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SG MEDIA SAYS RAISING TAX IS THE BEST WAY FORWARD!

So, is it any wonder that our Press Freedom ranking is 151st in the world? Almost every time that we hear that taxes need to be increased because of increasing social spending – there are hardly any details on the projected sums and how the increased tax revenue will be used?

This is not the norm for practically every developed country in the world when they talk about raising taxes.

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ONLINE SHOPPERS MAY BE FORCED TO PAY GST FOR PURCHASES

According to recommendations by the Organization for Economic Cooperation and Development (OECD), governments should do more to collect taxes on goods that consumers order from overseas websites in the future. This in turn would lead to consumers being levied with higher taxes for purchased goods.

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FINANCIAL EXPERTS: GOVT TO INCREASE GST TO INCREASE REVENUE STREAMS SOON?

According to a report by BMI Research, the government will need new revenue streams as it seeks to strengthen social safety nets and increase support for low-income elderly citizens. “One key area to watch will be the goods and services tax (GST), which has been utilised by the government as a tool to shore up revenue amid declining income and corporate tax rates over the past two decades,” BMI Research said.

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NO GST INCREASE: IMPLICATIONS FOR SINGAPORE'S FUTURE

According to the Straits Times news report "No basis to claims of GST hike: MOF" (Aug 8) - "In its post, the Finance Ministry said that in the debate in Parliament on the Budget in February, Deputy Prime Minister Tharman Shanmugaratnam said the increased spending planned for the rest of this decade is sufficiently provided for by measures that the Government had already taken".

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MINISTRY OF FINANCE: NO PLANS TO INCREASE GST TO 10%, DO NOT LISTEN TO ONLINE RUMOURS

In a clarification posted on Thursday, the Ministry of Finance says there is “no basis” to claims made by some online websites that the Government will raise GST after the next General Elections. The MOF said that online rumours claiming that GST will be increased to 10% were "inconsistent with what the Government has recently stated”.

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BAG RETAILERS IMPORTED OVER 5000 BAGS WITHOUT PAYING GST

42 year-old Tang Wai Chuen Adrian and 60 year-old Ong Siew Hong have been fined for trying to evade paying GST for over 5,000 imported handbags. According to Singapore Customs today, they had under-declared the value of their imported goods by submitting fake invoices in separate cases. They were fined S$95,000 and S$42,000 respectively.

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