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GST increase in 2024

On 1 Jan 2024 GST rises 1% from 8% to 9%; this is a 12.5% increase in GST. I am not convinced that this is necessary. It will contribute to inflation, and cause economic hardship. The handouts to mitigate this are temporary and the increase is permanent.

In 2015, when the possibility of GST rising was an election issue Mr Low Thia Kiang suggested presciently that the PAP “could change its mind anytime” and increase GST, PM Lee asserted “What would make you need to raise GST? Profligate spending and irresponsible and unsustainable plans. That is what will hurt and require you to raise GST”

Just two and a half years later in 2018, PAP had indeed “changed its mind”, and justified a GST hike, amongst others, on the basis of funding healthcare for an aging population. Didn’t PM Lee and his ministers foresee the ageing population issue in 2015?

Over the last 20 years, according to IMF data, Singapore has been running a chronic balance account surplus. Singapore has experienced a significant deficit only once, in 2020, as a result of COVID.

A rise in GST now with all the attendant hardship it will engender for Singaporeans is callous and unjustifiable. Rises in water, electricity and gas prices is adding fuel to this fire.

* Facebook post by Lee Hsien Yang.

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READER COMMENTS BELOW

32 Responses to “GST increase in 2024”

  • China Good:

    https://www.chinadaily.com.cn/a/202401/01/WS6591ef2aa3105f21a5079e4d.html

    Xi said that China’s ultimate goal is to deliver a better life for the people.

    “Our children should be well taken care of and receive good education. Our young people should have the opportunities to pursue their careers and succeed. And our elderly people should have adequate access to medical services and elderly care,” Xi said.

    “These issues matter to every family, and they are also a top priority of the government. We must work together to deliver on these issues.”

    Singapore gov has only 1 goal: to take money from people.

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  • @China Good

    Now you finally know why China good.

    China encourages good education, Sinkieland say “degree can eat” meh? lol

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  • rice:

    While many 1st world govts are trying to bring down inflation,$in “G”reedymen keep “INFLATING” “real” inflation.
    HIGH COE prices,escalating food and utilitiy prices and prices of all kinds of things like HDB means HIGHER GST COLLECTION.
    An “increase” of 1 pct over a large price increase results in bigger quantum of GST.
    Its simple math-gic?

    GST VOUCHERS N CPF TOP UPS are mere “stop-gap” gimmicks for short term “feels good” divert attention.

    INFLATING real inflation is simply not good and proper governance.

    The poor sgs will be relatively most affected.
    To the rich,it may just be peanuts.
    To the poor,it is adding further impetus to financial hardships.

    Greed is never $atiated.
    Go ask the super-rich!

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  • dave:

    This is called Inflationary Economics aka Pumping Balloon Economics to inflate the GDP and everything else. Just pray the balloon will blow up in the next 100 years.

    A big ‘bao’ was $2. Now $2.30. No inflation, or inflation only 3%.

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  • NotMyProblem:

    So voters, it is very obvious that PAP lied to get votes, not a slightest doubt!

    In the next GE, you will be voting for tax increase. PAP’s votes count will tell them our cost of living is OK. Increase in utilities fees is OK. We have no problem with spending, everything is taken care of by handouts and vouchers.

    PAP will import more FTs to take over your jobs. Locals can go upskill, reskill but going no where!

    Well, it is up to you! For yourself and your children.

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  • Govt Shitty Tax:

    https://mothership.sg/2024/01/adam-road-food-centre-reopens/

    Stall owners take advantage to profiteer!

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  • Harder Truths:

    The 1% raise is pure BS. The cumulative cost is handed down to the consumer at the bottom of the food chain. It could easily be 85-12% added on to the final bill based on the number of hands the product passes through.

    That is okay. $heeple love to give the Regime anything they want. Including their lives (jab jab jab), so a few dollars is nothing, right?

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  • Jonas DS:

    Roti to feed family went up by 50cents,10.4% (pre-GST price of $4.80 to $5.30); salad price bumped up by $1, 10.1% ($9.90 to $10.90); kopi-O up by 10cents, 7% ( 2 Jan,’24 price @ $1.60, from 31 Dec ’23 price @ $1.50). MAS and cheng hu TCSS extraordinaire about overall inflation, core inflation, at below 4%. Spin narrative about core inflation calculation should exclude accommodation costs and transport costs. Accommodation + transport costs constitutes 42% of CPI basket in 2019. I have a simple mind, diametrically incompatible with the eggheads.

