SINGAPORE — After the hike in the Goods and Services Tax , the Singapore Government will likely need to make further moves to boost its revenues to keep up with rising spending in areas such as healthcare, infrastructure and social support, the Ministry of Finance said on Wednesday .
But if spending continues to increase, the Government will need to make further moves to raise revenues to balance the budget, MOF said, though it did not specify what moves these should be.The MOF report was released just a week before the Deputy Prime Minister and Minister for Finance Lawrence Wong is set to present Budget 2023, setting out the Government’s spending and revenue plans for the year ahead.
Age-standardised utilisation rate, which refers to utilisation rates after normalising for the impact of aging, has increased due to healthier lifestyles, increased screening leading to earlier diagnoses and rising incomes and greater accessibility to high-quality healthcare services. The Progressive Wage Credit Scheme and the enhanced Workfare Income Supplement to uplift lower-wage workers and support their employers will also receive a spending boost of more than S$9 billion over 2022 to 2026.Government revenue is expected to increase, based on the projection that the Net Investments Returns Contribution will keep pace with economic growth at around 3.5 per cent of GDP to meet the rising expenditure, though it may fluctuate from year to year.
These moves include the increase in GST from 7 per cent to 9 per cent, which is expected to yield additional revenues of about 0.7 per cent of GDP per annum.
The only sector that has never had salaries come down are the politicians. Rain or sunshine, it will always go up.. i wonder why they call themselves public servants when they live and dine like Kings.
Time to take back full chickens after giving the minions chicken wings.
Such as increase land prices?
“…the Pareto principleOpens a new window means that 80% of the responsibility and work are shouldered by only 20% of your employees. Meaning, most of the work and effort are from the minority of your staff.”…..
Layoff the ministers, mayors, secretaries, MPs, civil/public servants or pay cut 50% for the next 10 years since they aren't performing, w questionable capabilities, poor governance. What's the point of doing extrapolated projections when the ppl who manage them still fail?
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Source: IndependentSG - 🏆 9. / 63 Read more »