View Full Version : GST - All discussions on SG Goods & Service Tax
created this thread for all to discuss about GST. Tong tong, start! :p
Because of GST, pity the old people that they need to work for more years to save to pay more taxes in the form of GST! Need to pay as long as they live! Even died already also need somebody to pay GST for your coffin & funeral! :doh:
created this thread for all to discuss about GST. Tong tong, start! :p
doing a research report/thesis on gst is it... gst is good. spend more, payore. apend less pay less.
Isn't earn more pay more tax the only fair tax in this world? Otherwise how to explain all countries have income tax but Not all countries have Goods & Services Tax?
Also, for all countries that have so called GST, Singapore is the only country where basic necessities are not exempted from GST. That tells very much about what you mean by "fair". If really fair then these countries will not need to exempt basic necessities from GST, & rack in much more tax revenue in the process.
Also, it is estimated that if these countries remove exemption of basic necessities from GST, they can reduce their GST to 7% & income tax to 20%, same as Singapore, yet still have all the social benefits that SG don't have.
doing a research report/thesis on gst is it... gst is good. spend more, payore. apend less pay less.
"Raise GST is to help the poor" :money-faced1:
no offend uncle....you cannot compare us with other develop country, why?
Because we do not have any resources other than our work force. Earn more is not a crime. Why should they pay more, they will also ask the same question like you. Two sides of a coin.
our garmen is not perfect, they make mistakes. but if you ask me, i think GST together with our current tax system is working fine. any change in tax will also affect the corp world. And do you know how much of our work force is dependent on MNCs? whenever there is a change in tax system, our garmen has to ensure that those MNCs will not make any changes too. if not, it is very diff to attract them back.
frankly, im not rich, but i dont feel a pinch on GST maybe because i dont spend too much on grocery in supermarket or something like that. your consumption pattern plays an important part.
just my opinion. :2cents:
dont tell me you are retired and no longer paying income tax...:o if you really feel the pinch then i can say that you must be RICH.....:p
Isn't earn more pay more tax the only fair tax in this world? Otherwise how to explain all countries have income tax but Not all countries have Goods & Services Tax?
Also, for all countries that have so called GST, Singapore is the only country where basic necessities are not exempted from GST. That tells very much about what you mean by "fair". If really fair then these countries will not need to exempt basic necessities from GST, & rack in much more tax revenue in the process.
Also, it is estimated that if these countries remove exemption of basic necessities from GST, they can reduce their GST to 7% & income tax to 20%, same as Singapore, yet still have all the social benefits that SG don't have.
Isn't earn more pay more tax the only fair tax in this world?
The Tax system always favor the rich otherwise everyone will be at the Beach look at the wave everyday.
Regulators
19-05-13, 16:42
I will suggest removing gst from essential household items, public utilities and commercial property.
You need to tax as much as you can, then those who cannot make it offer them some help. Don't go to the Greece for help about tax.
Yes man, tax the rich earners as much as you can isn't it, but why are they not doing it? Not willing to increase their own income taxes? :beats-me-man:
You need to tax as much as you can, then those who cannot make it offer them some help. Don't go to the Greece for help about tax.
The_Way_I_See_It
19-05-13, 22:46
I will suggest removing gst from essential household items, public utilities and commercial property.
Agreed. Poor man's item like rice, sugar, utilities bill, polyclinic charges, dead man services should not be gst-ed.
Fully agreed! Removing GST from essential household items, public utilities and commercial property to help those who are not working like Housewife/children/retires and prevent the Business from incurring additional operating costs like Utilities/commercial rental cost. By doing so, impact of these operating costs resulted from GST will not affect those SMEs. As you may know, SMEs' business are the major employers in Singapore and thus will not affect most fellow majority Singaporean. Since they can exempt GST for financial sectors, I don't see why they can't exempt for these essential household items, public utilities and commercial property. It's a matter of whether they want to do or not. I don't buy in the ideas of difficult to exempt those essential household items at all....Also, cutting the utilities costs and commercial rental can avoid inflation too as every hand change along the the supply chain will have to incur high rental and utilities costs and then passed down all the compounded costs to the poor consumers.....:doh:
I will suggest removing gst from essential household items, public utilities and commercial property.
i am also in favour of the notion to exclude basic necessities. the rich, like the poor, only has 1 stomach to contain food
*By Lee Foong Ming, Channel NewsAsia *
*Posted: 13 November 2006 1832 hrs
* ***
SINGAPORE: The Goods and Services Tax will be increased to 7 percent, up from 5 percent presently.
This was announced by Prime Minister Lee Hsien Loong in Parliament on Monday but when exactly will be decided later.
Speaking in Malay, Mandarin and English, Mr Lee explained that the hike is necessary to finance the enhanced social safety nets, needed to help the lower income group, and he emphasised that the offset package will more than counter the rise in GST.
While Singapore's current model to tackle the widening income gap is sound, Mr Lee said the government will take on 2 approaches to deal with the new environment - to strengthen the safety nets and tilt the balance in favour of the lower-income groups who do not benefit from the fruits of economic growth.
To do this, government spending will have to go up. The government now spends some 15 percent of its GDP - one of the lowest in the world.
"This is inevitable over the next 5 to 10 years - infrastructure investments will cost money - R&D is to cost $5b over the next 5 years; as medical technology improves, people age and more will go to hospital to get more treatment so spending is bound to go up. As we tilt the playing field across the board, the lower income will be getting another boost not just once in awhile. Therefore its better to start building resources now so that when we spend more," said Mr Lee.
To finance this, indirect taxes or the Goods & Services Tax will have to go up.
"It will give us precious extra resources to implement social programmes like Workfare later on. Our aim is to help the lower income groups and the elderly, not to increase their burdens. When we implement the GST increase, it's not just the GST increase, it's the package which will fully offset the impact of the GST increase and begin to strengthen the social safety nets and tilt the balance in favour of the low income groups - we will not just raise the GST but we will have a comprehensive offset package," said Mr Lee.
This package will be weighted more to the middle and the low income groups, especially the elderly, and it will more than offset the GST increase.
"It is not just an offset package to deal with the GST. It is a whole set of measures which we are taking in order to tilt the playing field in favour of the lower income group, which is what we have to add and tally in the balance, and my purpose is to help the lower income group. For the middle income, it will be generally about ok; for the higher income, I think the higher income should end up paying more overall. It's part of being one society. I'm not going to tax 15% on income tax, I'm not going to tax 25% from GST the way the Scandanavians do, but I have to make the adjustments of 2% which I think is fair and I think Singaporeans will support," said Mr Lee.
Mr Lee explained that it is better to do the increase now when the economy is doing well, rather than wait till later.
This will give the government time to see how this adjustment can be managed, and to cope better with the unknown forces of globalisation over the next 5 to 7 years.
More details of the GST increase will be announced on 15 February 2007, which is Budget Day.
Another change will be the amending of the Constitution to allow the government to tap the capital gains received from investing the national reserves. - CNA /dt
GST to go up to 7%, pledge to tilt help in favour of lower-income, elderly
*By Bernice Bong, Straits Times Interactive
******
SINGAPORE'S Goods and Services Tax or GST will go up to 7 per cent from the current 5 per cent to fund bigger government spending as Prime Minister Lee Hsien Loong pledged that the Government will work to tilt the balance of help in favour of the lower-income.
Mr Lee was speaking in Parliament on Monday when the House resumed debate over President S R Nathan's address at its opening last week.
'Our aim is to help lower income group and the elderly, not to increase their burden,' he said.
Comprehensive package
'When we implement the GST increase, it's not just a GST increase, it's a package which will fully offset the impact of GST for this group and begin to strengthen the social safety net and tilt the balance in favour of the lower income Singaporeans,' said Mr Lee.
He said the government knew how to implement a comprehensive offset package because it had done this twice in the past.
'In 1994 when we introduced the GST and then in 2003 when we raised the GST and we had the economic restructuring shares package. We made sure that a large segment of Singaporeans ended up not worse off,' he said.
Mr Lee said for the next round of hike, the package will weigh 'more heavily towards the middle and especially the lower income group and the elderly poor'.
Flexibility
He said he prefered to hike the GST now when the economy is doing well because the Government will 'have the flexibility to adjust our programme depending on how things turned out'.
He stressed it was better to get 'ready, ammunition prepared and powder dry'.
Mr Lee said the Government was working out the details and will announce the GST increase in Budget 2007.
He added Second Finance Minister Tharman Shanmugaratnam will deliver the Budget speech on Feb 15 2007.
*By Lee Foong Ming, Channel NewsAsia *
*Posted: 13 November 2006 1832 hrs
* ***
SINGAPORE: The Goods and Services Tax will be increased to 7 percent, up from 5 percent presently.
This was announced by Prime Minister Lee Hsien Loong in Parliament on Monday but when exactly will be decided later.
Speaking in Malay, Mandarin and English, Mr Lee explained that the hike is necessary to finance the enhanced social safety nets, needed to help the lower income group, and he emphasised that the offset package will more than counter the rise in GST.
While Singapore's current model to tackle the widening income gap is sound, Mr Lee said the government will take on 2 approaches to deal with the new environment - to strengthen the safety nets and tilt the balance in favour of the lower-income groups who do not benefit from the fruits of economic growth.
To do this, government spending will have to go up. The government now spends some 15 percent of its GDP - one of the lowest in the world.
"This is inevitable over the next 5 to 10 years - infrastructure investments will cost money - R&D is to cost $5b over the next 5 years; as medical technology improves, people age and more will go to hospital to get more treatment so spending is bound to go up. As we tilt the playing field across the board, the lower income will be getting another boost not just once in awhile. Therefore its better to start building resources now so that when we spend more," said Mr Lee.
To finance this, indirect taxes or the Goods & Services Tax will have to go up.
"It will give us precious extra resources to implement social programmes like Workfare later on. Our aim is to help the lower income groups and the elderly, not to increase their burdens. When we implement the GST increase, it's not just the GST increase, it's the package which will fully offset the impact of the GST increase and begin to strengthen the social safety nets and tilt the balance in favour of the low income groups - we will not just raise the GST but we will have a comprehensive offset package," said Mr Lee.
This package will be weighted more to the middle and the low income groups, especially the elderly, and it will more than offset the GST increase.
"It is not just an offset package to deal with the GST. It is a whole set of measures which we are taking in order to tilt the playing field in favour of the lower income group, which is what we have to add and tally in the balance, and my purpose is to help the lower income group. For the middle income, it will be generally about ok; for the higher income, I think the higher income should end up paying more overall. It's part of being one society. I'm not going to tax 15% on income tax, I'm not going to tax 25% from GST the way the Scandanavians do, but I have to make the adjustments of 2% which I think is fair and I think Singaporeans will support," said Mr Lee.
Mr Lee explained that it is better to do the increase now when the economy is doing well, rather than wait till later.
This will give the government time to see how this adjustment can be managed, and to cope better with the unknown forces of globalisation over the next 5 to 7 years.
More details of the GST increase will be announced on 15 February 2007, which is Budget Day.
Another change will be the amending of the Constitution to allow the government to tap the capital gains received from investing the national reserves. - CNA /dt
thanks for helping to dig up this BS. since 2006, the income gap has continued to widen and the low wage earners' income had not kept up with economic growth and inflation.
so, thank but no thanks - GST did not achieve it's mentioned intention.
Who is the one up there who say Singapore's 7% GST is lower than other countries like UK's 17.5% VAT? Is this true for the amount of GST taxes paid by an average middle-income family where UK has basic necessities exemption for VAT? :rolleyes:
thanks for helping to dig up this BS. since 2006, the income gap has continued to widen and the low wage earners' income had not kept up with economic growth and inflation.
so, thank but no thanks - GST did not achieve it's mentioned intention.
Who is the one up there who say Singapore's 7% GST is lower than other countries like UK's 17.5% VAT? Is this true for the amount of GST taxes paid by an average middle-income family where UK has basic necessities exemption for VAT? :rolleyes:
are you asking me to find the culprit who said that? sorry, i didn't argue along this line of thread as i don't have sufficient stats/data.
my guess is the usual culprit(s) - brainless minority et. al.
Who is the one up there who say Singapore's 7% GST is lower than other countries like UK's 17.5% VAT? Is this true for the amount of GST taxes paid by an average middle-income family where UK has basic necessities exemption for VAT? :rolleyes:
GST and social spending
By Koh Soo How is a Tax Partner with PricewaterhouseCoopers Services, Singapore, where he specialises in GST and leads the PwC Indirect Taxes network in Asia Pacific.
Paying for social spending with higher GST
In his National Day Rally speech on Aug 26, Prime Minister Lee Hsien Loong spoke about the need for taxes to rise “sooner or later” with social spending expected to increase significantly. While he did not say which particular tax he thinks would go up, a look at the tax collection trend here over the last decade may give us a clue.
In 2000, the Goods and Services Tax (GST) proportion of the total taxes collected by the Inland Revenue Authority of Singapore (IRAS) accounted for 12.3 per cent.
By this year, this figure jumped to 23.6 per cent of all taxes collected, almost doubling from a decade before. What this shows is the growing importance of GST as a source of the Government’s tax revenues.
Singapore’s ageing population would also suggest that there is little choice but to move towards a greater reliance on consumption taxes such as the GST, rather than direct income taxes, which are susceptible to a declining income tax base and economic cycles.
Will it hurt competitiveness?
A natural concern is how an increase in GST will affect Singapore’s competitiveness. Besides this, GST/VAT systems are known to be regressive and inflationary in nature, which can eventually stifle economic growth.
To address these concerns, we start with a simple comparison of our nation’s GST regime with that of our global and regional counterparts.
At its current 7 per cent level, Singapore’s GST rate is far below the European Union’s rate, where the euro zone crisis has caused a sweeping rate increase in recent years.
A number of European countries are pushing their VAT rates to beyond 20 per cent (the highest being 27 per cent in Hungary) to address the issue of declining finances.
In Asia, where the GST/VAT rate lies between 5 per cent (Japan and Taiwan) and 17 per cent (China), Singapore is regarded as having a low rate. Japan is moving to raise its rate to 8 per cent and, ultimately, to 10 per cent in 2015.
Recent comments by senior government officials in Malaysia have strongly indicated that the Malaysian government is committed to introducing a GST to reduce its budget deficits.
Further south in Australia, there have been recent calls to reduce business taxes such as corporation taxes, to alleviate the worsening effects of a slowing economy and increase the current GST rate of 10 per cent.
By and large, data shows that countries can raise the GST/VAT by a certain percentage point to raise revenues and yet, not lose their competitiveness.
Corporate, income taxes?
It is noted that when GST was last raised in 2007 from 5 to 7 per cent, the corporate income tax rate was simultaneously reduced to 17 per cent while the individual income tax rate remained at 20 per cent, where it has stayed for a number of years.
While the Singapore Government of tomorrow could very well take a similar course of action to reduce the corporate income tax rate to blunt the adverse effects of a higher GST, businesses have the ability to recover the GST costs if they register for GST, which effectively makes any increase tax neutral for most businesses.
There could also be a reluctance to reduce the individual income tax rate in case it is perceived to help the higher income group; or to reduce the corporate income tax rate further, to avoid Singapore being regarded as a “tax haven”.
On the other hand, it is unlikely that Singapore will raise its corporate income tax rate if the Government’s policy is “to keep our tax regime competitive, and to make Singapore an attractive business hub to encourage new investments and to spur entrepreneurship”, to quote the Ministry of Finance’s website.
What is a more likely scenario is that Singapore will retain its headline income tax rates, and reduce the effective rate with tax incentives and exemptions. At the same time, it will review its consumption taxes such as the GST as a means to raise the revenues that may be necessary to finance future social spending and investments in infrastructure and capabilities.
Offset measures
As for the regressive nature of GST, there are already a number of measures the Government has in place to deal with this. For instance, it uses offset measures, such as rebates and grants, to alleviate the burden on the lower income groups, who are most affected by an increase in the GST.
The recent introduction of the GST vouchers, in the form of cash, MediSave top-ups and U-Save rebates, is a highly visible long-term measure to mitigate the impact of GST and any future increases in the rate on rising prices.
In many ways, Singapore’s GST system is exemplary of a modern GST regime, with few exemptions and a standard rate applied to virtually all goods and services. The IRAS has also been remarkably efficient in collecting its taxes, costing less than 1 per cent for every dollar of tax collected.
As a nation, we are well positioned to leverage off our GST system, when the time comes, to achieve our greater social goals without harming our competitiveness.
FINANCE Minister Tharman Shanmugaratnam has dismissed calls by opposition MP Low Thia Khiang to cut the goods and services tax (GST) to 5 per cent or tweak it to alleviate the higher cost of living.
Mr Tharman said this is a wrong solution that will result in the Government giving more money back to the wealthy, while taking away from the poor.
Mr Low had raised the issue in Parliament on Monday, saying that inflation had taken a toll on the lower-income group.
He suggested that the Government consider cutting the GST from the current 7 per cent to 5 per cent and also exempting basic necessities from GST.
Rebutting the first suggestion, Mr Tharman said the bulk of GST is collected from higher-income groups and foreigners, so cutting the rate would benefit them more.
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
FINANCE Minister Tharman Shanmugaratnam has dismissed calls by opposition MP Low Thia Khiang to cut the goods and services tax (GST) to 5 per cent or tweak it to alleviate the higher cost of living.
Mr Tharman said this is a wrong solution that will result in the Government giving more money back to the wealthy, while taking away from the poor.
Mr Low had raised the issue in Parliament on Monday, saying that inflation had taken a toll on the lower-income group.
He suggested that the Government consider cutting the GST from the current 7 per cent to 5 per cent and also exempting basic necessities from GST.
Rebutting the first suggestion, Mr Tharman said the bulk of GST is collected from higher-income groups and foreigners, so cutting the rate would benefit them more.
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
So? just bcos the bottom income earners made up the least in govt's takings from GST means it is fair to impose GST on this group that is the hardest hit? another duplicitous minister.
I was laughing at these quotes.
http://www.askmelah.com/infamous-quotes-sg-leaders/
Because of GST, pity the old people that they need to work for more years to save to pay more taxes in the form of GST! Need to pay as long as they live! Even died already also need somebody to pay GST for your coffin & funeral! :doh:
talk rots lah.. $1.5 to $3.5 chicken rice is available. not like no GST chicken rice will be $1.2?
Fully agreed! Removing GST from essential household items, public utilities and commercial property to help those who are not working like Housewife/children/retires and prevent the Business from incurring additional operating costs like Utilities/commercial rental cost. By doing so, impact of these operating costs resulted from GST will not affect those SMEs. As you may know, SMEs' business are the major employers in Singapore and thus will not affect most fellow majority Singaporean. Since they can exempt GST for financial sectors, I don't see why they can't exempt for these essential household items, public utilities and commercial property. It's a matter of whether they want to do or not. I don't buy in the ideas of difficult to exempt those essential household items at all....Also, cutting the utilities costs and commercial rental can avoid inflation too as every hand change along the the supply chain will have to incur high rental and utilities costs and then passed down all the compounded costs to the poor consumers.....:doh:
must well go ask for free water, free electricity and free ?
no offend uncle....you cannot compare us with other develop country, why?
Because we do not have any resources other than our work force. Earn more is not a crime. Why should they pay more, they will also ask the same question like you. Two sides of a coin.
our garmen is not perfect, they make mistakes. but if you ask me, i think GST together with our current tax system is working fine. any change in tax will also affect the corp world. And do you know how much of our work force is dependent on MNCs? whenever there is a change in tax system, our garmen has to ensure that those MNCs will not make any changes too. if not, it is very diff to attract them back.
frankly, im not rich, but i dont feel a pinch on GST maybe because i dont spend too much on grocery in supermarket or something like that. your consumption pattern plays an important part.
just my opinion. :2cents:
dont tell me you are retired and no longer paying income tax...:o if you really feel the pinch then i can say that you must be RICH.....:p
Aiyah all want the social welfare but dont want to pay for the cost of it. Its just plain selfish that the next generation have to pay for those who complain abt the GST. The fact its progressive it tax the rich coz consumption is more.
this uncle here is rich. he say he dont even care abt HDB coz nothing to do with him. just being cheap. in the name of the poor want to safe GST bar.
I will suggest removing gst from essential household items, public utilities and commercial property.
remove GST totally must well? but cash hand out must still to give right? :doh: :doh: :doh: That 1 cannot cut right?
thanks for helping to dig up this BS. since 2006, the income gap has continued to widen and the low wage earners' income had not kept up with economic growth and inflation.
so, thank but no thanks - GST did not achieve it's mentioned intention.
Talk cock again. Blame GST? income gap increased becoz the skill set never improved for the lower wage earners. to increase wage must do something with more value.
People want low living cost yet want higher wage means must increase skill set! If not wage increase adds to inflation. end up LPPL all kpkb dont feel their wage increase have any diff.
so.. go get a skill set improvement! blame GST? lol must well blame GOD.. coz its fate!
So? just bcos the bottom income earners made up the least in govt's takings from GST means it is fair to impose GST on this group that is the hardest hit? another duplicitous minister.
GST hardest hit the lowest income group? I dont think so. Its more like they never progress in skill set and get stuck in the wage group. GST or no GST if they are stuck in that wage group they will feel the pain of inflation. Key is improve the skill set for better wage jobs.
Talk cock again. Blame GST? income gap increased becoz the skill set never improved for the lower wage earners. to increase wage must do something with more value.
People want low living cost yet want higher wage means must increase skill set! If not wage increase adds to inflation. end up LPPL all kpkb dont feel their wage increase have any diff.
so.. go get a skill set improvement! blame GST? lol must well blame GOD.. coz its fate!
eh moron, read the article and read carefully what GST was claimed to do. did it achieve its aim? No.
don't bring in skill set improvement rubbish. WIP also didn't result in low wage earners' income moving in line with inflation.
and please, we are arguing for basic necessities to be excluded from GST. like any moronic mongrel, you come barking nonsense and up the wrong tree as usual
GST hardest hit the lowest income group? I dont think so. Its more like they never progress in skill set and get stuck in the wage group. GST or no GST if they are stuck in that wage group they will feel the pain of inflation. Key is improve the skill set for better wage jobs.
watch me slap you with your own story.
so the low-wage earners have declining income, for whatever reasons - inability to gain skills, displaced by cheaper FTs, etc.
next, they suffer a double whammy by getting hit by GST on their basic, daily necessities. if basic necessities are exempted from GST, won't it help alleviate their problem?
lastly, WIP didn't narrow the income gap - stupid :doh: :doh:
watch me slap you with your own story.
so the low-wage earners have declining income, for whatever reasons - inability to gain skills, displaced by cheaper FTs, etc.
next, they suffer a double whammy by getting hit by GST on their basic, daily necessities. if basic necessities are exempted from GST, won't it help alleviate their problem?
lastly, WIP didn't narrow the income gap - stupid :doh: :doh:
talk cock lah displace with cheaper FT? why? coz never change in skill set. still do same thing. u mean increase the low wage pay will help them? yeah for that short moment feel good. with all the low skill wage increase. it go back to the cost of producing service again. then LPPL.
oh forgot u blame GST at work again.
Go improve the skill set let the lower skill set job with lower wage go to the FT!. KPKB can help u . LOL
WIP didnt? Coz people just cannot move out of thier skill set thats why!
Why u never site those who benefit from the WIP? only look at those who didnt want to change.
I have some questions about how they derive these figures:
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
As we know, GST is collected by businesses. Therefore, when you buy a product, a service, etc, do the company ask you to fill in a survey form about how much your income is when you buy the product / service /etc so that the govt can collect these figures and tabulate that "based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid" and "bottom 60 per cent contribute roughly 16 per cent"? Otherwise how will the govt know these figures that they quoted such as how much GSTs bottom 20% income earners paid and how much bottom 60% income earners paid? Question, question, more question! :rolleyes:
So? just bcos the bottom income earners made up the least in govt's takings from GST means it is fair to impose GST on this group that is the hardest hit? another duplicitous minister.
FINANCE Minister Tharman Shanmugaratnam has dismissed calls by opposition MP Low Thia Khiang to cut the goods and services tax (GST) to 5 per cent or tweak it to alleviate the higher cost of living.
Mr Tharman said this is a wrong solution that will result in the Government giving more money back to the wealthy, while taking away from the poor.
Mr Low had raised the issue in Parliament on Monday, saying that inflation had taken a toll on the lower-income group.
He suggested that the Government consider cutting the GST from the current 7 per cent to 5 per cent and also exempting basic necessities from GST.
Rebutting the first suggestion, Mr Tharman said the bulk of GST is collected from higher-income groups and foreigners, so cutting the rate would benefit them more.
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
Is this guy ignorant or what?
How to compare 7% GST with NO basic necessities exemption directly with eg UK's VAT of 20% with basic necessities exemption?
By virtue of basic necessities exemption, I estimate that UK's VAT of 20% for average middle income families will be similar to paying <1% of Singapore's GST!
GST and social spending
By Koh Soo How is a Tax Partner with PricewaterhouseCoopers Services, Singapore, where he specialises in GST and leads the PwC Indirect Taxes network in Asia Pacific.
Paying for social spending with higher GST
In his National Day Rally speech on Aug 26, Prime Minister Lee Hsien Loong spoke about the need for taxes to rise “sooner or later” with social spending expected to increase significantly. While he did not say which particular tax he thinks would go up, a look at the tax collection trend here over the last decade may give us a clue.
In 2000, the Goods and Services Tax (GST) proportion of the total taxes collected by the Inland Revenue Authority of Singapore (IRAS) accounted for 12.3 per cent.
By this year, this figure jumped to 23.6 per cent of all taxes collected, almost doubling from a decade before. What this shows is the growing importance of GST as a source of the Government’s tax revenues.
Singapore’s ageing population would also suggest that there is little choice but to move towards a greater reliance on consumption taxes such as the GST, rather than direct income taxes, which are susceptible to a declining income tax base and economic cycles.
Will it hurt competitiveness?
A natural concern is how an increase in GST will affect Singapore’s competitiveness. Besides this, GST/VAT systems are known to be regressive and inflationary in nature, which can eventually stifle economic growth.
To address these concerns, we start with a simple comparison of our nation’s GST regime with that of our global and regional counterparts.
At its current 7 per cent level, Singapore’s GST rate is far below the European Union’s rate, where the euro zone crisis has caused a sweeping rate increase in recent years.
A number of European countries are pushing their VAT rates to beyond 20 per cent (the highest being 27 per cent in Hungary) to address the issue of declining finances.
In Asia, where the GST/VAT rate lies between 5 per cent (Japan and Taiwan) and 17 per cent (China), Singapore is regarded as having a low rate. Japan is moving to raise its rate to 8 per cent and, ultimately, to 10 per cent in 2015.
Recent comments by senior government officials in Malaysia have strongly indicated that the Malaysian government is committed to introducing a GST to reduce its budget deficits.
Further south in Australia, there have been recent calls to reduce business taxes such as corporation taxes, to alleviate the worsening effects of a slowing economy and increase the current GST rate of 10 per cent.
By and large, data shows that countries can raise the GST/VAT by a certain percentage point to raise revenues and yet, not lose their competitiveness.
Corporate, income taxes?
It is noted that when GST was last raised in 2007 from 5 to 7 per cent, the corporate income tax rate was simultaneously reduced to 17 per cent while the individual income tax rate remained at 20 per cent, where it has stayed for a number of years.
While the Singapore Government of tomorrow could very well take a similar course of action to reduce the corporate income tax rate to blunt the adverse effects of a higher GST, businesses have the ability to recover the GST costs if they register for GST, which effectively makes any increase tax neutral for most businesses.
There could also be a reluctance to reduce the individual income tax rate in case it is perceived to help the higher income group; or to reduce the corporate income tax rate further, to avoid Singapore being regarded as a “tax haven”.
On the other hand, it is unlikely that Singapore will raise its corporate income tax rate if the Government’s policy is “to keep our tax regime competitive, and to make Singapore an attractive business hub to encourage new investments and to spur entrepreneurship”, to quote the Ministry of Finance’s website.
What is a more likely scenario is that Singapore will retain its headline income tax rates, and reduce the effective rate with tax incentives and exemptions. At the same time, it will review its consumption taxes such as the GST as a means to raise the revenues that may be necessary to finance future social spending and investments in infrastructure and capabilities.
Offset measures
As for the regressive nature of GST, there are already a number of measures the Government has in place to deal with this. For instance, it uses offset measures, such as rebates and grants, to alleviate the burden on the lower income groups, who are most affected by an increase in the GST.
The recent introduction of the GST vouchers, in the form of cash, MediSave top-ups and U-Save rebates, is a highly visible long-term measure to mitigate the impact of GST and any future increases in the rate on rising prices.
In many ways, Singapore’s GST system is exemplary of a modern GST regime, with few exemptions and a standard rate applied to virtually all goods and services. The IRAS has also been remarkably efficient in collecting its taxes, costing less than 1 per cent for every dollar of tax collected.
As a nation, we are well positioned to leverage off our GST system, when the time comes, to achieve our greater social goals without harming our competitiveness.
talk cock lah displace with cheaper FT? why? coz never change in skill set. still do same thing. u mean increase the low wage pay will help them? yeah for that short moment feel good. with all the low skill wage increase. it go back to the cost of producing service again. then LPPL.
oh forgot u blame GST at work again.
Go improve the skill set let the lower skill set job with lower wage go to the FT!. KPKB can help u . LOL
WIP didnt? Coz people just cannot move out of thier skill set thats why!
Why u never site those who benefit from the WIP? only look at those who didnt want to change.
eh are you stupid?! even the Straits Times have reported that the low wage earners' pay did not keep up with inflation and economic growth. what are you arguing about?
WIP and GST were supposedly meant to narrow income inequality but failed. if you want to argue, please go knock on MTI's and SingStats door instead of barking here like a clueless mongrel
eh are you stupid?! even the Straits Times have reported that the low wage earners' pay did not keep up with inflation and economic growth. what are you arguing about?
WIP and GST were supposedly meant to narrow income inequality but failed. if you want to argue, please go knock on MTI's and SingStats door instead of barking here like a clueless mongrel
U are stupid n blind? It's becoz No skill set impoved! Clean table 10 years for example? Sure increase their pay lor but in the end food cost more! LPPL . READ MY lips!!! Improve skill set if not its LPPL. Dumb ass.
eh are you stupid?! even the Straits Times have reported that the low wage earners' pay did not keep up with inflation and economic growth. what are you arguing about?
WIP and GST were supposedly meant to narrow income inequality but failed. if you want to argue, please go knock on MTI's and SingStats door instead of barking here like a clueless mongrel
Workfare , Gst vouchers , rebates u selectively blind.
Good question raised!
I doubt they or anybody defending GST here can give you a good answer, so they will just keep quiet as though never see your question, act blur!
I have some questions about how they derive these figures:
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
As we know, GST is collected by businesses. Therefore, when you buy a product, a service, etc, do the company ask you to fill in a survey form about how much your income is when you buy the product / service /etc so that the govt can collect these figures and tabulate that "based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid" and "bottom 60 per cent contribute roughly 16 per cent"? Otherwise how will the govt know these figures that they quoted such as how much GSTs bottom 20% income earners paid and how much bottom 60% income earners paid? Question, question, more question! :rolleyes:
Still waiting for the reply from all those GST supporters, where are they? All died after I raised the question about how they get the data when there isn't any to begin with in the first place? :doh:
Good question raised!
I doubt they or anybody defending GST here can give you a good answer, so they will just keep quiet as though never see your question, act blur!
I have some questions about how they derive these figures:
He said that based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid, while the bottom 60 per cent contribute roughly 16 per cent.
