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Jamus Lim on Income Tax (Amendment) Bill

14:54 Min

In Parliament on Monday (Oct 3), MP Jamus Lim revisited the case he had previously made for rebating fiscal surpluses in lieu of an increase in the Goods and Services Tax. Assoc Prof Lim said Singapore should not be building up fiscal surpluses at a time of continuing economic recovery and surging inflation. He suggested that any excess revenues from taxes and duties be rebated back to the people, saying fiscal policy should play a stabilising role, not amplify stresses felt by the private sector. He said the Government should try to forestall the GST hike for another two years. However, if it has to go ahead, then on top of the S$1.5 billion relief package announced earlier, a remaining S$7.2 billion in windfall revenue could go towards further beefing up the GST Voucher scheme or rolling out another Budget support package.

In Parliament on Monday (Oct 3), MP Jamus Lim revisited the case he had previously made for rebating fiscal surpluses in lieu of an increase in the Goods and Services Tax. Assoc Prof Lim said Singapore should not be building up fiscal surpluses at a time of continuing economic recovery and surging inflation. He suggested that any excess revenues from taxes and duties be rebated back to the people, saying fiscal policy should play a stabilising role, not amplify stresses felt by the private sector. He said the Government should try to forestall the GST hike for another two years. However, if it has to go ahead, then on top of the S$1.5 billion relief package announced earlier, a remaining S$7.2 billion in windfall revenue could go towards further beefing up the GST Voucher scheme or rolling out another Budget support package.

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