Louis Chua on Goods and Services Tax (Amendment) Bill
It is “disappointing” that the Government has decided to push through the Goods and Services Tax (GST) hike, said MP Louis Chua in Parliament on Monday (Nov 7). He said the Workers’ Party recognises that the move is meant to meet growing expenditure needs, but it maintains that there are other ways to raise recurrent revenues. Against the backdrop of macroeconomic uncertainties and soaring inflation, Mr Chua said “the only responsible approach” is not to proceed with the GST increase without seriously considering better alternatives. He asked for details of Singapore’s fiscal position, noting that “there appears to be sufficient budgetary slack” for the rest of this financial year. He also said the GST hike will “fan the flames” of inflation and that even if inflation eventually eases, prices will not fall and will exacerbate cost-of-living pressures for households. Mr Chua pointed out that "assurance packages are temporary while a GST hike is forever".
It is “disappointing” that the Government has decided to push through the Goods and Services Tax (GST) hike, said MP Louis Chua in Parliament on Monday (Nov 7). He said the Workers’ Party recognises that the move is meant to meet growing expenditure needs, but it maintains that there are other ways to raise recurrent revenues. Against the backdrop of macroeconomic uncertainties and soaring inflation, Mr Chua said “the only responsible approach” is not to proceed with the GST increase without seriously considering better alternatives. He asked for details of Singapore’s fiscal position, noting that “there appears to be sufficient budgetary slack” for the rest of this financial year. He also said the GST hike will “fan the flames” of inflation and that even if inflation eventually eases, prices will not fall and will exacerbate cost-of-living pressures for households. Mr Chua pointed out that "assurance packages are temporary while a GST hike is forever".
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