Category Archives: GST

Budget 2024 – S$131.4 billion – was presented in Parliament on 16Feb2024; National Reserves S$1.73 trillions as at 31st March 2023; Budget 2022 presented on 18 Feb 2022; Budget 2021on 16Feb2021;

Posted on January 5, 2021 by tankoktim

. ====================. . National Reserves or Total Govt Assets: S$1.7 trillions.It is official.S$1 trillion is outdated. National Reserves or Total Govt Assets as at 31st March 2019: S$1.174 trillions. It was S$1.732 trillions as at 31st March 2023. Grown by … Continue reading →

Posted in 14th Parliament. GE 10Jul2020, Budgets 2018, etc., Business & Finance, Cost of Living & Retirement Adequacy, Economy; Perfect Economic Storm? When?, Government, Govt's Budget, GST, Politics, Social issues, Socialistic Policies, Taxation | Leave a comment

2020 Unity Budget – my 34 suggestions. Total Assets of Singapore as at 31st March 2019 were S$1174b. 2020 Resilience Budget. 2020 Solidarity Budget.

Posted on January 17, 2020 by tankoktim

2020 Budget Speech by MOF Heng in Parliament on 18th Feb 2020  [see copy below]: 2020 Budget has S$109 billion spending in total.   It is called Unity Budget 2020 due to the COVID-19 pandemic. The 2020 Budget has a … Continue reading →

Posted in Budgets 2018, etc., Business & Finance, Cost of Living & Retirement Adequacy, CPF, Government, Govt's Budget, GST, GST Rebates, National Reserves, Politics, Social issues, Socialistic Policies, Taxation | Tagged | 1 Comment

2019 Budget – my 28 suggestions

Posted on January 10, 2019 by tankoktim

2019 Budget  – my 28 suggestions: I hope MOF Heng Swee Keat will include one or two of my suggestions in the 2019 Budget, which will be announced in Parliament by him on 18th Feb 2019. What will be the … Continue reading →

Posted in Budgets 2018, etc., Business & Finance, CPF, Government, Govt's Budget, GST, Medical & Health, MediShield Life mandatory medical insurance, Minimum Wage; PWM and WIS in Singapore's wage policies, Politics, Population, Properties, Silver Support Scheme, Social issues, Socialistic Policies, Taxation, Transport | Tagged | Leave a comment

COL – CDC vouchers and rising cost of living – Govt special Assurance Package S$800 payment to each adult in Dec 2023 with fewer criterion; The Govt has listened; S$500 in Dec 2022, and S$200 Assurance Package; CDC voucher of S$300 per family on 3Jan2023; how to keep hawkers’ costs down? Inflation – Singapore paid S$8 billion more for LNG import in 2022; Rising COL – we have PWM, WIS, MW and LQS; Reduce COL or reduce income gap with MW? MW will drive COL up, not down; WIS and PWM are far superior than MW; Factors that caused COL to rise – cost of state land accounting; public housing; COE; cost of utilities; basic food and daily necessities; transport, medical costs, etc;

Posted on August 14, 2018 by tankoktim

============== . Assurance Package: 2 million Singaporeans to receive Seniors’ Bonus and MediSave cash payouts in February 2024 The payments are part of the suite of Assurance Package measures previously announced in Singapore’s Budget 2022. Timothy Kang ·Finance Producer Updated … Continue reading →

Posted in Cost of Living & Retirement Adequacy, Economy; Perfect Economic Storm? When?, Education; What is Complete Whole Person Education?, Energy, Clean and Green Electricity, Food & Drinks; hawker centres; foodcourts;, Government, GST, GST Rebates, Hawker Food -Top Favourites, HDB Public Housing; affordability; EIP policy; and resale prices;, Inflation and Rising cost of living, Labour, Medical & Health, Minimum Wage; PWM and WIS in Singapore's wage policies, National Day Rally - new policies and strategies, PG and CHAS, Politics, Productivity, Silver Support Scheme, Singapore in 1960s, Social issues, Socialistic Policies, The Govt listened and implemented my ideas and feedback, Workfare income supplement; Progressive Wage Model | Tagged , , , , , | 8 Comments

GST rate increase; NTUC FP’s 1% discount on 500 essential items; GST Rebate Vouchers; Govt will raise the 7% GST to 9% in two equal tranches – to 8% on 1stJan2023 and 9% on 1stJan2024; S$200 more in GST – or 2% on S$10,000 spending; Demagogues will make a song and dance on the S$200 or S$18 per month.