As we know, GST is collected by businesses. Therefore, when you buy a product, a service, etc, do the company ask you to fill in a survey form about how much your income is when you buy the product / service /etc so that the govt can collect these figures and tabulate that "based on 2010 collections, the bottom 20 per cent of Singaporean income earners contribute only about 4 per cent of all GST paid" and "bottom 60 per cent contribute roughly 16 per cent"? Otherwise how will the govt know these figures that they quoted such as how much GSTs bottom 20% income earners paid and how much bottom 60% income earners paid? Question, question, more question! :rolleyes:
Found the below on internet, http://app.mof.gov.sg/data/cmsresource/videos/Transcript%20Tax%20system%20in%20Singapore%20GST.pdf
where Tharman is comparing apple (i.e SG 7% GST) to Grapes from developed countries like UK (20% VAT) and saying 7% is lower than 20%, which is true in the number by itself (7% is lower than 20%), but not true in real substance - as we know, VAT exempts all basic necessities (including food, medicine & children products) while GST taxes every thing/services! As such, for any average middle-income families, a 20% UK VAT is like <1% SG GST! :doh:
TRANSCRIPT:
TAX SYSTEM IN SINGAPORE - GST
Narration: The overall tax burden in Singapore is one of the lowest in the world. Taking
together income taxes, the GST and all other taxes, the total amount of taxes paid by the
average Singaporean is significantly lower than that in other developed countries.
Tharman Shanmugaratnam, Minister for Finance: What's important in our tax system is
that we keep taxes low and also keep it fair. Keeping it fair means that the bulk of our taxes
have to be paid by higher income Singaporeans, and the bulk of the benefits have to be
received by the lower income Singaporeans and the middle income group. That's what we
intend to preserve in Singapore. Low taxes overall, and fair taxes.
Narration: How does the GST figure in all of this?
Tharman Shanmugaratnam: It is a 7 percent rate, first, it is lower than most developed
countries and we intend to keep it that way
Still waiting for the reply from all those GST supporters, where are they? All died after I raised the question about how they get the data when there isn't any to begin with in the first place? :doh:
I thought u all say straits times are bullshit. Why I bother to read it? Why do eng Eng Cheng when needed quote straits times. Then when face with facts say its bull shit reporting.
Pls be consistent if u think its bull don't read it.
Found the below on internet, http://app.mof.gov.sg/data/cmsresource/videos/Transcript%20Tax%20system%20in%20Singapore%20GST.pdf
where Tharman is comparing apple (i.e SG 7% GST) to Grapes from developed countries like UK (20% VAT) and saying 7% is lower than 20%, which is true in the number by itself (7% is lower than 20%), but not true in real substance - as we know, VAT exempts all basic necessities (including food, medicine & children products) while GST taxes every thing/services! As such, for any average middle-income families, a 20% UK VAT is like <1% SG GST! :doh:
TRANSCRIPT:
TAX SYSTEM IN SINGAPORE - GST
Narration: The overall tax burden in Singapore is one of the lowest in the world. Taking
together income taxes, the GST and all other taxes, the total amount of taxes paid by the
average Singaporean is significantly lower than that in other developed countries.
Tharman Shanmugaratnam, Minister for Finance: What's important in our tax system is
that we keep taxes low and also keep it fair. Keeping it fair means that the bulk of our taxes
have to be paid by higher income Singaporeans, and the bulk of the benefits have to be
received by the lower income Singaporeans and the middle income group. That's what we
intend to preserve in Singapore. Low taxes overall, and fair taxes.
Narration: How does the GST figure in all of this?
Tharman Shanmugaratnam: It is a 7 percent rate, first, it is lower than most developed
countries and we intend to keep it that way
Oh really u mean the middle income there dont buy car? Don't pay for petrol? Don't buy furniture in the house?
Either way so what? Chicken rice is 1.5-3.5. Uk is wat 3.5L to 6L. U can argue cleaner here 1200pm there 2000L but tax leh . End up same same. Have VAT or GST still same same LPPL.
Since you are so ignorant, just let me tell you that piece of quote is from Ministry of Finance:
http://www.mof.gov.sg/budget_2011/download/FY2011_Budget_Debate_Round_Up_Speech.pdf
"Based in fact on our 2010 collections, the bottom 20% of Singaporean households contributes only about 4% of all GST paid. The first 60%, in other words from the lowest end to the 60th percentile of households, pays about 16% of all GST (see Chart 6). "
And we have been wondering how they collect that data! Other than getting these data at every point of sale, there is no other way to get accurate data on GST spendings!
I thought u all say straits times are bullshit. Why I bother to read it? Why do eng Eng Cheng when needed quote straits times. Then when face with facts say its bull shit reporting.
Pls be consistent if u think its bull don't read it.
Found the below on internet, http://app.mof.gov.sg/data/cmsresource/videos/Transcript%20Tax%20system%20in%20Singapore%20GST.pdf
where Tharman is comparing apple (i.e SG 7% GST) to Grapes from developed countries like UK (20% VAT) and saying 7% is lower than 20%, which is true in the number by itself (7% is lower than 20%), but not true in real substance - as we know, VAT exempts all basic necessities (including food, medicine & children products) while GST taxes every thing/services! As such, for any average middle-income families, a 20% UK VAT is like <1% SG GST!
TRANSCRIPT:
TAX SYSTEM IN SINGAPORE - GST
Narration: The overall tax burden in Singapore is one of the lowest in the world. Taking
together income taxes, the GST and all other taxes, the total amount of taxes paid by the
average Singaporean is significantly lower than that in other developed countries.
Tharman Shanmugaratnam, Minister for Finance: What's important in our tax system is
that we keep taxes low and also keep it fair. Keeping it fair means that the bulk of our taxes
have to be paid by higher income Singaporeans, and the bulk of the benefits have to be
received by the lower income Singaporeans and the middle income group. That's what we
intend to preserve in Singapore. Low taxes overall, and fair taxes.
Narration: How does the GST figure in all of this?
Tharman Shanmugaratnam: It is a 7 percent rate, first, it is lower than most developed
countries and we intend to keep it that way
Middle-income there buy a 2nd hand peugeot GBP2,000 or S$4,000 and can use forever!
How much does a 2nd hand peugeot that can only use for say 5 years cost in Singapore? May be S$50k now? :doh:
Middle-income there can afford a landed terrace GBP120,000 or S$240,000.
How much does a landed terrace costs in Singapore? Easily more than S$1.5m even for 1000 sqft land in most ulu Singapore? :scared-1:
Oh really u mean the middle income there dont buy car? Don't pay for petrol? Don't buy furniture in the house?
Either way so what? Chicken rice is 1.5-3.5. Uk is wat 3.5L to 6L. U can argue cleaner here 1200pm there 2000L but tax leh . End up same same. Have VAT or GST still same same LPPL.
This picture says a lot about what people generally knew that you don't know.... (think this picture from hardwarezone.sg...)
Oh really u mean the middle income there dont buy car? Don't pay for petrol? Don't buy furniture in the house?
Either way so what? Chicken rice is 1.5-3.5. Uk is wat 3.5L to 6L. U can argue cleaner here 1200pm there 2000L but tax leh . End up same same. Have VAT or GST still same same LPPL.
Workfare , Gst vouchers , rebates u selectively blind.
thanks, the more you quote, the better. you're amazingly stupid to keep slapping yourself in the face - kam gong
all these measures didn't help close the income gap. plus, we are not advocating an abolishment of GST, but merely to exempt basic necessities.
I thought u all say straits times are bullshit. Why I bother to read it? Why do eng Eng Cheng when needed quote straits times. Then when face with facts say its bull shit reporting.
Pls be consistent if u think its bull don't read it.
eh kam gong, i told you that the stats are from MTI and SingStats - go dispute that.
felicia_sg
21-05-13, 08:24
Anyway, we know financial services are all exempted from GST, so what so difficult to exempt basic necessities from GST? :banghead:
thanks, the more you quote, the better. you're amazingly stupid to keep slapping yourself in the face - kam gong
all these measures didn't help close the income gap. plus, we are not advocating an abolishment of GST, but merely to exempt basic necessities.
Anyway, we know financial services are all exempted from GST, so what so difficult to exempt basic necessities from GST? :banghead:
go ask the moronic mongrel who keeps spewing nonsense and yet not defending his cause
.....
And we have been wondering how they collect that data! Other than getting these data at every point of sale, there is no other way to get accurate data on GST spendings!
how accurate you want the data to be? dont need to 100% accurate right. damn, forgot all my a-level stats already.
Since there is no caveat that the data is not accurate or just a guesstimate, we assume that the data is accurate since it is from the horse's mouth. However, after scrutiny, we realized the data is just guessstimate! What a let-down! Can guesstimate be quoted as though they are real data without any caveat? :eek:
how accurate you want the data to be? dont need to 100% accurate right. damn, forgot all my a-level stats already.
Poor and rich both need to spend on basic necc.
The fact is Rich will tend to spend more on basic necc than the poor.
If no GST on basic necc, people will still complain that govt is subsidising the RICH and is NOT FAIR.
By taxing the basic necc, the RICH will pay more GST than the poor. The poor will get gst rebates (utlities, etc) which the RICH DONT get.
Simple logic, why want to argue until the cow come down? :scared-3: :doh:
Can anyone calculate how much the poor are spending each year on basic necc and the GST incurred? Compare this to the rebates they get.
Poor and rich both need to spend on basic necc.
The fact is Rich will tend to spend more on basic necc than the poor.
If no GST on basic necc, people will still complain that govt is subsidising the RICH and is NOT FAIR.
By taxing the basic necc, the RICH will pay more GST than the poor. The poor will get gst rebates (utlities, etc) which the RICH DONT get.
Simple logic, why want to argue until the cow come down? :scared-3: :doh:
Can anyone calculate how much the poor are spending each year on basic necc and the GST incurred? Compare this to the rebates they get.
is this what you mean?
rice is basic necessity.
poor eat cheap rice, pay less gst,
rich eat expensive rice, pay more gst.
Poor and rich both need to spend on basic necc.
The fact is Rich will tend to spend more on basic necc than the poor.
If no GST on basic necc, people will still complain that govt is subsidising the RICH and is NOT FAIR.
By taxing the basic necc, the RICH will pay more GST than the poor. The poor will get gst rebates (utlities, etc) which the RICH DONT get.
Simple logic, why want to argue until the cow come down? :scared-3: :doh:
Can anyone calculate how much the poor are spending each year on basic necc and the GST incurred? Compare this to the rebates they get.
please substantiate your claim that the rich spend more than the poor, on basic necessities.
the last i checked, the rich, like the poor, has only one stomach to fill
is this what you mean?
rice is basic necessity.
poor eat cheap rice, pay less gst,
rich eat expensive rice, pay more gst.True to that. Poor eat fairprice cheap rice. rich eat more exp rice.
not only that, poor may eat 2-3 bowls of rice per day. The rich eat more than that (most are thrown away) and they also feed their maids, helpers etc even pets too (dogs). they consume more flour too (cakes, pasteries etc).
