It's true that income taxes will be lowered with the GST increasing.
However, it is unfair to those that are not earning enough to be taxed. They will be paying for the increased GST but they don't have to pay tax, in the end, they get no savings from the govt at all. In a nutshell, the rich will get richer and the poor will still remain poor.
This new scheme is to attract foreign investment to Singapore. Will it suceed? It leaves much to be seen. :dunno: