Jamus says scam victims should not bear more than $500 in losses; banks and telcos to bear the rest
In Parliament, WP Jamus Lim suggests that scams victim should not have to bear more than S$100 to S$500 in losses, with banks and telcos bearing the rest of the costs instead. Jamus Lim describes the Monetary Authority of Singapore’s (MAS) loss-sharing framework for phishing scams as “fundamentally unfair”. Under this framework, financial institutions and […]
Singapore is the only non-oil producing country to benefit from our reserves for our annual budget
The most unique thing about Singapore’s finances is that we get a significant amount of money each year from our reserves, that can be spent for the good of Singaporeans, President Tharman said in a Facebook post (8 Jan 2024) This is an outstanding fact, he said. It is outstanding because we are the only country […]
CPF Board responds to online post alleging that interest paid to retirement account is ‘not yours’
A post which contains inaccuracies concerning CPF Life has been circulating online. Here’s a screencap of the post. There are several inaccuracies in the post by Andrew Lee. The CPF Board has since responded to these inaccuracies. First, for a male member aged 69 with a Retirement Account (RA) of $150,000, the monthly payout for […]
Lawrence Wong cautions PSP and WP against pricing Singapore out of competition
One year ago during the budget debate in 2022, the WP suggested that corporate tax be raised in lieu of the GST hike. In particular, WP MP Louis Chua suggested that raising the corporate tax rate to the proposed global minimum effective tax rate of 15 per cent, under Pillar Two of BEPS 2.0, could […]
Why is WP’s proposal to use land sale proceeds a raid on the reserves while using the NIRC is not?
In an exchange on Facebook with Richard Weng, WP Leon Perera asked why the WP’s proposal on using land sale proceeds is considered a raid on the reserves while the Government’s use of NIRC for budget spending is not. The answer to this question is simple and straightforward. The principle of prudence demands that before […]
What Singaporeans say about GST and WP’s proposal to use more NIRC for today
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?
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
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 annually. Unfortunately, the parliament is a poor avenue for treating an important subject that […]
When he fails to convince, he confuses!
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 […]
Why we can’t try to fully offset the impact of global rise in prices with a strong Singapore dollar
Let’s understand why we cannot try to fully offset inflation with a strong Singapore dollar. The rise in prices that the world and Singapore is facing is the result of demand and supply factors and a tight labour market. 1. Demand factor The ease of pandemic curbs has released pent-up demand due to the curbs. […]