Home News GST and electricity bill all set to go up say economists

GST and electricity bill all set to go up say economists

Author

Date

Category

- Advertisement -

An economist from CIMB, Song Seng Wun, predicted that it is only a matter of time before Singapore’s Goods and Services Tax (GST) will go up. he was speaking at the Economic Society of Singapore’s Panel Discussion Forum on post-Singapore Budget 2017 on Feb. 23, 2017.

Today reported the economist as saying:

“I think the fact that we are finally charging a bit more for water after 17 years reflects that somebody forgot it hasn’t been done yet.”
“The fact is that the GST was raised 10 years ago and water tax was (raised) 17 years ago.”

GST was first introduced in Singapore on 1 Apr 94, and was set at 3 percent. In 2003, it was increased to 4 percent and then 5 percent in 2004. The last increase was in 2007 to 7 percent.

The panelist at the forum suggested that any increase in GST will help in Singapore’s social expenditure, which has been on the rise since 2012.

- Advertisement -

Economists have also predicted that the carbon tax introduced by the Finance Minister at the last Budget session was expected to lead to higher electricity prices.

The Straits Times reporting on the new tax quoted economists as saying that it will push up costs for power generators and translate into higher electricity prices for consumers, companies.

“Another key issue with a carbon tax is that it impacts low-income households more, said Professor Euston Quah, who heads the department of economics at Nanyang Technological University. “(But) this can be mitigated through subsidies and lump-sum transfers to the poor,” he noted.”

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Singapore economy posted 0.2% growth on a year-on-year basis: Chan Chun Sing

Singapore — The Singapore economy has begun slowly recovering in the new year. According to the Ministry of Trade and Industry (MTI), based on advance estimates, the Singapore economy grew by 0.2 per cent on a year-on-year basis in the first quarter...

Writer Sudhir Thomas Vadaketh outlines reasons for hope amid 4G succession crisis

Singapore—In a piece for new media outfit thehomeground.asia, writer Sudhir Thomas Vadaketh argues that there are “reasons” for hope in spite of the shock waves the country received last week over the PAP’s leadership succession. Deputy Prime Minister Heng Swee Keat announced...

Ho Ching shares 7 posts by Chan Chun Sing in 15 minutes

Singapore – Temasek Holdings chief executive and Prime Minister Lee Hsien Loong's wife Madam Ho Ching shared nine Facebook posts by Trade and Industry Minister Chan Chung Sing on Tuesday (April 13), seven of them within 15 minutes. Madam Ho, known to be...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent