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15th Feb Budget Day & 18th Feb Chinese New Year Post Reply Rate topic
billywows Elite	24-Jan-2007 23:34        billywows About Contact  Quote this Post!
x 0   x 0  Alert Admin	Wednesday January 24, 10:17 PM 2% GST hike may come in one-off adjustment: PM Lee SINGAPORE: Prime Minister Lee Hsien Loong has indicated that the 2 percentage point hike in the Goods and Services Tax will likely come in a one-off adjustment, and the government is also seriously looking at increasing the employer's contribution to the Central Provident Fund. He was speaking to a gathering of union leaders and government officials, and employers in a tripartite forum on Wednesday. There were several issues this gathering had in mind for the Prime Minister, such as the impending GST hike. Some are hoping the increase will be staggered over time to cushion the impact, but Mr Lee thinks otherwise. "Is it better to take your medicine sooner or stretch it out? Take medicine once or two times? I prefer to make my medicine early, why? This is something we need to do, once we have done it, we can move on; we have the resources to have the revenue from the GST that we use, for all the things we want, further investments, etc. If I stretch it out, my revenues come in slower, that means I cannot do all the things I need to now," said Mr Lee. A smaller hike could also mean less money for the offset package, which is meant to help cushion the impact on the needy. When asked about using the CPF as a tool to adjust wages when the economy turns, Mr Lee explained that there was less hesitation to cut the employer's contribution after the Asian Financial Crisis, because the 20 percent rate provided a large buffer. Employers and employees was able to adjust accordingly. Mr Lee added: "When I put the CPF at 33 percent, that buffer is a lot less - it's going to be a much higher hurdle to persuade me that it is necessary to cut the CPF now. If there is a world recession - if China crashes, India crashes, the Americans crashes - I would have no choice but otherwise my buffer is lower. I ought to treat the CPF more as a structural piece of people's salaries - with that mind set that myself and MOM is looking at adjusting the CPF now. " Mr Lee says the government is also mindful about keeping CPF rates within range for Singapore to be competitive. It is also working on a qualifying criteria for the workfare bonus, especially if it is going to be a permanent feature. The inaugural forum was aimed at maintaining, and expanding the good tripartite relations in Singapore. - CNA/dt/ch -----------------
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billywows Elite	21-Jan-2007 23:47        billywows About Contact  Quote this Post!
x 0   x 0  Alert Admin	Oops ... Jammed up this thread accidentally. *Sigh! :P
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billywows Elite	21-Jan-2007 23:45        billywows About Contact  Quote this Post!
x 0   x 0  Alert Admin	Sunday January 21, 12:12 PM Singapore to cut corporate tax: report Singapore will lower its existing corporate tax rate of 20 percent by at at least one percentage point to stay competitive, former prime minister Lee Kuan Yew said in remarks published on Sunday. "You know this is a tough and competitive world. People don't come because they like Singapore," Lee, the influential minister mentor in his son Prime Minister Lee Hsien Loong's cabinet, was quoted as saying by the Sunday Times. "They come because the returns are better," he said. In reference to Hong Kong, where companies are taxed at just 17.5 percent, one of the lowest in the world, Lee said Singapore had to lower its corporate tax rate or lose out to the former British colony in attracting investors. "We're going to bring it down... at least by one percentage point," Lee told local media. "Otherwise, we'll lose them to Hong Kong," he said. The government previously indicated the corporate tax rate would likely be lowered but gave no specifics. Details will be announced on February 15 when the government presents its annual budget for the fiscal year starting April. The government is also planning to raise the consumption tax from the existing five percent to seven percent.
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billywows Elite	21-Jan-2007 23:42        billywows About Contact  Quote this Post!
x 0   x 0  Alert Admin	Corporate tax to be cut by at least 1% on 15th Feb ... Think it will be 2% with the proposed 2% GST hike.
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billywows Elite	05-Jan-2007 06:04        billywows About Contact  Quote this Post!
x 1   x 0  Alert Admin	In our last GE last May, market rallied and then corrected BIG that same month too, remember? So with this coming Budget Day next month, we will still have our own rally that day and after. But should there be global correction during CNY period, how to sell when SGX is closed .... ??? (Correction is due soon, but when?) Just a thought on a very high & hot market now. HeeHee! :)
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billywows Elite	04-Jan-2007 23:05        billywows About Contact  Quote this Post!
x 0   x 0  Alert Admin	Budget day is 15th February (Thursday) - when GST adjustment and employer's CPF contribution will be announced. Singapore market will chiong late that day & next day (16th Feb which is Friday) due to welfare goodies and coporate tax cuts. Then, suddenly ..... its Chinese New Year holiday from 18th to 20th February. Quite "choking", eh .... ???! :P
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