Home News WP's Pritam Singh on GST hike: Make clear revenue and spending projections

WP’s Pritam Singh on GST hike: Make clear revenue and spending projections

This is so that Singaporeans can properly assess whether the increase in GST is necessary

Author

Date

Category

- Advertisement -

Singapore — In response to a comment by the People’s Action Party’s Chan Chun Sing during an online Mandarin dialogue session broadcast on Zaobao.sg on Thursday (July 2), Workers’ Party chief Pritam Singh has urged the Government to make clear its revenue and expenditure projections for the rest of the decade so that Singaporeans can properly assess whether the increase in Goods and Services Tax (GST) is necessary.

In 2018, the PAP mentioned plans for increasing the GST from the current 7 per cent to 9 per cent between 2022 and 2025.

Mr Chan had previously questioned the WP’s plans to foot the bill for proposals in its manifesto, including its objection to an increase in GST.

Speaking to reporters at a walkabout for Punggol West Single-Member Constituency (SMC) with candidate Tan Chen Chen, Mr Singh said: “The hike is a jump from 7 per cent to 9 per cent and we believe that, number one, the Government has to make clear its revenue-expenditure projections for the rest of the decade before the public can actually make a good assessment of whether the hike is necessary.”

- Advertisement -

He also mentioned that during a parliamentary debate on the planned GST increase, WP Members of Parliament had asked whether there were other possible sources of revenue to be considered.

“Now I think there is a view out there where it is alleged that the WP wants to raid the reserves and so forth. But if we look back in 2006, how much of the Net Investment Returns Contribution (NIRC) did Singapore use? I think it was about S$2 billion at that point,” he said. “Fast forward to today, in about 15 years, they are using about S$17 billion or S$18 billion every year.”

The NIRC refers to the investment returns on Singapore’s reserves which supplement the annual Budget and form the biggest contributor to Government revenue.

“So what happens as society evolves? You have to look at ways of how you can support your people better and address issues that are very central to them, like the cost of living,” he said.

Mr Singh added that introducing Temasek Holdings into the NIRC scheme in 2016 slowed the growth of the reserves.

“So I think those were some of the points that were brought up previously already in Parliament. Even before we talk about what Mr Chan said yesterday, I think these are some of the issues for Singaporeans to think about,” he said. /TISGFollow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Yee Jenn Jong to Goh Chok Tong: Don’t blame social media for fewer people wanting to join politics

Singapore—Standing Tall, the second volume of former Prime Minister Goh Chok Tong’s biography, was launched only last Friday (May 7), but the Workers’ Party’s Mr Yee Jenn Jong is already questioning one of the statements Mr Goh makes in the book. The...

‘Go back, bloody Indians,’ says S’porean man to expat family at Pasir Ris Beach Park

Singapore – A man who repeated he was Singaporean and an NS (National Service) man was spotted accusing an expatriate family of four of spreading the Covid-19 virus in Singapore. A video of the altercation, reported to have occurred on May 2,...

Ho Ching explains to Calvin Cheng why S’pore is vaccinating slowly

Singapore – Information on why Singapore has not been able to vaccinate fast enough was highlighted by former Nominated Member of Parliament Calvin Cheng on social media. Mr Cheng took to Facebook on Sunday (May 9) to share screenshots of a Facebook...
Follow us on Social Media

Send in your scoops to news@theindependent.sg 

Theindependent