You understand what is basic necessity or not? Don't think you understand with such stupid remarks you made.
Can the rich eat 10x the amount of food a day or consume 10x the medicine when they need them more than the poor that they will pay much more on basic neccessities?
What about the majority Middle income who become the new poor because of GST? They get more rebate than they pay GST? The answer is obvious.
Poor and rich both need to spend on basic necc.
The fact is Rich will tend to spend more on basic necc than the poor.
If no GST on basic necc, people will still complain that govt is subsidising the RICH and is NOT FAIR.
By taxing the basic necc, the RICH will pay more GST than the poor. The poor will get gst rebates (utlities, etc) which the RICH DONT get.
Simple logic, why want to argue until the cow come down? :scared-3: :doh:
Can anyone calculate how much the poor are spending each year on basic necc and the GST incurred? Compare this to the rebates they get.
Can the rich eat 10x the amount of food a day or consume 10x the medicine when they need them more than the poor that they will pay much more on basic neccessities?
CAN. Your forgot they got maids, drivers, used more expensive rice, medicine.
please substantiate your claim that the rich spend more than the poor, on basic necessities.
the last i checked, the rich, like the poor, has only one stomach to fill
WHY NOT YOU GIVE ME A FIGURE THAT THE POOR CONTRIBUTE MORE TO GST(on BASIC NECC.) THAN THE REBATES THEY RECEIVED? PLS, GIVE ME A NUMBER! PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!PLS, GIVE ME A NUMBER!
WAHAHAHAHAHA
that's the best defense??? just like another minority
WAHAHAHAHAHA
that's the best defense??? just like another minority
can anybody give an example of what is a basic commodity?
then we can bash each other (i dont use the word "debate") whether the rich or poor use more of that basic commodity :).
is broken grains of rice a basic commodity?
is fairprice rice is a basic commodity?
is royal umbrella rice a basic commodity?
is organic royal umbrella rice a basic commodity?
can anybody give an example of what is a basic commodity?
then we can bash each other (i dont use the word "debate") whether the rich or poor use more of that basic commodity :).
is broken grains of rice a basic commodity?
is fairprice rice is a basic commodity?
is royal umbrella rice a basic commodity?
is organic royal umbrella rice a basic commodity?
fairprice house brands should be a good start - rice, salt, oil, vinegar, sugar
In UK, basic raw food and ingredients for preparing food are basic necessities.
All medicine and medical services are basic necessities.
Children products are basic necessities.
Just some items for your discussions... (or bashing) :p
can anybody give an example of what is a basic commodity?
then we can bash each other (i dont use the word "debate") whether the rich or poor use more of that basic commodity :).
is broken grains of rice a basic commodity?
is fairprice rice is a basic commodity?
is royal umbrella rice a basic commodity?
is organic royal umbrella rice a basic commodity?
Just tax these people 33% income tax and corporate tax can already loh, since they can afford so much means they earn a lot lot more right? So simple! Tax at source, tax income! Simple way! Furthermore, 33% income and corporate tax is still very low compared to many developed countries!
Why need so complicated to implement GST, then exempt financial services from GST? Need all businesses to deal with collection & accounting of GST, and still need to apply for rebate from GST for selected items etc? Isn't it so difficult to implement all these GST related stuffs, and even more difficult to implement to exempt financial services from GST since they say so difficult to implement to exempt basic necessities from GST? :doh:
CAN. Your forgot they got maids, drivers, used more expensive rice, medicine.
fairprice house brands should be a good start - rice, salt, oil, vinegar, sugar
so should fairprice be the standard bearer?
anything equivalent to and cheaper than fairprice would be exempted from gst?
does fairprice have different grades of rice, salt, oil, vinegar, sugar?
does these different grades have different prices?
Since you are so ignorant, just let me tell you that piece of quote is from Ministry of Finance:
http://www.mof.gov.sg/budget_2011/download/FY2011_Budget_Debate_Round_Up_Speech.pdf
"Based in fact on our 2010 collections, the bottom 20% of Singaporean households contributes only about 4% of all GST paid. The first 60%, in other words from the lowest end to the 60th percentile of households, pays about 16% of all GST (see Chart 6). "
And we have been wondering how they collect that data! Other than getting these data at every point of sale, there is no other way to get accurate data on GST spendings!
u mean people dont have credit card ? nets or debit cards? talk cock leh.. when you pay u use some form of payment tools. these are statistics that can be profiled and collected.
Talk cock.
This picture says a lot about what people generally knew that you don't know.... (think this picture from hardwarezone.sg...)
Malaysia no GST??? cock..
http://us.123rf.com/400wm/400/400/samotrebizan/samotrebizan1207/samotrebizan120700137/14333846-rooster-singing--cock-on-a-grass.jpg
is this what you mean?
rice is basic necessity.
poor eat cheap rice, pay less gst,
rich eat expensive rice, pay more gst.
why not u say poor dont eat rice. they eat grass. No GST!!! COCK....
Just tax these people 33% income tax and corporate tax can already loh, since they can afford so much means they earn a lot lot more right? So simple! Tax at source, tax income! Simple way! Furthermore, 33% income and corporate tax is still very low compared to many developed countries!
Why need so complicated to implement GST, then exempt financial services from GST? Need all businesses to deal with collection & accounting of GST, and still need to apply for rebate from GST for selected items etc? Isn't it so difficult to implement all these GST related stuffs, and even more difficult to implement to exempt financial services from GST since they say so difficult to implement to exempt basic necessities from GST? :doh:
U already say. Rich got many resources to run tax. Like u like that rich can run tax. So wat tax them 33% why not 50%! but they run tax anyway. but they consume cheaper without GST.! win for Rich like u when GST goes down! the poor suffer even more coz no more rebates or help!
Selfish Cock!
Ha ha ha!
What cock brain!
People buy chicken rice use credit card / nets / debit cards?
You take buses & MRT use credit cards / nets / debit cards?
Your credit cards / nets / debit cards got record how much is your income level?
You buy any single damn thing use credit card / nets / debit cards?
Obviously not! So there is no way they have a good data to cite what they said! The best they have is guesstimate, and that cannot be used as a good justification!
Our calculation which is better than their guesstimate already proved that the average middle-income families (making up of 70-80% of the population) are much much worst off with GST! (we are not talking about the poor here, which just form a small minority like you).
u mean people dont have credit card ? nets or debit cards? talk cock leh.. when you pay u use some form of payment tools. these are statistics that can be profiled and collected.
Talk cock.
so should fairprice be the standard bearer?
anything equivalent to and cheaper than fairprice would be exempted from gst?
does fairprice have different grades of rice, salt, oil, vinegar, sugar?
does these different grades have different prices?
I guess rich people like u dont shop there. Got home brand. got 4% rebate when u buy home brand too. with their ntuc card.
So? wat else u want to compare?
WAHAHAHAHAHA
that's the best defense??? just like another minority
Wahahahahahah u really can only say this? Cock.
Rich don't need to run tax in Singapore, and no way to run because sooner or later get caught. They rather lobby to get 17% corporate tax and 20% income tax, a reduction of 13% taxes for them and sleep in peace!
So no, just need to return to 33% tax and remove GST is enough.....
Poor got rebates, middle-income families making up of 70-80% got rebates or not? They are squeezed left-right-centre, no wonder many of them not enough money to retire at 55 years old and have to work until they die! :banghead:
U already say. Rich got many resources to run tax. Like u like that rich can run tax. So wat tax them 33% why not 50%! but they run tax anyway. but they consume cheaper without GST.! win for Rich like u when GST goes down! the poor suffer even more coz no more rebates or help!
Selfish Cock!
Anyway, we know financial services are all exempted from GST, so what so difficult to exempt basic necessities from GST? :banghead:
When I buy and sell shares I pay 7% GST. Wat all financial services are GST exempted ? another talk cock sing song.
Rich don't need to run tax in Singapore, and no way to run because sooner or later get caught. They rather lobby to get 17% corporate tax and 20% income tax, a reduction of 13% taxes for them and sleep in peace!
So no, just need to return to 33% tax and remove GST is enough.....
Poor got rebates, middle-income families making up of 70-80% got rebates or not? They are squeezed left-right-centre, no wonder many of them not enough money to retire at 55 years old and have to work until they die! :banghead:
Oh really? u are the one who say rich run tax. now u want to change stand? u another prata man. talk cock so cheap.
on when tax was 33% then was there rebates? if go back to 33% tax then no more rebates.
Oh retire 55 no $ becoz GST.. SHOW ME THE STATS! PROOF!
You raised a good point, so let's see, oh well, just realized the exemptions for financial services are so complicated, got full list of exempted financial services! Got some don't exempt but many exempted! Wow! So complicated! And they give excuse say too complicated to exempt basic necessities from GST? Why say all food items exempt GST can already is complicated?! :doh:
Too bad, you middle-income people buy shares no exemption from GST! :tongue3: You should buy investment gold, silver and platinum got GST exemption!
Financial services
The Fourth Schedule to the GST Act (http://www.iras.gov.sg/irasHome/page04.aspx?id=878) provides the list of financial services that are exempted from GST. Examples of these financial services include:
Provision of loans;
Issue / sale of shares or bonds;
Provision of life policy by an insurance company;
Charges by banks for the operation of bank accounts;
Exchange of currency;
Provision of futures or forward contracts.For more information and the full list of exempted financial services, please refer to the list of financial services (http://www.iras.gov.sg/irasHome/uploadedFiles/GST/List%20of%20Financial%20Services.pdf)(170KB).
Provision of financial services by non-financial institutions
The provision of financial services is not confined to financial institutions. The following are common types of financial services provided:
Deposit of money in a bank
This is considered as a loan provided by the businesses to the bank (i.e. provision of financial service). The interest income received from the bank should be reported as your exempt supplies in Box 3 of the GST return.
Exchange gain/loss arising from transacting in foreign currencies
You may sell goods to your customers and invoice them in a foreign currency (e.g. US dollars). When your customers make payment in foreign currency and you exchange the foreign currency for Singapore Dollars, exchange gains or losses may arise. You should report the absolute value (i.e. drop negative sign, if any) of net realised exchange gain/loss for each prescribed accounting period as your exempt supply in Box 3 of your GST return.
Example:
Your prescribed accounting period is from Oct to Dec 2009.
Realised exchange gain/(loss) Oct 2009 ($150) Nov 2009 $100 Dec 2009 ($200)
Net realised foreign exchange loss for the period = ($250)
Absolute value of net realised foreign exchange loss for the period = $250
In addition, you received $400 interest from fixed deposit in December 2009.
Total value of exempt supplies (Box 3) = $250 + $400 = $650Fees from arranging or advising on financial transactions
The advising on, arranging, broking, or underwriting of financial activities is not exempted from GST. Such fees are subject to GST when the services are provided to local customers. These fees may be zero-rated (http://www.iras.gov.sg/irasHome/page04.aspx?id=834) when they are provided to overseas customers.
