Results 1 to 3 of 3

Thread: Hope for 'generous' budget!!!

  1. #1
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Exclamation Hope for 'generous' budget!!!

    Singapore to unveil budget for 2008 fiscal year on Feb 15
    By Asha Popatlal, Channel NewsAsia | Posted: 28 January 2008 1641 hrs

    SINGAPORE : Singapore will announce its national budget for the fiscal year of 2008 on 15 February, in a parliamentary seating.

    Analysts say they expect the government to announce measures to help Singaporeans cope with inflation and the higher cost of living.

    In December 2007, consumer prices rose 4.4 percent over the previous year, touching a 25-year high in the Republic's history.

    For the whole year, the Department of Statistics said inflation was up 2.1 percent.

    It attributed the increase partly to the 2 percentage point hike in the Goods and Services Tax in July.

    Health care cost surged 4.1 per cent, accounting for the biggest change to the Consumer Price Index.

    However, analysts expect the economy to be on track to reach the government's growth forecast of 4.5 percent for the year 2008. - CNA/ch

  2. #2
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Default Re: Hope for 'generous' budget!!!

    By Loh Chee Kong, TODAY | Posted: 29 January 2008 1416 hrs

    SINGAPORE: Following Singapore's buoyant economic performance last year, pundits are expecting a "generous" Budget and their wish lists include cuts in personal tax rates, the abolishment of estate duty, rebates to offset the higher costs of living, and more money from employers to support the greying workforce.

    Budget Day will fall on Feb 15, the Parliamentary Clerk announced yesterday.

    Citigroup economist Kit Wei Zheng believes that the "bulging Government coffers" suggest "ample fiscal space" to tackle the soaring rate of inflation, which hit a 25-year high late last year.

    He said that the Government's fiscal 2007 Budget assumptions were "overly conservative, under-estimating revenue and overestimating expenditures". Instead of a primary fiscal deficit of $640 million projected, Singapore posted a primary fiscal surplus of $8.6 billion in the first half of the year.

    "On hindsight, the 2-percentage-point hike in the Goods and Services Tax may have been unnecessary, or could have been delayed or staggered," he said.

    Expecting the Government to cut personal tax rate for high earners, which would "go some way" in maintaining Singapore's edge as an attractive place for top global talent, Mr Zheng said there could also "be a case for larger cuts in the lower and middle-income brackets", who had been hit by economic restructuring between 2002 and 2006.

    He also expects the employers' CPF contribution rate to be restored to 16 per cent, a move that would raise the inflow of funds "to offset the erosion in purchasing power of CPF savings from higher inflation".

    The corporate tax rate stands at 18 per cent and Ernst and Young's head of tax Pok Soy Yoong and corporate tax partner Ang Lea Lea urged the Government to refresh the tax incentives regime beyond merely lowering the tax rate.

    Already low tax rates are "fast eroding the perceived effectiveness of many of these incentives in the minds of the investors". They said: "When the tax savings is at most 3 per cent, the investor would wonder what the fuss is all about."

    Mr David Sandison, Pricewaterhouse-Coopers' tax partner in Singapore, said: "What is really needed is some enhanced fiscal support for employer-sponsored pension schemes".

    These would "not only help fill the increasingly widening pension gap, but also go hand-in-hand with Singapore's aim to be king of wealth management in Asia", he said. TODAY/ar

  3. #3
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Default Re: Hope for 'generous' budget!!!

    Feedback exercise for 2008 Budget to close on Friday
    Posted: 30 January 2008 1240 hrs

    The pre-Budget 2008 Feedback Exercise will close on Friday (1st February 2008).

    The Finance Ministry says this exercise was launched in October last year to gather public views on how the Budget can meet the needs and aspirations of Singaporeans.

    Finance Minister Tharman Shanmugaratnam will deliver the Budget Speech for the Financial Year 2008 in Parliament on Friday, 15 February 2008.

    Members of the public can log on to the Singapore Budget website to view the Budget Speech.

    The delivery of the Budget Speech will also be telecast "live" over Channel NewsAsia and on 938Live.

    The Finance Ministry would also like to hear the public's views on the initiatives announced in the Budget Speech.

    The post-Budget 2008 Feedback Exercise will open on 15 February at 6pm for the public to provide their views on Budget 2008.

    The feedback channels are :

    the Online Feedback Portal, SMS through REACH at 9-SPEAK-UP (9-77325-87), fax at 6332-7435, phone at 1800-226-0806 (toll-free) from Mondays to Fridays from 0830 - 1730 hrs or mail to Ministry of Finance, 100 High Street , #10-01 The Treasury, Singapore 179434 (Attn to: Budget 2008 Feedback). - CNA/ch

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •