GST from tourists. Why not? In 2019, tourism receipts was $27.7 billion

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Now that our borders are open, tourists will start to come back and we will be able to collect revenue from tourists’ spending through the GST. In pre-COVID time, the bulk of net GST collected came from tourists and foreigners residing here, in addition to high income earners. At least 60% in fact. 19 million […]

Lessons from WP on how to keep the golden goose lean and thin

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The Workers Party (WP) which opposes the GST hike, proposes to raise revenue to fund increased spending in the following ways: Use land sale proceeds to fund budget spending; Increase NIRC ( Net Investment Returns Contribution) from 50% to 60%. Point 1 Currently, proceeds from land sales are already being used – indirectly – for budget […]

Coming Soon: Finance Minister Lawrence Wong to unveil Budget 2022 on 18 Feb

Lawrence Wong

Come 18 February, Finance Minister Lawrence Wong will deliver Singapore’s Budget 2022 statement in Parliament. This will be the first time he will be delivering the Budget statement as Finance Minister, having taken over the portfolio from Deputy Prime Minister Heng Swee Keat last year! Every year after the national Budget is announced to the public, […]

We have to manage our finances in a responsible way: Lawrence Wong

Prudence in Past Reserves- We have to manage our finance in a responsible way

In 1959, Singa­pore won self-governing status from the British, and general elections were held. Dr Goh Keng Swee resigned as a civil servant to contest as a PAP candidate. When the PAP won, Dr Goh became Singapore’s first Finance Minister. He soon discovered that the government was almost broke, and expected a budget deficit of […]

Ease of connectivity, not geography per se that determines economic relations, says Chan Chun Sing

“Historically, geographical distances have shaped economic cooperation,” Education Minister Chan Chun Sing said. “By virtue of Southeast Asia’s geographical position, goods, capital, people and culture have flowed between Southeast Asia and China for thousands of years. Physical proximity was a natural enabler of the development of interdependencies.” But is Geography still Destiny? Speaking at the […]

Singapore is second most attractive city to build data centres: Arcadis

Arcadis Data Centre Location Index 2021 Singapore

The Arcadis Data Centre Location Index 2021 ranked Singapore the second most attractive city to build data centres, out of a total of 50 cities. In first place is the US. Demand for data infrastructure was already sky-high before 2020. The COVID-19 pandemic has led to a massive surge in internet traffic. This is largely […]

Jamus ‘happy as a clam’ when he heard the government’s fiscal strategy

DPM Heng Swee Keat was happy to hear that WP Jamus Lim was ‘happy as a clam when he when he heard that our fiscal strategy reflected a number of elements that he had previously outlined.’ Excerpt from DPM Heng’s round-up speech: I was happy to hear that Associate Professor Jamus Lim was “happy as […]