Example:
You are an insurance broker who receives a commission from an insurance company for arranging a life policy for a local policyholder. You need to charge GST at 7% for this service that you provide to the insurance company. This is so even though the premium of the life policy is exempted from GST.
Budget 2012 – Exemption of investment gold, silver and platinum New!
Investment gold, silver and platinum (“precious metals”) are essentially financial assets that are actively traded, similar to financial instruments such as stocks and bonds that are currently exempt from GST. To facilitate the development of a new gold refining and trading cluster in Singapore, the import and supply of investment precious metals (IPM) will be exempt from GST as announced in Budget 2012.
Concurrently, the new Approved Refiner and Consolidator Scheme (ARCS) (http://www.iras.gov.sg/irasHome/page04.aspx?id=13872) will be introduced to ease cash flow and compliance of qualifying refiners and consolidators in their payment of GST on import and purchase of materials used in refining the precious metals into investment form. For more information, you may refer to GST: Approved Refiner and Consolidator Scheme (ARCS) (http://www.iras.gov.sg/irasHome/uploadedfiles/e-Tax_Guide/etaxguides_GST_Approved%20Refiner%20and%20Consolidator%20Scheme.pdf)(496KB).
Definition of investment precious metals (IPM)
The importation and local supply of IPM are exempt from GST with effect from 1 Oct 2012. Precious metals in the form of a bar, ingot, wafer or coin that meet certain criteria will qualify as IPM.
Criteria for IPM bar, ingot and wafer
To qualify for GST exemption, the precious metal must meet all of the following criteria:
It is gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity.
It is capable of being traded on the international bullion market.
A precious metal bar, ingot or wafer refined by a refiner with the following accreditation/ endorsement is regarded as meeting this criterion:
For gold and silver, a refiner in the current or former ‘Good Delivery’ list of the London Bullion Market Association (LBMA) (please refer to LBMA’s website for its ‘Good Delivery’ list of gold and silver refiners (http://www.lbma.org.uk/pages/index.cfm?page_id=147&title=good_delivery_lists));
For platinum, a refiner in the current or former ‘Good Delivery’ list of the London Platinum & Palladium Market (LPPM) (please refer to LPPM’s website for its ‘Good Delivery’ list of platinum refiners (http://www.lppm.com/lists.aspx?type=pt)); or
A refiner who intends to be in the ‘Good Delivery’ List of the LBMA (for gold and silver) or LPPM (for platinum) and is endorsed by the International Enterprise (IE) Singapore. Refiners with such endorsement are published below.
It bears a mark or characteristic that is internationally accepted as guaranteeing its quality.
An example of such a mark is the hallmark of a refiner in the ‘Good Delivery’ list of the LBMA/ LPPM stamped on the bar, ingot or wafer.
It trades at a price based on the spot price of the metal it contains.A precious metal bar, ingot or wafer that fails any of the above criteria cannot qualify as an IPM (hereinafter referred to as ‘non-IPM’). The importation and supply of such non-IPM continue to be taxable. Examples of non-IPM are jewellery, scrap precious metals for refining and precious metals refined by refiners that are not on the ‘Good Delivery’ list of LBMA/ LPPM or not endorsed by IE Singapore.
Criteria for IPM coin
IPM coin is exempt based on criteria similar to those for IPM bar, ingot and wafer. Coins that qualify for GST exemption must be gold of at least 99.5% purity, silver of at least 99.9% purity or platinum of at least 99% purity; and is or was a legal tender in its country of origin.
To provide certainty, coins that can qualify as IPM are prescribed. For the full list of coins which qualify as IPM, please refer to GST: Guide on Exemption of Investment Precious Metals (IPM) (http://www.iras.gov.sg/irasHome/uploadedfiles/e-Tax_Guide/etaxguides_GST_Exemption%20of%20IPM_2013-04-01.pdf)(224KB).
Coins that are not in the prescribed list cannot qualify as IPM. The importation and supply of such non-IPM coins will continue to be taxable. Examples of non-IPM coins are proof and numismatic coins that are usually traded at prices largely determined by their rarity, finishing and beauty.
Supply of Investment Precious Metals
A local sale of IPM (i.e. a supply of IPM where the IPM is delivered in Singapore) made on or after 1 Oct 2012 is an exempt supply.
A supply of IPM which is exported from Singapore continues to be zero-rated. You are required to maintain the relevant documentation to support that the IPM has been exported. Please refer to GST: A Guide on Exports (http://www.iras.gov.sg/irashome/uploadedfiles/e-Tax_Guide/etaxguides_GST_a%20guide%20on%20exports%28eleventh%20edition%29_2013-04-01.pdf)(556KB) for the list of documents to maintain.
A supply of IPM that is located outside Singapore continues to be an out-of-scope supply and is not subject to GST.
Invoicing requirements for an exempt supply of IPM
To provide clarity to the customers and to differentiate exempt supplies of IPM from taxable supplies of non-IPM, you are required to issue an invoice which contains all the following information for an exempt supply of IPM:
An identifying number
Date of issue of the invoice
Name, address and registration number of the supplier
Name and address of the customer
A description of the IPM supplied –
For IPM bar, ingot or wafer
Type of precious metal (gold, silver or platinum)
Weight
Purity
Name of refiner (e.g. Metalor Technologies SA)
Unique serial number (where applicable) For IPM coin
Type of precious metal (gold, silver or platinum)
Name of coin (e.g. Canada Maple Leaf Coin)
Country of origin
Quantity of IPM supplied
Total amount payableThe invoice should be issued within 30 days of the supply of the IPM. You are required to maintain the invoice to support the exempt supply made.
When I buy and sell shares I pay 7$ GST. Wat all financial services are GST exempted ? another talk cock sing song.
Still have rebates, come from the 33% tax and govt collected revenue! Can collect even more from 33% tax and give more rebates!
The poor end up with NO GST and MORE REBATES! (from more taxes collected from the businessmen and the rich!).
The middle-incomes (70-80% of population) end up with NO GST as well! (since they have little (not enough to cover GST) to no REBATES anyway even when there is GST!)
This is the hard truth that people like you will deny! :tongue3:
Oh really? u are the one who say rich run tax. now u want to change stand? u another prata man. talk cock so cheap.
on when tax was 33% then was there rebates? if go back to 33% tax then no more rebates.
Oh retire 55 no $ becoz GST.. SHOW ME THE STATS! PROOF!
Still have rebates, come from the 33% tax and govt collected revenue! Can collect even more from 33% tax and give more rebates!
The poor end up with NO GST and MORE REBATES! (from more taxes collected from the businessmen and the rich!).
The middle-incomes (70-80% of population) end up with NO GST as well! (since they have little (not enough to cover GST) to no REBATES anyway even when there is GST!)
This is the hard truth that people like you will deny! :tongue3:
u want to go back to the last time 33% u want to have the current perks. LOL.. talk cock again. funded by wat? rich people? Rich like u say run tax. then the tax collection are not consistent.
So in a lehmen even the rich become poor or run road so that yr no tax collection. then poor will take hit too? no rebates?
cock.. GST give consistent spread. even malaysia have to do it. HK too. talk cock also must think with brain.
If the rich want to run, there is nothing to prevent them from running. 17% tax they also run anyway. Therefore, it is better to tax them at 33%, then catch them run tax, and make them pay back 300%-500% more tax at 33% rate even better right? :cheers4:
Think the 13% tax reduction is aiming at people who can't run tax so that they can save on taxes, which defeats the purpose of the 13% tax reduction since they can't run away anyway! :doh:
HK want to learn from SG, take easy way out so that they can save on taxes (as we know, who decide to implement GST or not?). Fortunately their people are to smart to vote in the right people who know how to say NO GST!
Malaysia? Another one! Luckily their people also smart don't let BN have >2/3 majority, means unlikely that GST can be implemented! Talk cock only! :rolleyes:
u want to go back to the last time 33% u want to have the current perks. LOL.. talk cock again. funded by wat? rich people? Rich like u say run tax. then the tax collection are not consistent.
So in a lehmen even the rich become poor or run road so that yr no tax collection. then poor will take hit too? no rebates?
cock.. GST give consistent spread. even malaysia have to do it. HK too. talk cock also must think with brain.
.......
The provision of financial services is not confined to financial institutions. The following are common types of financial services provided:
Deposit of money in a bank
This is considered as a loan provided by the businesses to the bank (i.e. provision of financial service). The interest income received from the bank should be reported as your exempt supplies in Box 3 of the GST return......Thanks teddy.
when businesses deposit money in bank, it is considered as they loan to the bank?
so it becomes the bank's money and the businesses become unsecured creditors to the bank?
Is this what Singapore law is saying?
is this supporting what i have been claiming all along? the money in the bank is not ours. we are only claimants, behind a long list of other secured and unsecured creditors. the only thing helping us depositors are the insurance guarantee scheme of $50k.
u mean people dont have credit card ? nets or debit cards? talk cock leh.. when you pay u use some form of payment tools. these are statistics that can be profiled and collected.
Talk cock.
I wonder what kind of customer data the banks passed to the govt.
do they pass customer transactions, balance, no of accounts, addresses, the whole stuff?
i am a bit innocent regarding these kind of things.
why not u say poor dont eat rice. they eat grass. No GST!!! COCK....
sorry, i dont get your reference. my post was in reply to leesg.
when he mentioned about poor and rich consuming basic stuff and how for the same stuff like rice, poor and rich pay different gst. even though poor and rich only 1 stomach.
I guess rich people like u dont shop there. Got home brand. got 4% rebate when u buy home brand too. with their ntuc card.
So? wat else u want to compare?
thanks for the cost cutting tip. i will check ntuc website how to get one.
I believe what you claim applies as I have same thought as well.
Look at Cyprus case, otherwise they can't rank depositors money behind all those bond holders and other creditors and this scheme has been demanded by EU!
Therefore, rather than put CASH in banks, invest it somewhere and spread them out, you get higher returns and lower risk!
Thanks teddy.
when businesses deposit money in bank, it is considered as they loan to the bank?
so it becomes the bank's money and the businesses become unsecured creditors to the bank?
Is this what Singapore law is saying?
is this supporting what i have been claiming all along? the money in the bank is not ours. we are only claimants, behind a long list of other secured and unsecured creditors. the only thing helping us depositors are the insurance guarantee scheme of $50k.
I believe what you claim applies as I have same thought as well.
Look at Cyprus case, otherwise they can't rank depositors money behind all those bond holders and other creditors and this scheme has been demanded by EU!
Therefore, rather than put CASH in banks, invest it somewhere and spread them out, you get higher returns and lower risk!
then burry ur $ in the ground then. yours forever.
Even Malaysians also understand the effect of GST very well!
