of failed mortgage. Aging demographic and digital transformation hitting banks and other brick-mortar economy of ours, Trump’s America first, OBOR are cancerous killing cells of rising unemployment and/or stagnating wages in the making – IT IS IRREVERSIBLE tsunami rolling in because PAPpys lived on SEX, water, fresh air & Rhetoric economic of fiction admitted to be MAXED OUT and Tharman call our foreign population influx BOTH POLITICALLY AND ECONOMICALLY STUPID. KeeChiu told us 4th generation leaders all sleeping in the cosy comfort of their fortified well-paid bunkers of NO CHANGE to avoid DISCONTINUITIES – oblivious that these discontinuities are the evidence result of FAILED POLICIES that PRESENT TENSE/THARMAN ALREADY KNEW ABOUT.

    HARAKIRI COW BEATS THEM ALL of confessions – always short of cash for MRT and volunteering meritocracy have thoroughly screwed up this country.

    AND YES, LAND IS LIMITED, YOU ARE FIACKING RIGHT ON THIS ONE!! Can’t expand horizontally, so EXPANDS VERTICALLY. How about jammed sewerage pipes and collapsing MRT transport after EXPLODED POPULATION? An economy dead,massive unemployment and traffic gridlock worst than Bangkok, WHO IS PAYING FOR YOUR EXPENSIVE OVER-INFLATED PROPERTY??

    STUPID OR NOT??

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  • oxygen:

    @ Ong PC,

    MAS PROPERTY COOLING MEASURES and its most recent warnings of property value vulnerabilities to supply imbalance over demand shortfall is CLEVERLY SILENT of its awareness that those who bought/speculate on property at its peak and soon after 2012 (and voted for PAPpys in 2015 General Election) are both WRONG AND STUPID. These greedy insanity lot IGNORED global/financial market turbulence since the GFC.

    Investors are underestimating global risks, MAS warns

    https://www.theedgesingapore.com/investing/investors-are-underestimating-global-risks-mas-warns

    The world is awashed in debts worst than pre-GFC, when the tsunami of tide change direction, a LOT GONNA BE DROWNED beyond hope of rescue.

    Read more here of MAS’s warnings, NOT MINE!

    http://www.mas.gov.sg/news-and-publications/speeches-and-monetary-policy-statements/speeches/2011/asia-no-room-for-complacency-keynote-address-by-mr-ravi-menon-md-mas-at-the-paris-europlace-financial-forum.aspx

    Play with the devil, the devil will play with you till you gone to TERN SUA to join him.

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  • oxygen:

    GMS, PAPpys reasons for raising tax IGNORED DISCLOSING THE REASONS in substance that it ADDS NOTHING to national income. Why I say this?

    In economics, aggregate expenditure (AE) is a measure of national income where

    Aggregate expenditures is defined as : AE = C+Ip+G+NX,

    C = Household Consumption
    Ip = Planned Investment
    G = Government spending
    NX = Net exports (Exports − Imports)

    https://en.wikipedia.org/wiki/Aggregate_expenditure

    Here is the compelling clue. Silly HARAKIRI COW told the House of the Most Expensive But Mostly Useless Decorations that MOT is always short of cash to fund INCREASINGLY EXPENSIVE MRT. In other words, working and deriving from the Keynesian economic definition,PAPpy is planning to DECREASE the C (via increase tax) to lift the G (via increase spending on infrastructure etc).

    HOW DOES THAT ADD TO national income AE in equal offsets except self-delusion economics of wealth creation?

    IT IS WEALTH RE-DISTRIBUTION. TPL stupidly tells voters that the new tax increase like GST is to help the poor. This I-DON’T-KNOW-WHAT-TO-SAY is either moronic of expression or lying, more likely lying I would say. Does she meant that PAPpys chiat-pa-ah-neh-eng (idle & carefree) got nothing better to do than to tax the peasants to give back money to peasants again WHEN THE MRT DEBACLES keeps silly Penang HARAKIRI nightmares of sleep deprivation reducing his lifespan forward for every 5 years to 2 years?

    Me thinks – KEE CHIU is at least subtle of oblique truth telling – PAPpys won’t change its delusional economic model of FOREIGN INFLUX desecration of our infrastructure decay and disintegration. The 4th generation of leaders in waiting agree – comically – as the oppressed submissive peasants acquiescene as well.

    So the rationale for tax increase – NOT DISCLOSED BY PAPpys is – FLOOD LEE-jiapore with even more foreigners, besides more eats, it also generates

    - more SH*T, so more tax on sewerage pipes and tunneling infrastructure

    - more money spending on MRT and other infrastructure like health care

    as the way of PERENIALLY INCREASING the G in the national income equation BY REDUCING THE C of existing population.

    In simple language, make the present generation pay for future population explosion and create a FICTITIOUS ECONOMIC illusion of economic growth and wealth concealing the realities that

    - it is SINKING

    - it has no way out of this quagmire of sinking otherwise.

    YOU CANNOT TAX PEASANTS TO BANKRUPTCY AND ADDING TO NATIONAL WEALTH – this is what PAPpys won’t tell voting (but 70%) daft Sinkies too stupid to even begin to discover they are stupid to impossibility.

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  • Ali baba:

    Wither cpf.

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  • How Not To Increase Tax...:

    1. Lower Ministers’ Pay

    2. Reduce Budget for Ministries as they are many wasteful spending (e.g spending so much to built a refuse collection point). Those faulted by Annual AGO Report to face reduction in Budget or else no point conducting audit!

    3. FTs to pay more levies.

    4. No need to pay so much for a ‘wayang’ President.

    5. More tax for those drawing S$Millions

    6. Parking Charges for parking in Govt buildings and Army Camps, Police and CD Academies (to deter car ownership).

    7. Families with two cars or more to pay even more for parking/road tax.

    8. Cut down unnecessary spending by Peoples’ Association

    9. Residential Centres to be reduced (too many)to cut costs.

    10.Reduce govt spending on Chingay, F1, National Day Celebrations, etc

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