Budget 2022 debate: Xie Yao Quan on GST as 'lever of first resort' in fiscal toolkit
Singapore should be looking at its GST system as a "lever of first resort" in its fiscal toolkit, said MP Xie Yao Quan. Speaking in Parliament on Tuesday (Mar 1), he said all of Singapore's revenue levers should be viewed as a "whole mix". The Government is already moving on the other levers like property and personal income taxes as part of this mix, he said. Mr Xie said raising the GST is the "fairest" way to raise revenues because a large proportion of the tax is paid not by the average Singaporean and that it "actually works" for all Singaporeans. Amid concerns over the cost of living, he urged the Government to continue to monitor the situation closely and provide decisive support if necessary. He cautioned against making the GST a "strawman" or "convenient scapegoat". He stressed the need to "get this consensus right" to strengthen Singapore's social compact.
Singapore should be looking at its GST system as a "lever of first resort" in its fiscal toolkit, said MP Xie Yao Quan. Speaking in Parliament on Tuesday (Mar 1), he said all of Singapore's revenue levers should be viewed as a "whole mix". The Government is already moving on the other levers like property and personal income taxes as part of this mix, he said. Mr Xie said raising the GST is the "fairest" way to raise revenues because a large proportion of the tax is paid not by the average Singaporean and that it "actually works" for all Singaporeans. Amid concerns over the cost of living, he urged the Government to continue to monitor the situation closely and provide decisive support if necessary. He cautioned against making the GST a "strawman" or "convenient scapegoat". He stressed the need to "get this consensus right" to strengthen Singapore's social compact.
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