What Singaporeans say about GST and WP’s proposal to use more NIRC for today

pay, NIRC, country, future, GST, inflation, Singapore, Singaporeans, tax, unknowns

Taxation is an intrinsic part of nationhood. It is unpleasant for the government. It is also unpleasant for the ones being taxed. But, it is an inevitable necessity. The Workers’ Party has called for more to be used from the NIRC (Net Investment Returns Contribution) instead of a GST hike – as much as 60% […]

GST hike: will Singaporeans rise to the occasion with grit and determination?

Singapore, GST, inflation, challenge, climate, hike, world, care, rise, support

At the IMAS-Bloomberg Investment Conference earlier this year (9 March), SM Tharman Shanmugaratnam talked about the ‘perfect long storm’ that the world has entered, shaped by a confluence of many factors. It is an era of profound uncertainty and fragility. The world has been facing rising prices caused by the pandemic recovery and then exacerbated […]

HDB does not price new flats based on costs: Desmond Lee

land, government, HDB, cost, reserves, value, flat, issue, prices, Singaporeans, fiscal, pay, price, proceeds, run

Minister for National Development Desmond Lee recently gave a good explainer on the issue of land cost and HDB BTO Valuation in parliament. His explanation also covers why the HDB runs at a deficit of a couple or three billion dollars a year. Unfortunately, the parliament is a poor avenue for the treatment of an […]

When he fails to convince, he confuses!

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When will Leong Mun Wai stop wasting the government’s time and focus on the right issues? Some Context Progress Singapore Party (PSP)’s Leong Mun Wai raised an Adjournment Motion during Parliament sitting on 3rd October 2022, to speak about “Ensuring Oversight of Public Expenditures”. Unsurprisingly, it was another attempt to discredit the government. He alleges […]

Did Workers’ Party propose more than one way to dip into strategic reserves?

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Did Workers’ Party (WP) propose more than one way to dip into Singapore’s strategic reserves? Yes they did. WP in fact, proposed 2 ways to dip into our strategic reserves for recurrent spending: direct use of land sale proceeds and increased use of NIRC. Land sale proceeds Singapore’s reserves include physical assets like land. Currently, […]

The world is in for a perfect long storm shaped by a confluence of factors: Tharman

risk, fragility, tharman

The world has entered an era of profound uncertainty and fragility, Senior Minister Tharman Shanmugaratnam said. Speaking at the IMAS-Bloomberg Investment Conference on 9 March 2022, Mr Tharman, who is also MAS Chairman, said investing for the future has become a much more complex game, more complex than it was pre-pandemic, and also more complex than […]

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

spend, goose, land, Singaporeans, future, income, WP, budget, generate, proceeds, well-being, fat, generation, people's, raise, reserves, sale

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 […]

Are there compelling reasons to raise GST?

Are there compelling reasons to raise GST?

Our population is ageing rapidly. By 2030, approximately 900,000 citizens or one in four citizens will be aged 65 and older. For sure, healthcare expenditure will go up. Since the last time the GST was raised in 2007, public expenditure has gone up significantly. Between 2007 and 2019, government spending more than doubled from S$33 […]