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  • 10 million population:

    Papigs will soon release a 10million population White Paper .
    At 2 million PAP1.0 told has we do not have enough water and land—so stop at two.
    Now at 6 million, papigs want to bring it to 10 million or else the population-property ponzi-pyramid collapse upon itself.
    So expect to have 10 CECA families as your immediate neighbours!
    By 2030 there will be 550,000 >40 year old HDB flats, not counting the fast aging condos.
    Yes half of the 1.1 million HDB flats will be >40 years old.
    Bring in the dumb CECA to rent them!
    Smart ones buy up Mandarin Gardens and Tanjong Rhu Condos.
    And work in DBS.

    dave:
    This is called Inflationary Economics aka Pumping Balloon Economics to inflate the GDP and everything else. Just pray the balloon will blow up in the next 100 years.

    A big ‘bao’ was $2. Now $2.30. No inflation, or inflation only 3%.

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  • Tremendous:

    Show the villagers that the problem will be solved before the next village elections. Don’t ever start throwing big carrots only upon being elected. By right, it is already a simpler problem than fertility issues.

    10 million population:
    Papigs will soon release a 10million population White Paper .
    At 2 million PAP1.0 told has we do not have enough water and land—so stop at two.
    Now at 6 million, papigs want to bring it to 10 million or else the population-property ponzi-pyramid collapse upon itself.
    So expect to have 10CECA families as your immediate neighbours!
    By 2030 there will be 550,000 >40 year old HDB flats, not counting the fast aging condos.
    Yes half of the 1.1 million HDB flats will be >40 years old.
    Bring in the dumb CECA to rent them!
    Smart ones buy up Mandarin Gardens and Tanjong Rhu Condos.
    And work in DBS.

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  • 2Daft2Live:

    LW (smiling): I did what you asked and increased the GST to 9%, it’s time for you to step down.

    LHL: Ok, ok…2024 will be the year I hand over to you after we call for a GE. (Haha… wait till I do a HSK on you as per the last GE, you think you will still be so smug?).

    LW (grinning): Oh, thank you for your trust and confidence in me. I promise you won’t regret it.

    LHL: You know I will always cover your back. (Stupid fool… when you see me “forced” to stick around after the next GE to clean up your mess then you will know what regret is).

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  • StayTuned Sim Ann:

    .@10 million population:…”By 2030 there will be 550,000 >40 year old HDB flats, not counting the fast aging condos.
    Yes half of the 1.1 million HDB flats will be >40 years old.”
    1 in 4 sinkies will be >65 by 2030!
    Future PM Lawrence 99=Zero Wong will hand the problem to Future PM Pritam Singh.
    Meanwhile the present leadership will sell their GCBs and migrate to Perth or USA.
    What bullshit VERS—there was never any VERS plan; hence stay tune comment by Sim Ann.VERS= Very Expensive to Rectify SCAM; probably need a trillion dollars which we do not have.
    LKY son and grandson already migrated.
    Son sold their GCB recently
    ”Lee Hsien Yang and his wife, Lee Suet Fern, have sold a two-storey bungalow in the Caldecott Hill good class bungalow (GCB) area for S$13 million, and put another nearby bungalow on the market for S$16.8 million.6 Oct 2021”

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  • COL:

    COL is getting worse..
    Make life better not worse…Poor Policy .
    Need a U turn…

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  • rice:

    Questions we must ask are those like must we make more or collect more $money so as to have more,more and more in our own deep pockets even as that impoverish and cause others to suffer hardships or even “hunger”?

    WHY ARE WE,AS ELECTED LEADERS OF THE people, ALLOWING GREED TO SPREAD VIA EXCESSIVE PROFITEERING even in our own GLCs like NTUC FAIRPRICE,for instance?

    IS MAKING OR COLLECTING MORE $money the ONLY “CLEVER” THING WE CAN DO FOR OUR people?

    GREED IS THE REA$ON FOR BULK OF THE CURRENT INFLATION.
    REAL inflation has been INFLATED BY GREEDY AND POWERFUL PEOPLE.