Posted on June 28, 2018 by tankoktim

=========== . .NTUC  FP will offer 1% discount but not increase the discount from 7% to 9%.  It is better than not at all.  It has listened to public feedback somewhat: FairPrice to offer 1% discount on 500 essential items … Continue reading →

Posted in Cost of Living & Retirement Adequacy, Food & Drinks; hawker centres; foodcourts;, Govt's Budget, GST, GST Rebates, Taxation | Tagged | Leave a comment

Have a Sales Tax on expensive goods? Can any government policy eradicate poverty or the income gap? Govt working on ensuring basic retirement needs met; How? Solutions? Income inequality a long-term social issue and concern; In UK, talk about redistributive measures like higher direct income taxes on the rich, sparks fury from the right; Should the government reinstate estate duty tax to reduce inequality? Or, have wealth tax – that could cause “Wealth Flight”? A deterrence: 35% ABSD on Living Trust;

Posted on June 1, 2018 by tankoktim

======= . How to take money from the rich [tax the rich] to benefit the poor? We already have indirect consumption tax on cars and properties. We should go further by having indirect consumption tax on other expensive goods. I … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, Education; What is Complete Whole Person Education?, Government, GST, HDB Public Housing; affordability; EIP policy; and resale prices;, Politics, Properties, Social issues, Socialistic Policies, Taxation | Tagged , , | 6 Comments

Sales Tax on expensive goods? High direct income tax will cause ‘Wealth flight”; How GST works and functions? Should POFMA be thrown at the demagogues? GST hike, 2% points: one on 1Jan2023 and the other on 1Jan2024; Make the hike acceptable by having 713? 7%+1%+3%? Have a 3% Sales Tax on expensive goods and equipment; Both PAP and the opposition are not ready as yet politically to have a Sales Tax. Why?

Posted on March 3, 2018 by tankoktim

==================. Have a 3% Sales Tax in 2028?GST above 9% not the long-term solution.Time to ask the Govt to pass the Law for this now, and why? . Sales Tax on the rich on expensive goods will not be a … Continue reading →

Posted in Budgets 2018, etc., Business & Finance, Cost of Living & Retirement Adequacy, Government, Govt's Budget, GST, GST Rebates, Minimum Wage; PWM and WIS in Singapore's wage policies, Politics, Social issues, Socialistic Policies, Taxation, Workfare income supplement; Progressive Wage Model | Tagged , , | 3 Comments

2018 Budget: What are the big items…MOF Heng’s Budget Statement

Posted on February 23, 2018 by tankoktim

The Singapore Finance Minister Heng Swee Keat’s 2018 Budget Statement is at the foot of this post [please see below]. —————— Many did, and the GST guesstimate was right: Two %. But the expected date of implementation was way off, … Continue reading →

Posted in Budgets 2018, etc., Govt's Budget, GST | Leave a comment

Budget Store; NTUC budget FairPrice Shop for the lower-income group started operations in 2016; Do we Remember NTUC Welcome Supermarket in the 1970s?

Posted on July 16, 2016 by tankoktim

The Govt listens…NTUC and NTUC Fairprice listen too….to public feedback on the Budget Stores. The wait has not been in vain though NTUC FP took more than three years [2014-2016] and with a change of chairmanship at the helm last … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, GST, Social issues, Socialistic Policies, The Govt listened and implemented my ideas and feedback | Tagged , | 2 Comments

GST issues – some demagogues refuse to see and understand how GST functions and works; No GST on GST; Not all the learned, the politicians and the well-heeled commentators know that there is no compounding factor in the GST system;

Posted on April 2, 2016 by tankoktim

======= . Not many know how the GST system works, and the GST law, including even some MPs in Parliament from the speeches they made on GST. Solutions? IRAS’s director of GST should give a talk to all the Cabinet … Continue reading →

Posted in GST, GST Rebates | Tagged | Leave a comment

GST – why more SMEs should register with IRA? GST registration threshold has been set at $1 million of annual turnover; GST Tax laws and changes..;

Posted on February 12, 2016 by tankoktim

======================= . Forum: GST registration threshold remains adequate PUBLISHED MAY 18, 2022, 2:00 AM SGT in ST Forum. We thank Mr Tan Yong Sang for his letter, “Time to review annual turnover threshold for GST registration” (May 12). The goods … Continue reading →

Posted in Cost of Living & Retirement Adequacy, GST, GST Rebates, Taxation | Tagged , , , | 1 Comment

GST & the GST Rebate System. How it works? GST wrongly charged on fees for 18 government services – Govt making refunds;

Posted on February 12, 2016 by tankoktim

========== . GST charged on the affected transactions ranged from below $1 to about $1,500. PHOTO: BT FILE Tham Yuen-C Senior Political Correspondent UPDATED FEB 14, 2024, 04:21 PM in Straits Times. SINGAPORE – At least $7.5 million in goods … Continue reading →

Posted in Business & Finance, Government, GST, GST Rebates | Tagged , , | Leave a comment

MW: Minimum Wage Policy; WIS: Workfare Income Supplement; PWM: Progressive Wage Model; Universal Basic Income; LQS – Local Qualifying Salary; Minimum income standards; Basic Living Standards; Should MW be given to all – the locals, all foreign workers, and foreign domestic helpers? WP wants MW of S$1300 for locals only; Cleaners’ wages to rise yearly over six years from 2023;

