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Thread: GST set at 4%.. for now

  1. #1
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    Default GST set at 4%.. for now

    GST will be 4 per cent next year. Under the revised plan it will rise to 4 per cent initially and will be further increased to the full 5 per cent only at the start of 2004.

    http://straitstimes.asia1.com.sg/lat...58940,00.html?

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  3. #3

    Default Re: GST set at 4%.. for now

    Originally posted by rochkoh
    GST will be 4 per cent next year. Under the revised plan it will rise to 4 per cent initially and will be further increased to the full 5 per cent only at the start of 2004.

    http://straitstimes.asia1.com.sg/lat...58940,00.html?
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  4. #4
    ClubSNAP Idol Adam Goi's Avatar
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    Default Re: Re: GST set at 4%.. for now

    Originally posted by MrBig


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  5. #5

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    how much gst rebate(tax relief) will we get?

  6. #6

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    Originally posted by maddog
    how much gst rebate(tax relief) will we get?
    Don't count on that. It's going to be very little conpared to what we paid.

  7. #7
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    No one really knows for sure, at this moment, whether the GST raise is a smart enough move or not.

    At a macro level, the govt claims the lowered tax rate will encourage investors to place interest in Singapore. Will it really? No one can tell right now, can we?

    What I do know is that GST in Singapore is much lower than that of other countries. Look at countries like Aus (10%), Western Europe (17%) etc. I won't want to pay taxes like that.

    Anyway, there was a report recently on how the HK govt is digging into its national coffers to tide over this crisis. It'll take them a few years to finish off what they've accumulated over that past decades if they continue to spend this way. Let's hope we will not end up like that.

  8. #8

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    Originally posted by rayman
    No one really knows for sure, at this moment, whether the GST raise is a smart enough move or not.

    At a macro level, the govt claims the lowered tax rate will encourage investors to place interest in Singapore. Will it really? No one can tell right now, can we?

    What I do know is that GST in Singapore is much lower than that of other countries. Look at countries like Aus (10%), Western Europe (17%) etc. I won't want to pay taxes like that.

    Anyway, there was a report recently on how the HK govt is digging into its national coffers to tide over this crisis. It'll take them a few years to finish off what they've accumulated over that past decades if they continue to spend this way. Let's hope we will not end up like that.
    Correct me if I'm wrong but people in Aus and Western Europe command a higher salary than Singapore because of their higher standards of living. Is this caused by a higher tax level?
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  9. #9
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    Based on what limited knowledge I have of these countries. Yes, their tax rates are indeed higher. Much higher, in fact. The last I remembered, taxes in US can go up to as much as 46%. Not too sure what are the tax rates like for Aus and W Europe but quite sure they're much higher than Singapore's.

    One reason for this high tax rate is the fact that many of these countries are welfare states. Which means a huge part of education fees are subsidised, it costs (almost) next to nothing to see a doctor etc etc.

  10. #10
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    I think Aust, UK, US and Japan have higher taxes than we do. While some of them boast of welfare state...free medical care, I still prefer the Singapore system. I was once in a UK hospital but u wld not belief how many hrs I wanted in the A & E just to see the doctor!

    A friend of mine in Sweden pays lots of taxes and also seen our healthcare system, he agreed that ours was miles better even though we have to pay.

    I am not so sure what taxes are used for in these countries, but I guess they do spend quite a bit on defence, education, healthcare plus handouts...

    Honestly, I hope Singapore will not go the way some of these countries have gone, in terms of gradually raising GST to their kind of level, US at least 8%. Same with Australia.

  11. #11

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    Not too long ago, i would not hesitate to tell people that our tax system is much better.

    But after getting to know the nitty gritty details of the US system, where tax can go above 40%. I'm beginning to see certain benefits in their system.

    anyway, dun think we would want to discuss it here..

    no political or religious talks.... hha

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