    TOUCH OUR HEARTS AND SAY NOT?

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  • So expensive:

    Singapore is getting more expensive for its own good.
    Not wise Policy..
    Better to change ? Or Change Leaders ?
    Seem the great divide will be worse..

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  • You have been Warned:

    ”1-Person Households 217,300”
    ”2-Person Households 331,300”
    ”Five cases of seniors in Singapore who died alone at home”
    There are 217,300 housing units with single person living in them…out of a total of 1.4 million.
    More than 500,000 have 2 or less occupants….mostly old folks.
    Sinkieland have a nuclear timebomb in property glut and population demograhics.
    Will hit us in less than 5 to 10 years time.

    @10 million population:….What bullshit VERS—there was never any VERS plan; hence stay tune comment by Sim Ann.VERS= Very Expensive to Rectify SCAM; probably need a trillion dollars which we do not have.

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  • Blacksmoke:

    Old must go

    HDB then can grow.

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  • $100 billion ..100 Years:

    National Day Rally 2019””How much will it cost, to protect ourselves against rising sea levels? My guess is probably $100 billion over 100 years, quite possibly more.”
    ”When someone dies alone in Singapore, this is what happens
    Up to 75 bodies are unclaimed in Singapore, every year. Why do we have lonely deaths? And with a rise in single households, could you be at risk of dying without anyone knowing? Assoc Prof Angelique Chan”
    Papigs want to spend $100B and look 100years ahead…
    But we have TODAY…75 dead unclaimed bodies every year.
    @You have been Warned:
    .”1-Person Households 217,300”
    ”2-Person Households 331,300”
    You have one third of the housing units with one or two persons…many of them retired oldies.
    The CLEAR and Present Danger is not being looked into….yet want to plan 100 years ahead.
    Diversion…diversion…diversion.
    ..”First announced in 2013, the Singapore Greater Southern Waterfront comprises 30 km of coastline”
    Sinkie youngsters are being squeezed in Tengah Pigeon Holes without working aircon even though Great Southern WaterFront was promised….in 2013.

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  • dodo:

    Where did your numbers 217000 and 331000 come from?
    If the landlord has a rental tenant in the unit, it will be calculated as 2 occupants, yes or no?

    You have been Warned:
    ”1-Person Households217,300”
    ”2-Person Households331,300”
    ”Five cases of seniors in Singapore who died alone at home”
    There are 217,300 housing units with single person living in them…out of a total of 1.4 million.
    More than 500,000 have 2 or less occupants….mostly old folks.
    Sinkieland have a nuclear timebomb in property glut and population demograhics.
    Will hit us in less than 5 to 10 years time.

    @10 million population:….What bullshit VERS—there was never any VERS plan; hence stay tune comment by Sim Ann.VERS= Very Expensive to Rectify SCAM; probably need a trillion dollars which we do not have.

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  • Stay Tuned for 100 years!:

    https://tablebuilder.singstat.gov.sg/table/TS/M810371#!
    ..1-Person Households (Number)…..217,300..
    . 2-Pers 331,300
    Resident Households..TOTAL…………. 1,399,600
    Figures are for 2022
    Out of these 217300 and 331300 [648,600] more than 50% should be above 65.
    One in 5 are already above 65 today…total population.
    A much higher percentage living alone or old couple comprise single/2-person household.
    Empty nester problem.
    This country have a huge Silver Tsunami Problem on top of huge supply overhang of housing units in 5 to 10 years time….when the oldies passed on.
    And….surprise…surprise…nobody is looking into this problem
    Papigs love to give you their 100 year projection and build $100 billion Long Island.
    Sim Ann want us to Stay Tuned for the next 100 years!

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  • Passing On:

    When the oldie landlord passes on, his old HDB or condo enter as new supply in the market.
    Tenanted fully or room-tenanted does not matter.
    Some blocks in Marine Parade youngest resident is in their sixties.
    Check out your own neighbours if you stay in older estate.
    548,000 is a very big number. More than a third of total housing unit of 1.5 million
    That is 2022 figure.
    Growing every year.
    One in 4 sinkie is above 65 in 6 years time.
    Many in their eighties!
    Some own very expensive old condos and HDBs.
    Newer shittyzens may be rich —but are not stupid enough to pay $1million for 45 year old HDB or old condos.
    Lawrence 99=Zero Wong has a problem on his hand—very very soon.
    Very very BIG problem.

    dodo:
    Where did your numbers 217000 and 331000 come from?
    If the landlord has a rental tenant in the unit, it will be calculated as 2 occupants, yes or no?