GST渗透社会经济的层层面面，其影响之深叫人苦不堪言，举个例子来说，消费税一旦实施，你去买个 蛋糕，做蛋糕的原料都加进7%的消费税，鸡蛋+7%,面粉+7%，奶油+7%,白糖+7%，制成了蛋糕的成品+7%，这么多的+++，物品的价格势必升高 超过7%，还没有加入人工成本，47%国阵的支持者，大家抱着一起死吧！
Shared from Vincent Tan
I wonder what kind of customer data the banks passed to the govt.
do they pass customer transactions, balance, no of accounts, addresses, the whole stuff?
i am a bit innocent regarding these kind of things.
this is call analytics all the company been doing these for ages. dont think they sell or report. but they sure can give usage stats.
for example u subscribe to mobile. they know ur address i.e. which district. wat place u sign up and ur usage pattern. couple that with that if u roam a lot means u travel too.
not saying they sell the info but they can profile u.
its more apparent these days with all the social media. How u think they survive. they sell ur usage pattern.
Even Malaysians also understand the effect of GST very well!
GST渗透社会经济的层层面面，其影响之深叫人苦不堪言，举个例子来说，消费税一旦实施，你去买个 蛋糕，做蛋糕的原料都加进7%的消费税，鸡蛋+7%,面粉+7%，奶油+7%,白糖+7%，制成了蛋糕的成品+7%，这么多的+++，物品的价格势必升高 超过7%，还没有加入人工成本，47%国阵的支持者，大家抱着一起死吧！
Shared from Vincent Tan
talk cock its a 1 time increase not every year like u portray it. and with all the goodies they got from government how else they think it have to be funded? Fall from the sky?
cock.
You idiot or what? Malaysia is now saying they wanted to implement GST at 7% straight away! :scared-1:
Only you idiot still continue to say Malaysia has already implemented GST! The fact is Malaysia has not implemented GST but planning to implement and straight away at 7%.
What credential you have when you don't even check and already shoot out like no tomorrow...:tongue3:
You are well fit with what you called your self - COCK!
talk cock its a 1 time increase not every year like u portray it. and with all the goodies they got from government how else they think it have to be funded? Fall from the sky?
cock.
You idiot or what? Malaysia is now saying they wanted to implement GST at 7% straight away! :scared-1:
Only you idiot still continue to say Malaysia has already implemented GST! The fact is Malaysia has not implemented GST but planning to implement and straight away at 7%. while reducing non general tax from 10% down to 7%.
What credential you have when you don't even check and already shoot out like no tomorrow...:tongue3:
You are well fit with what you called your self - COCK!
U are stupid and blind.. is it? now is call sales tax which is 5% not ZERO!. 7% is 2% more and they rename sales tax as GST. and its ard since 1972!
http://gst.customs.gov.my/en/gst/Pages/gst_bg.aspx
"
Current Consumption Tax
a) SALES TAX
Sales Tax was introduced on the 29th February 1972 as a single stage consumption tax, levied, charged and paid on goods manufactured in Malaysia and imported.
Currently, the rates of sales tax are as follows:-
Reduced rate of 5% for non-essential foodstuff and building materials
A general rate of 10%
Specific rates for petroleum products"
http://gst.customs.gov.my/en/gst/SiteAssets/images/Scope-of-tax.png
EAT this kam gong. want to kao pay also do ur home work 1st. COCK!
I know wat bull shit u will have next. ur GST multiplier story again. Time n again busted already coz its rebated!.. or ur story must hire people to apply it. busted too! coz the acct clerk in the company will also do it. oh u will say must hire acct clerk!!! well busted too coz can just get part time once a year come do accts too.
So stop ur bull shit.
You are really beyond hope! people talked about GST, then you talked about sales tax. :doh:
You are bull, can I say your are cow? :rolleyes:
In addition to this sale tax (import tax and manufacturing tax, NOT GST to collect tax along the supply chain - see the difference, Singapore also has import tax on some items), Malaysia is now talking about implementing GST.
Here is the news:
http://sg.news.yahoo.com/video/pkr-just-proposed-gst-rate-000000508.html
--------------------------------------------------------------
http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=102211:malaysians-still-cannot-afford-to-pay-gst-what-more-at-7-start-rate-wong-chen&Itemid=2
UPDATED VIDEO INSERTED PETALING JAYA - Unlike in Singapore, the Malaysian government's plan to implement Goods and Services Tax is regressive as the majority of Malaysians already find it burdensome to make ends meet, and the only ones to benefit would be the corporate fat cats and business cronies of the political elite, an Opposition leader said on Monday.
Based on newly-elected Member of Parliament for Kelana Jaya Wong Chen's numbers, 88% of Malaysia's 28 million population do not pay tax as they fall below the taxable level.
Meanwhile, due to decades of pump-priming the economy with mega infrastructure projects - many of which have turned into white elephants - Malaysia's national debt is at an all-time high and even by official estimates nearly breaching the 55% ceiling imposed by law.
Analysts however believe the 55% level has already been breached as the government - in computing the figures - have not included the loans and debts of government-linked firms such as public utilities Tenaga and Telekom as well national car maker Proton, which the experts have said they should.
As such, the GST is seen as a lifeline for the BN government to alleviate the pressure on the growing fiscal deficit. But its proposal has met stiff resistance from a public already struggling with high costs of transportation and food.
'PKR notes that the BN government is facing a fiscal crisis of its own doing. PKR believes that the 3 main causes of this crisis are as follows: a weak tax base, profligate spending and unabated corruption," Wong Chen told a press conference on Monday.
"The PKR stand is that - show us that you are willing to cut corruption, what have you done to reduce mega projects and can you balance your books (fiscal position). If you do these and still can't balance your books, then you are entitled to consider introducing GST but start at a very low level and not at 7%. Don't give us the lip service, show us the savings, For example the MRT is good but does it have to cost RM60billion - seriously guys?"
Don't try to pass the bill for BN's excesses to the main on the street to pay
Wong Chen slammed the BN for allegedly trying to pick on the man on the street to pay off serious financial problems that it has brought onto itself and the nation.
"We understand the rationale for GST is to widen and improve the existing tax base. However, the current weak tax base is not a matter of tax evasion per se but a reflection of the poor household earnings of the majority of Malaysians. The majority of Malaysians simply do not have sufficient income to pay income tax," said Wong, who also heads the PKR investment bureau.
"The current problem of a weak tax base is about low pay and income security. Therefore the rationalse for BN's GST tax plan to widen the tax base is in fact flawed. Promising corporate and income tax cuts to offset GST will only help the rich. In other words, BN's GST plan is regressive in nature and will essentially see the poor end up paying more than the rich."
Why 7% - who can afford?
Wong took to task Prime Minister Najib Razak, who is also the Finance Minister, for trying to push through an "exorbitantly high" 7% GST rate. He pointed to the Singapore example that officials in the Malaysian Finance Ministry such as Minister in the PM's Office Idris Jala have been alluding to in the press as a model for Malaysians to follow.
"Lastly, Idris Jala cited the current Singapore GST rate iof 7% as a model for Malaysia. This is an alarming departure from the 4% rate that is being proposed by the Ministry of Finance," said Wong Chen.
"We wish to remind the Minister that when Singapore introduced GST in 1994, it was a low rate of 3% and the Singapore government kept it low for 9 years before allowing an increase to 4% in 2003. It only increased to 7% in 2007, 13 years after GST was introduced. If the Minister loves the Singapore model so much, will he commit to 3% with a 9-year no-hike moratorium?"
Malaysia Chronicle
U are stupid and blind.. is it? now is call sales tax which is 5% not ZERO!. 7% is 2% more and they rename sales tax as GST. and its ard since 1972!
http://gst.customs.gov.my/en/gst/Pages/gst_bg.aspx
"
Current Consumption Tax
a) SALES TAX
Sales Tax was introduced on the 29th February 1972 as a single stage consumption tax, levied, charged and paid on goods manufactured in Malaysia and imported.
Currently, the rates of sales tax are as follows:-
Reduced rate of 5% for non-essential foodstuff and building materials
A general rate of 10%
Specific rates for petroleum products"
http://gst.customs.gov.my/en/gst/SiteAssets/images/Scope-of-tax.png
EAT this kam gong. want to kao pay also do ur home work 1st. COCK!
I know wat bull shit u will have next. ur GST multiplier story again. Time n again busted already coz its rebated!.. or ur story must hire people to apply it. busted too! coz the acct clerk in the company will also do it. oh u will say must hire acct clerk!!! well busted too coz can just get part time once a year come do accts too.
So stop ur bull shit.
felicia_sg
22-05-13, 00:05
That one is "Sales Tax" lah, you cannot read? It doesn't tax services! GST tax services! See that BIG DIFFERENCE??? Real stupid want to act smart! No medicine can cure! :doh:
You talk about "import tax", Singapore also have "import tax" for some items before GST implemented, like cars, you stupid ignorant fool!
U are stupid and blind.. is it? now is call sales tax which is 5% not ZERO!. 7% is 2% more and they rename sales tax as GST. and its ard since 1972!
http://gst.customs.gov.my/en/gst/Pages/gst_bg.aspx
"
Current Consumption Tax
a) SALES TAX
Sales Tax was introduced on the 29th February 1972 as a single stage consumption tax, levied, charged and paid on goods manufactured in Malaysia and imported.
Currently, the rates of sales tax are as follows:-
Reduced rate of 5% for non-essential foodstuff and building materials
A general rate of 10%
Specific rates for petroleum products"
http://gst.customs.gov.my/en/gst/SiteAssets/images/Scope-of-tax.png
EAT this kam gong. want to kao pay also do ur home work 1st. COCK!
I know wat bull shit u will have next. ur GST multiplier story again. Time n again busted already coz its rebated!.. or ur story must hire people to apply it. busted too! coz the acct clerk in the company will also do it. oh u will say must hire acct clerk!!! well busted too coz can just get part time once a year come do accts too.
So stop ur bull shit.
That one is "Sales Tax" lah, you cannot read? It doesn't tax services! GST tax services! See that BIG DIFFERENCE??? Real stupid want to act smart! No medicine can cure! :doh:
You talk about "import tax", Singapore also have "import tax" for some items before GST implemented, like cars, you stupid ignorant fool!
If u are stupid or lazy click on the link. Part 2 is service tax! Dont be a lazy complainer.
You are really beyond hope! people talked about GST, then you talked about sales tax. :doh:
You are bull, can I say your are cow? :rolleyes:
In addition to this sale tax (import tax and manufacturing tax, NOT GST to collect tax along the supply chain - see the difference, Singapore also has import tax on some items), Malaysia is now talking about implementing GST.
