Category Archives: Taxation

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 National Reserves or Total Govt Assets: S$1.7 trillions.It is official.S$1 trillion is outdated.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

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

Budget 2018 and the future…going forward

Posted on March 24, 2018 by tankoktim

Budget 2018 and the future, going forward. What will give way? What will exhaust first between taxation and national reserves in a fast declining population, and a fast aging workforce? Can both continue indefinitely? ——— The proposed 2% point GST … Continue reading →

Posted in Budgets 2018, etc., Government, Govt's Budget, National Reserves, Politics, Taxation | Tagged , , | Leave a comment

Governing by public donations not by taxation; Which country will be the first? Will there be inflation if Govt spending is zero or paid by public donations? Countries in the red, bankrupt; Printing money to repay debts; Interest rate hike; G7 countries will review corporate tax rates to discourage MNCs from shifting profits to low-tax jurisdictions;

Posted on March 5, 2018 by tankoktim

======== . How many countries are in the red, bankrupt? When a country cannot obtain loans to spend, is print the solution? =======. Biden calls meeting on debt ceiling, as US to run short of cash June 1, 2023. US … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, Economy; Perfect Economic Storm? When?, Government, Govt's Budget, Inflation and Rising cost of living, International Politics, Super Power Politics; Trade and Tariffs Friction;, Lee Kuan Yew's Legacy [His life 1923-2015], Nation Building, Politics, Social issues, Socialistic Policies, Taxation, World Peace | Tagged | 2 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

‘Millionaire’ Singaporeans; how to be the No. 1 Hub: to attract 10,000 world richest billionaires to red dot? Pandora Papers – tax evasion; Investing or speculating on the stock exchange; The rich and poor Singaporeans – who can afford what? Who can plan their retirement to live comfortably with no financial anxiety? How many Singaporeans have S$30,000 net cash in their bank accounts? Financial advisers – are they themselves multi billionaires/millionaires?

Posted on May 30, 2017 by tankoktim

======= . Be the next Hub: How to attract and encourage some 10,000 world richest multi-billionaires [not millionaires] to bring their wealth and take up residence in Singapore? Can we aim for the next Hub: A Billionaire Hub? What can … Continue reading →

Posted in Business & Finance, Cost of Living & Retirement Adequacy, CPF, Economy; Perfect Economic Storm? When?, Food & Drinks; hawker centres; foodcourts;, Government, HDB Public Housing; affordability; EIP policy; and resale prices;, Nation Building, National Day Rally - new policies and strategies, National Reserves, Politics, Population, Properties, Security, Social issues, Socialistic Policies, Taxation | Tagged , | Leave a comment

S$778 per month for the destitute : based on the 2016 Budget; Revised in 2019; What is the amount now, the revised latest figures based on the current Budget? Will the WP MPs ask the minister in Parliament for the latest figures? Or, will the MSM journalists ask for it? Where to seek help under the Destitute Act Chapter 78? Who can offer the help and how? Seoul homeless: photo below;

Posted on April 3, 2016 by tankoktim

.. ========= .   . Who is eligible for govt’s public assistance under the Destitute Act Chap 78 [please see copy of the Act below]? What are the terms and conditions of eligibility under the Act? The link to public … Continue reading →

Posted in Budget 2016, Budgets 2018, etc., Cost of Living & Retirement Adequacy, Fate, Destiny, Accidents & Coincidence, Food & Drinks; hawker centres; foodcourts;, Government, Govt's Budget, GST Rebates, Labour, Minimum Wage; PWM and WIS in Singapore's wage policies, Politics, Silver Support Scheme, Social issues, Socialistic Policies, Taxation | Tagged , , , , , | 3 Comments

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

National Reserves and the sale of state land; Future generations – how much National Reserves do they need?

Posted on June 13, 2015 by tankoktim

=========== . In 2003 I wrote: Future generations have to stand up, work hard, build on the infrastructures that they inherited and maintain them well like we do today for the next generation. It is the gumption, the moral ballast … Continue reading →

Posted in Cost of Living & Retirement Adequacy, CPF, Government, Lee Kuan Yew's Legacy [His life 1923-2015], National Reserves, Politics, Population, Productivity, Social issues, Socialistic Policies, Taxation, The Govt listened and implemented my ideas and feedback | Tagged | 4 Comments

Higher ABSD wef 16th Dec 2021 and 26th April 2023, and more cooling measures; The ‘99-to-1’ loophole to avoid paying ABSD? 35% ABSD on Living Trust; foreigners have to compete in the top-end property market and not in HDB public housing; URA want feedback on next 10-year plans; Conservation of pre-war buildings; Paya Lebar Airbase for redevelopment; Have laws for developers of condo [like having bicycle parking bays, and car park lots] to provide lockers in public and carpark areas, hidden wiring and piping for installation of bidet; What is Govt’s role to avert chaos in property market? Have mortgage tax as another form of wealth tax on the rich;

Posted on November 25, 2014 by tankoktim

========== . It is all about money. It is one of the best form of wealth tax, an indirect tax and I hope the tax collected will be best used for the sake of the lower income groups and the … Continue reading →

Posted in Cost of Living & Retirement Adequacy, Government, HDB Public Housing; affordability; EIP policy; and resale prices;, Lee Kuan Yew's Legacy [His life 1923-2015], Media and freedom of the press; Movies, TV serials; Entertainment;, Nation Building, Properties, Singapore in 1960s, Socialistic Policies, Taxation, Transport | Tagged , , | 1 Comment

Why PM’s salary and ministers’ salaries so high, total some S$50m? How to depoliticise it? Salaries are up for 5-yearly review; From May 2011 and 2017, PM is paid S$2.2m annually; President: S$1.54m; Should PLCs pay S$50m by payroll tax or donations to pay ministers’ salaries? Can all the PLCs afford to pay S$50 million per year in total? WP said that they want only S$25m; Don’t use general taxation or the GST to pay them; Paying it by PLCs [not by Singaporeans] will attract less political pressure and dissatisfaction, and lessen politics of envy on the high pay issue;

Posted on March 28, 2014 by tankoktim

========== . How to depoliticise the S$50m? Solutions? WP has declared in Parliament that they can do the job for half the amount, S$25m. Will 25 be better than 50 in reducing the political pressure by half? Will reducing it … Continue reading →

Posted in Budget 2014, Business & Finance, Corruption, Economy; Perfect Economic Storm? When?, Government, Govt's Budget, Lee Kuan Yew's Legacy [His life 1923-2015], National Day Rally - new policies and strategies, Politics, Socialistic Policies, Taxation | 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

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

MediShield Life – if not pre-funding what is the solution?

Posted on November 21, 2013 by tankoktim

MediShield Life Fund [in page 72 of the MediShield Life Review Committee Report released on 27 June 2014]: Premium Pricing Principles and Reporting of the MediShield Life Fund Our Committee also reviewed and discussed the premium pricing principles and approach … Continue reading →

Posted in Cost of Living & Retirement Adequacy, Government, GST, Medical & Health, MediShield Life mandatory medical insurance, Politics, Social issues, Socialistic Policies, Taxation | Tagged , , , , | Leave a comment

Our Singapore Conversation has completed – what's next to prepare for GE 2016?

Posted on August 15, 2013 by tankoktim

Has the OSC identified the SWOTs for red dot to plan ahead? 2015 will be our 50th year.  What will be in store on the 100th year for Singaporeans? First, I hope the Govt will embrace the original socialist values … Continue reading →

Posted in Cost of Living & Retirement Adequacy, 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, Politics, Population, Social issues, Taxation | Tagged , , , , , | 2 Comments