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Old 15th May 2012, 10:54 AM   #1 (permalink)
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Josephine Teo: Govt to monitor closely on taxes to keep business costs low

Minister of State for Finance Josephine Teo: Govt to monitor closely on taxes to keep business costs low
Posted: 14 May 2012 1638 hrs


SINGAPORE: Minister of State for Finance Josephine Teo told Parliament on Monday that the government will monitor closely the taxes and charges levied by government departments and agencies.


Minister of State for Finance Josephine Teo

This is to keep business costs and the cost of living for the average Singaporean low.

For one, to cushion the impact of rising costs on lower and middle income households, the GST voucher scheme was introduced in the recent Budget.

She added that for retiree households who are not well off, the GST vouchers should in most cases fully offset the total GST payments they make each year.

The reduction of marginal income tax rates for the first 120,000 of chargeable income from year of assessment 2012 will also ease the tax burden of middle earners.

For businesses, the main driver of cost increases due to government fees and charges has been the recent increases in the foreign workers levy.

As such, the government will increase foreign workers levy gradually and in steps.

Ms Teo said: "Increases in the foreign workers levy are necessary to manage our dependence on foreign workers and to promote our needed economic restructuring so as to achieve productivity driven economic growth. In the short term, this may translate into domestic cost pressures while the effects of productivity improvements will be realized over the medium to longer terms."

She added that schemes such as the Productivity and Innovation Credit Scheme has been put in place to help businesses upgrade productivity

SME cash grants are also available to help companies offset higher business costs.

Source: http://www.channelnewsasia.com/stori...201149/1/.html

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Old 16th May 2012, 06:37 AM   #2 (permalink)
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Re: Josephine Teo: Govt to monitor closely on taxes to keep business costs low

OK. But do they know usually the taxes and extra charges are passed on to the end-consumers?

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Old 16th May 2012, 07:42 AM   #3 (permalink)
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Re: Josephine Teo: Govt to monitor closely on taxes to keep business costs low

I believe the government knows and that's why they are monitoring closely on taxes to keep business costs low.

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Old 17th May 2012, 06:08 PM   #4 (permalink)
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Re: Josephine Teo: Govt to monitor closely on taxes to keep business costs low

Hmm... Side-track abit.

But Josephine Teo's make-up looks very thick.

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Old 17th May 2012, 06:32 PM   #5 (permalink)
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Re: Josephine Teo: Govt to monitor closely on taxes to keep business costs low

I guess thats great news..
in an economy there is a cycle. so the cycle will eventually pass down the tax savings to end consumers.(but in a very slow and gradual process)


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Old 18th May 2012, 06:25 AM   #6 (permalink)
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Re: Josephine Teo: Govt to monitor closely on taxes to keep business costs low

Originally Posted by xweiyunx View Post
I guess thats great news..
in an economy there is a cycle. so the cycle will eventually pass down the tax savings to end consumers.(but in a very slow and gradual process)
Yeah, that may take years.

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