Pritam Singh on reviewing public finances to help Singaporeans
The Government should be more open about Singapore’s reserves and reveal the figures to facilitate mature conversations, said Leader of the Opposition Pritam Singh. Speaking in Parliament on Wednesday (Feb 7), he said Singaporeans rightly wish to discuss the reserves and have information about them. “They run in parallel with Singaporeans taking ownership to explore fiscal solutions, with the view to co-create not just today’s Singapore, but a sustainable and equitable tomorrow that future generations of Singaporeans will inherit,” he said. Mr Singh also urged the Government not to rule out using more than the current 50 per cent of Net Investment Returns Contribution (NIRC) to lessen the taxation burden on Singaporeans. “The 50 per cent figure is not a sacrosanct number ... There are other Singaporeans today who can conceive of greater flexibility in increasing the spendable amount of the NIRC,” he said. Mr Singh pointed out that Singapore’s principal reserves, which continue to grow with the proceeds from land sales and the NIRC, should not be used to finance Budget expenditure, except in emergencies such as COVID-19 or the global financial crisis. Inter-generational changes and new realities should prompt the Government to consider whether more of the investment returns should be used to fund social needs. Mr Singh also said differences in political points of view in the House between the Government and the Opposition on the reserves should not spill over into political meddling and interference in the investment decisions of GIC and Temasek. He also said significant public interest in Singapore’s expenditure needs requires public institutions to play a greater role in advancing the understanding of the country’s fiscal policy. There should be a Standing Select Committee to look into the health of Singapore’s reserves, and consider specific funding needs and threat events that Singapore must prepare for, he said. MPs should not be precluded from asking questions or reserves in this committee, he added. “The Select Committee's deliberations or reports have the potential of taking the political sting out of unjustifiable demands to use more investment returns for expenditure programmes,” he said.
The Government should be more open about Singapore’s reserves and reveal the figures to facilitate mature conversations, said Leader of the Opposition Pritam Singh. Speaking in Parliament on Wednesday (Feb 7), he said Singaporeans rightly wish to discuss the reserves and have information about them. “They run in parallel with Singaporeans taking ownership to explore fiscal solutions, with the view to co-create not just today’s Singapore, but a sustainable and equitable tomorrow that future generations of Singaporeans will inherit,” he said. Mr Singh also urged the Government not to rule out using more than the current 50 per cent of Net Investment Returns Contribution (NIRC) to lessen the taxation burden on Singaporeans. “The 50 per cent figure is not a sacrosanct number ... There are other Singaporeans today who can conceive of greater flexibility in increasing the spendable amount of the NIRC,” he said. Mr Singh pointed out that Singapore’s principal reserves, which continue to grow with the proceeds from land sales and the NIRC, should not be used to finance Budget expenditure, except in emergencies such as COVID-19 or the global financial crisis. Inter-generational changes and new realities should prompt the Government to consider whether more of the investment returns should be used to fund social needs. Mr Singh also said differences in political points of view in the House between the Government and the Opposition on the reserves should not spill over into political meddling and interference in the investment decisions of GIC and Temasek. He also said significant public interest in Singapore’s expenditure needs requires public institutions to play a greater role in advancing the understanding of the country’s fiscal policy. There should be a Standing Select Committee to look into the health of Singapore’s reserves, and consider specific funding needs and threat events that Singapore must prepare for, he said. MPs should not be precluded from asking questions or reserves in this committee, he added. “The Select Committee's deliberations or reports have the potential of taking the political sting out of unjustifiable demands to use more investment returns for expenditure programmes,” he said.
Popular Shows