Posted on August 30, 2015 by tankoktim

============ . Raise low end wage levels… how? MW? Or, PWM and MIS? The rich, powerful, learned, with 5Cs, and some with deep grudges champion for the poor, but do they put their money where their mouths are? More on … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, GE2020 on 10th July 2020; and one year later;, Government, GST, Labour, Minimum Wage; PWM and WIS in Singapore's wage policies, Politics, Productivity, Social issues, Socialistic Policies | Tagged | 9 Comments

Retirement adequacy – a long-term concern? How to top-up CPF for Gig workers/the 20% lower-income groups? Will the Govt have the political will to have policies that stand in good stead for us to be an inclusive society? How to have socialist policies for the sake of Singaporeans’ well-being; All about money; More should be done when we are hit by an economic storm;

Posted on March 16, 2015 by tankoktim

========== . Retirement adequacy for the poor [the 250,000 or the 25% at the base of our society] must be one of the top social issues to be discussed and addressed. How it should be addressed and why? What are … Continue reading →

Posted in Budget 2015 - new policies?, Cost of Living & Retirement Adequacy, CPF, Economy; Perfect Economic Storm? When?, GE2020 on 10th July 2020; and one year later;, Government, Govt's Budget, GST, HDB Public Housing; affordability; EIP policy; and resale prices;, Inflation and Rising cost of living, Medical & Health, MediShield Life mandatory medical insurance, Minimum Wage; PWM and WIS in Singapore's wage policies, MRT, National Day Rally - new policies and strategies, National Reserves, PG and CHAS, Politics, Silver Support Scheme, Social issues, Socialistic Policies, The Govt listened and implemented my ideas and feedback, Transport, Workfare income supplement; Progressive Wage Model | Tagged , , , | 2 Comments

My 2015 Budget Wishlist – Good governance needs good policies

Posted on May 27, 2014 by tankoktim

Good policies for the sake of the people?  What should the Govt have in the 2015 Budget? I would like to suggest that the Govt consider and implement the following socialist policies in the 2015 Budget. It will be a … Continue reading →

Posted in Budget 2015 - new policies?, Cost of Living & Retirement Adequacy, CPF, Education; What is Complete Whole Person Education?, Government, Govt's Budget, GST, HDB Public Housing; affordability; EIP policy; and resale prices;, Medical & Health, Minimum Wage; PWM and WIS in Singapore's wage policies, MRT, Social issues, Socialistic Policies, Transport | Tagged , , , | Leave a comment

GST – My letter in three newspapers in 2014 on direct income tax vs GST; Is income tax a better tool than GST for wealth redistribution? Should we increase GST from 7 to 8 percent and then gradually to 10 percent, and lower the direct income tax rates?

Posted on March 1, 2014 by tankoktim

================= . I wrote to the MSM in 2014: quote: On this Friday, 21 Feb 2014, Deputy PM and Minister for Finance, Mr Tharman Shyanmugaratnam, will deliver the FY2014 Budget Statement in Parliament at 3.30pm. Will there be increase in … Continue reading →

Posted in Budget 2014, Cost of Living & Retirement Adequacy, GST, GST Rebates, Taxation | Leave a comment

The loopholes in taxation? Cause of wealth flight, brain drain and talent flight? GST or Direct Tax on Earned Income – which is better?

Posted on February 17, 2014 by tankoktim

========= .  The loopholes? Properties of the rich, and taxing them higher in property tax? Is there a loophole? How will it be taxed if each property is owned by a private company owned by the rich tycoon? He can … Continue reading →

Posted in Budget 2014, GST, GST Rebates, Taxation | Leave a comment

2014 Budget – My wish list

Posted on January 29, 2014 by tankoktim

  2014 Budget – My wish list Posted on January 29, 2014 by tankoktim AAA] NATIONAL PRODUCTIVITY FUND 2014 Budget – Productivity is the buzzword but what should be done? $2 billion was provided in the newly set-up National Productivity Fund in … Continue reading →

Posted in Budget 2014, Cost of Living & Retirement Adequacy, Government, Govt's Budget, GST, Medical & Health, Productivity, Transport | Tagged , , , , , | Leave a comment

GST – regressive tax?

Posted on December 31, 2013 by tankoktim

GST – is it really a regressive tax?Is GST regressive when we have GST Voucher Fund? The Govt gives GST rebates to the lower-income group from the GVF. Is GST regressive when tourists and foreigners have to pay when they … Continue reading →

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GST Vouchers – GST Voucher Fund – is the distribution equitable?

Posted on December 6, 2013 by tankoktim

GST Voucher Fund: . The Singapore Government has set aside SGD3.6bn (USD2.9bn) in the 2012 Budget [Fund approved in Oct 2012, came into operation on 1 Feb 2013] for the first five years of the implementation of the GSTV Fund, … Continue reading →

Posted in Government, GST, GST Rebates, Taxation | Tagged , | Leave a comment