Herein lies the conundrum: Nobody is truly ‘average’, and so those who consume a narrower basket of goods and services will feel the pinch more acutely. This leaves many individuals and families feeling like the coupons, subsidies and rebates fail to make up for the magnitude of the price increases that they face.
Raising the goods and services tax (GST) amid the uncertain inflation outlook and higher prices is an “irresponsible” move that should be postponed, Workers’ Party MP Jamus Lim said on Monday. Hitting back at comments by
Deputy Prime Minister Lawrence Wong on how it is “more responsible” to proceed with the GST increase, Associate Professor Lim (Sengkang GRC) told Parliament that this was not the case. Mr Wong had said on Oct 14 that
while the global inflation outlook may be uncertain, the spending needs of Singapore are clear, and proceeding to increase the GST in the coming years is a “more responsible approach”. OnMonday, Prof Lim said that in
principle, tax increases could well dampen overall demand and tame rising prices, but added that these taxes could also end up raising the costs faced by firms and they could instead end up constricting supply, which will push up prices.
Bu hikaye The Straits Times dergisinin November 08, 2022 sayısından alınmıştır.
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Bu hikaye The Straits Times dergisinin November 08, 2022 sayısından alınmıştır.
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