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  • BS:

    Sg like reclaim land

    Cannot built tall building.

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  • HDB 99=Zero, 26891 deaths.:

    .@Passing On:….”Newer shittyzens may be rich —but are not stupid enough to pay $1million for 45 year old HDB or old condos.
    Lawrence 99=Zero Wong has a problem on his hand—very very soon.
    Very very BIG problem.”
    ”Bukit Timah 2-Storey HDB Flat Sold For S$1.36M, Becomes Most Expensive In Estate….and it is 37 years old”
    ”’Upon expiry of the 99-year lease, the HDB flat will be returned to the landowner, which is HDB. Then HDB will, in turn, surrender the land to the State. There is a common notion that the government is obliged to pay compensation when the 99-year lease HDB ends, but this isn’t true.
    Another sucker bites the dust.
    Buy 37 year old HDB at 1.36 million dollars!
    Ah Beng Peoperty Agents gleefully clap clap.
    Forgot to tell them about Bala’s Curve or Lawrence 99=Zero.
    Might as well throw money into the drain!
    In 6 years time there will be 550,000 HDB older than 40 years old out of 1,100,000 HDB flats.
    All will head for ZERO very very quickly.
    And…100,000 plus condos older than 30 years….also heading for 99=Zero.
    Yes the supply Tsunami will come
    Total Deaths Number 2022 equal 26,891; 10.7% more than 2021.
    Many of the 26,891 people that died in 2022 live in old HDB or private units.

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  • Of Deaths and HDB flats:

    @HDB 99=Zero, 26891 deaths.:…Total Deaths Number 2022 equal 26,891; 10.7% more than 2021.
    Many of the 26,891 people that died in 2022 live in old HDB or private units.

    All the property experts from Propertyguru, Stacked Homes, 99.co and MSM real estate dare not touch this very topic.
    Their research house is good at only predicting the rise and rise and rise of property assets in sinkieland.
    13 years of free money is over!…very low interest rates.2009-2021
    ”HOUSING prices in Singapore are not expected to rise indefinitely as signs of moderation are being observed in the public and private housing markets, said National Development Minister Desmond Lee.”
    Take a Minister to make such an obvious statement….”will not rise indefinitely”
    2030..1 in 4 above 65.
    Oldies do not buy housing units.
    New citizens will not pay $1million for 40 year-old flats.

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  • Truth Hurts!:

    @Of Deaths and HDB flats:….”2030..1 in 4 above 65.
    Oldies do not buy housing units.
    New citizens will not pay $1million for 40 year-old flats.”
    ” In 2023, an estimated 460 HDB resale flats were sold for $1 million or more. The figure is 25% higher than the 369 public housing flats that crossed the million-dollar mark in 2022,”
    Sinkie love to queue up for HelloKitty, Luohan Fish, TaylorSwift Tickets
    Scary…scary stats.
    How to solve this problem then.
    Look for some really really dumb rich new citizens to unload our 550,000 decrepit 40-year old HDBs and 150,000 decayed 30 year-old condos.
    Meanwhile let ‘Stay tune’ Sim Ann tell the sheeples-sinkies to wait for the non-existent VERS!

    Friedrich Nietzsche says: “Sometimes people don’t want to hear the truth because they don’t want their illusions destroyed.

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  • SINGAROAR:

    Only country in the world that invites foreigners, gives them citizenships and gives them grants to buy Public Housing. So why won’t GST keep increasing? LW refuses a wealth tax on the twenty percent so the bill is footed by the eighty percent in Public Housing.

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  • The Untouchables:

    …..”Look for some really really dumb rich new citizens to unload our 550,000 decrepit 40-year old HDBs and 150,000 decayed 30 year-old condos.”

    SINGAROAR:
    Only country in the world that invites foreigners, gives them citizenships and gives them grants to buy Public Housing. So why won’t GST keep increasing? LW refuses a wealth tax on the twenty percent so the bill is footed by the eighty percent in Public Housing.