Here is the news:
http://sg.news.yahoo.com/video/pkr-just-proposed-gst-rate-000000508.html
--------------------------------------------------------------
http://www.malaysia-chronicle.com/index.php?option=com_k2&view=item&id=102211:malaysians-still-cannot-afford-to-pay-gst-what-more-at-7-start-rate-wong-chen&Itemid=2
UPDATED VIDEO INSERTED PETALING JAYA - Unlike in Singapore, the Malaysian government's plan to implement Goods and Services Tax is regressive as the majority of Malaysians already find it burdensome to make ends meet, and the only ones to benefit would be the corporate fat cats and business cronies of the political elite, an Opposition leader said on Monday.
Based on newly-elected Member of Parliament for Kelana Jaya Wong Chen's numbers, 88% of Malaysia's 28 million population do not pay tax as they fall below the taxable level.
Meanwhile, due to decades of pump-priming the economy with mega infrastructure projects - many of which have turned into white elephants - Malaysia's national debt is at an all-time high and even by official estimates nearly breaching the 55% ceiling imposed by law.
Analysts however believe the 55% level has already been breached as the government - in computing the figures - have not included the loans and debts of government-linked firms such as public utilities Tenaga and Telekom as well national car maker Proton, which the experts have said they should.
As such, the GST is seen as a lifeline for the BN government to alleviate the pressure on the growing fiscal deficit. But its proposal has met stiff resistance from a public already struggling with high costs of transportation and food.
'PKR notes that the BN government is facing a fiscal crisis of its own doing. PKR believes that the 3 main causes of this crisis are as follows: a weak tax base, profligate spending and unabated corruption," Wong Chen told a press conference on Monday.
"The PKR stand is that - show us that you are willing to cut corruption, what have you done to reduce mega projects and can you balance your books (fiscal position). If you do these and still can't balance your books, then you are entitled to consider introducing GST but start at a very low level and not at 7%. Don't give us the lip service, show us the savings, For example the MRT is good but does it have to cost RM60billion - seriously guys?"
Don't try to pass the bill for BN's excesses to the main on the street to pay
Wong Chen slammed the BN for allegedly trying to pick on the man on the street to pay off serious financial problems that it has brought onto itself and the nation.
"We understand the rationale for GST is to widen and improve the existing tax base. However, the current weak tax base is not a matter of tax evasion per se but a reflection of the poor household earnings of the majority of Malaysians. The majority of Malaysians simply do not have sufficient income to pay income tax," said Wong, who also heads the PKR investment bureau.
"The current problem of a weak tax base is about low pay and income security. Therefore the rationalse for BN's GST tax plan to widen the tax base is in fact flawed. Promising corporate and income tax cuts to offset GST will only help the rich. In other words, BN's GST plan is regressive in nature and will essentially see the poor end up paying more than the rich."
Why 7% - who can afford?
Wong took to task Prime Minister Najib Razak, who is also the Finance Minister, for trying to push through an "exorbitantly high" 7% GST rate. He pointed to the Singapore example that officials in the Malaysian Finance Ministry such as Minister in the PM's Office Idris Jala have been alluding to in the press as a model for Malaysians to follow.
"Lastly, Idris Jala cited the current Singapore GST rate iof 7% as a model for Malaysia. This is an alarming departure from the 4% rate that is being proposed by the Ministry of Finance," said Wong Chen.
"We wish to remind the Minister that when Singapore introduced GST in 1994, it was a low rate of 3% and the Singapore government kept it low for 9 years before allowing an increase to 4% in 2003. It only increased to 7% in 2007, 13 years after GST was introduced. If the Minister loves the Singapore model so much, will he commit to 3% with a 9-year no-hike moratorium?"
Malaysia Chronicle
Fool! Sales tax is tyere dont try to put it like malaysia have no tax. Malaysia is looking at gst as a replacement of the current sales tax n service tax. Talk cock loke malaysia have no goods n service tax? Talk cock n bull shit also need to learn. Dont hid behind the word. U call call it bull shit tax all i care. Coz in malaysia there is already existing sales n service tax. They are revamping the tax system. Not goimg to 7% frpm zero!
Kam lan.
You have proven yourself a real doofus again and again ...:D
It's so clearly stated that the Malaysia government has postponed the implementation of the GST in your own link but you are so blind to read it or rather can't comprehend?
Tried to talk about other taxes to smoke people? or you are confused with other taxes? :tongue3:
Please shut up if you don't understand Malaysia' situation and make yourself looks so much like a clown!
http://gst.customs.gov.my/en/hl/Pages/hl_prp.aspx
Press Releases/Publications
Last Updated : 15/2/2013 23:02
The Government would like to announce the postponement of the implementation of the Goods and Services Tax (GST).
This is to enable the Government to ensure laws and regulations relating to the implementation of the GST are all in place. The Government will also continue to engage inclusively with the rakyat pertaining to the GST.
The Government will take into account the interest and welfare of all segments of society to ensure the implementation of GST is well received.
Notwithstanding the postponement, the Government recognises the importance of GST in ensuring a strong and sustainable fiscal position to support the long term economic growth.
Ministry of Finance Malaysia
Putrajaya
Fool! Sales tax is tyere dont try to put it like malaysia have no tax. Malaysia is looking at gst as a replacement of the current sales tax n service tax. Talk cock loke malaysia have no goods n service tax? Talk cock n bull shit also need to learn. Dont hid behind the word. U call call it bull shit tax all i care. Coz in malaysia there is already existing sales n service tax. They are revamping the tax system. Not goimg to 7% frpm zero!
Kam lan.
You have proven yourself a real doofus again and again ...:D
It's so clearly stated that the Malaysia government has postponed the implementation of the GST in your own link but you are so blind to read it or rather can't comprehend?
Tried to talk about other taxes to smoke people? or you are confused with other taxes? :tongue3:
Please shut up if you don't understand Malaysia' situation and make yourself looks so much like a clown!
http://gst.customs.gov.my/en/hl/Pages/hl_prp.aspx
Press Releases/Publications
Last Updated : 15/2/2013 23:02
The Government would like to announce the postponement of the implementation of the Goods and Services Tax (GST).
This is to enable the Government to ensure laws and regulations relating to the implementation of the GST are all in place. The Government will also continue to engage inclusively with the rakyat pertaining to the GST.
The Government will take into account the interest and welfare of all segments of society to ensure the implementation of GST is well received.
Notwithstanding the postponement, the Government recognises the importance of GST in ensuring a strong and sustainable fiscal position to support the long term economic growth.
Ministry of Finance Malaysia
Putrajaya
Yes wat u proof is u can read. yes they want to implement GST. so? Malaysia do not have ZERO Tax. they currently have sales and service tax too. GST will replace it. So Malaysia is not ZERO TAX and move to 7% GST. pronto. cock.
Hahaha!
Now you changed your tone? Isn't obvious u r prata man yourself? We are talking GST all the while as this is a thread about GST. In in your previous posting, u still called people cock when people said malaysia has no GST?!
You r indeed proven to be low form creature with no brain n like to sprout nonsense. :)
Yes wat u proof is u can read. yes they want to implement GST. so? Malaysia do not have ZERO Tax. they currently have sales and service tax too. GST will replace it. So Malaysia is not ZERO TAX and move to 7% GST. pronto. cock.
Ha ha ha!
What cock brain!
People buy chicken rice use credit card / nets / debit cards?
You take buses & MRT use credit cards / nets / debit cards?
Your credit cards / nets / debit cards got record how much is your income level?
You buy any single damn thing use credit card / nets / debit cards?
Obviously not! So there is no way they have a good data to cite what they said! The best they have is guesstimate, and that cannot be used as a good justification!
Our calculation which is better than their guesstimate already proved that the average middle-income families (making up of 70-80% of the population) are much much worst off with GST! (we are not talking about the poor here, which just form a small minority like you).
yes ! buy rice and sugar in ntuc pay with nets! stupid!
Bus n MRT they count rider ship.! can profile form the estate. and profile base on location D9, D10, D11 . dumb ass!
yes when u get ur credit card u need pay slip! and declared income. dont u know there are a credit profile of each person who borrow or use credit with a bank? Dumbass.
this show how shallow n dumb u are. cock.
Hahaha!
Now you changed your tone? Isn't obvious u r prata man yourself? We are talking GST all the while as this is a thread about GST. In in your previous posting, u still called people cock when people said malaysia has no GST?!
You r indeed proven to be low form creature with no brain n like to sprout nonsense. :)
show me malaysia no sales n service tax today. cock.. u are really prata ard.
No wonder their figure for low-incomers paying GST so low! Low-incomers most of them not eligible for credit cards, so few, if any, pay GST as captured by credit cards data! You dumb ass indeed! :doh:
yes ! buy rice and sugar in ntuc pay with nets! stupid!
Bus n MRT they count rider ship.! can profile form the estate. and profile base on location D9, D10, D11 . dumb ass!
yes when u get ur credit card u need pay slip! and declared income. dont u know there are a credit profile of each person who borrow or use credit with a bank? Dumbass.
this show how shallow n dumb u are. cock.
These are GST meh? idiot!:tongue3:
show me malaysia no sales n service tax today. cock.. u are really prata ard.
These are GST meh? idiot!:tongue3:
So u mean no service n goods tax meh? :doh:
Regulators
24-05-13, 20:00
Who says you must have a payslip to apply for credit card? They can give you a credit card based on your bank balance as well n if you are their premier customer.
yes when u get ur credit card u need pay slip! and declared income. dont u know there are a credit profile of each person who borrow or use credit with a bank? Dumbass.
this show how shallow n dumb u are. cock.
Who says you must have a payslip to apply for credit card? They can give you a credit card based on your bank balance as well n if you are their premier customer.
well perhaps how to become a premier customer in the 1st place.
1. either u take up a sizable loan with them
2. u have 200K cash in the deposit. but they still will need ur income statement or tax slip.
3. u are some big shot VIP.
Either of the above u will have a tax profile. which is equal to a income slip.
Allthepies
03-06-13, 08:04
This is what I learned recently:
"In 1994, he introduced a flat personal income tax, a policy most Eastern European countries have since adopted. In 1999, when Mr Laar became Prime Minister again, he abolished the tax on corporate profit, which was harming entrepreneurship. As a consequence of the ensuing tax competition, corporate tax rates have fallen to 15-25 per cent in most European countries."
http://m.todayonline.com//commentary/swedish-model-still-only-viable-one-europe
This is what I learned recently:
"In 1994, he introduced a flat personal income tax, a policy most Eastern European countries have since adopted. In 1999, when Mr Laar became Prime Minister again, he abolished the tax on corporate profit, which was harming entrepreneurship. As a consequence of the ensuing tax competition, corporate tax rates have fallen to 15-25 per cent in most European countries."
http://m.todayonline.com//commentary/swedish-model-still-only-viable-one-europe
it is a race to the bottom.
to learn more, you can read "gangs of america" by ted nace.
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