Who benefits from GST:
- accountants, lawyers, civil servants, as more jobs and business are created for this wasteful work
- big businesses and high income earners, as GST is accompanied by lower income tax (personal and corporate)
Who loses from GST?
- consumers, as GST adds to the cost of living through wasteful and unproductive work
- lower income people, who has to pay GST and do not benefit from lower income tax
- the economy, as the increased cost of doing business reduces competitiveness.
Someone told me that many businesses that were engaged in entreport trade decided to move their activities outside of Singapore, after the implementation of GST. I do not understand why, as there is no GST involved in exports. Perhaps, it is due to the fact that compliance with GST adds to the cost of doing business.
I hope that the Finance Ministry can carry out a review on GST in Singapore - is it really necessary or is it wasteful (as I have claimed)?
Tan Kin Lian
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01/31 - 02/07
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