    Lawrence 99=Zero will not introduce wealth tax because power and money goes to sleep in the same bed at night.
    OBS-Iswaran a prime example.
    GST will definitely goes above 10%.
    The wealthy are Untouchable.
    Giver of bribe and taker of bribe required for a crime to be committed.
    If both were arrested, why only one charged.

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  • Unaware Foreigners:

    You may be right here. Foreigners may naively believe the Singapore system is the same as their home country. They may believe that HDB flats will get an extended lease of life for them. They will be in for a big shock.

    The Untouchables: …..”Look for some really really dumb rich new citizens to unload our 550,000 decrepit 40-year old HDBs and 150,000 decayed 30 year-old condos.”

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  • No Lease Renewal:

    ”‘We need to keep some land for people not yet born’: Desmond Lee ”
    ”“Sometimes it means making difficult decisions – whether it’s land use, and land use versus housing, land use versus conservation, land use versus healthcare, making people upset sometimes, because it is in the interest of some other group or another generation,” he said.”
    Desmond say no lease renewal.
    Not fair to the next generation.
    Lawrence say 99=Zero.
    Sengkang GTC already lost.
    Younger generation not stupid—do not want to carry the baby.
    Newbies also not stupid—-buy BTO only.

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  • One MRT stop away:

    ”Johor Bahru-Singapore RTS Link will not be value-destructive for Singapore property

    Leslie Yee”
    JB will be practically one MRT stop away from Woodlands.
    And it is not value-destructive to Spore properties???.
    Huh?
    Our MSM, which derive plenty of adverts revenue from the Property-Cabal that runs papigs and Sinkieland, have to pay the pied piper all the time.
    RM vs SGD will always drop medium to longer time.
    Cost of living in JB is one third of sinkieland.
    There are 1,130,000 Malaysians in Sinkieland.
    And total foreigner of 1,770,000 foreigners in sinkieland.
    All of them can reduce their cost-of-living by 67% just by moving to JB —10 minutes train ride away.Imagine 5% make the move!
    And Leslie wants us to believe it is non-value destructive.
    The Property Cabal is a very powerful force in Sinkieland with its tentacles everywhere—but it cannot fight very commonsensical economic rationale.
    Many sinkies even now are living in Malaysia because of COL reasons.

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  • Launderers Huge Profit:

    Looks like the money launderers will be making huge profit.
    Flipping shop-houses, condos, apartments…at will.
    So easy money…no watchmen!
    Watchmen falling asleep again.
    Money launderers love Casino-Sinkieland.
    Sinkies also love to flip condos and MOP-BTOs.
    Sure profit.
    Good for the property cabal in-charge of papigs.
    Property tycoons screwed up HK…very similar thing happening in Sinkieland; property- casino-land.
    Launderers heaven!

    .”’EIGHT shophouses held by entities linked to suspects in the S$3 billion money laundering case have surfaced on the market and are being put up for sale.

    Three of the properties are now being marketed at S$61.1 million.
    The Untouchables:
    January 20, 2024 at 6:48 pm (Quote)
    …..”Look for some really really dumb rich new citizens to unload our 550,000 decrepit 40-year old HDBs and 150,000 decayed 30 year-old condos.”

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  • Some Smart Sinkies Leaving:

    ”More migrants, including Singaporeans, moving Down Under”ST
    Some NS-Serving smart sinkies giving papigs the middle finger and are leaving the shithole.
    leaving the shithole to the NS-EXEMPTED new citizens.

    10 million population:
    Papigs will soon release a 10million population White Paper .
    At 2 million PAP1.0 told has we do not have enough water and land—so stop at two.
    Now at 6 million, papigs want to bring it to 10 million or else the population-property ponzi-pyramid collapse upon itself.
    So expect to have 10CECA families as your immediate neighbours!
    By 2030 there will be 550,000 >40 year old HDB flats, not counting the fast aging condos.
    Yes half of the 1.1 million HDB flats will be >40 years old.
    Bring in the dumb CECA to rent them!
    Smart ones buy up Mandarin Gardens and Tanjong Rhu Condos.
    And work in DBS.

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