Tag Archives: taxes

MALAYSIA THREATENS TO IMPLEMENT DAILY VEP FEE ON S’POREANS

According to Transport Minister Datuk Seri Liow Tiong Lai, Malaysia might start to charge Singaporean motorists Vehicle Entry Permit (VEP) fees of SGD35 (RM109) on a daily basis if Singapore goes ahead with its plan to increase reciprocal road charge (RRC) on foreign-registered cars entering the island.

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IRAS COLLECTS RECORD $43.4 BILLION OF S’POREAN TAX MONIES

The Inland Revenue Authority of Singapore (IRAS) say it has collected a record $43.4 billion in tax revenue last financial year, citing increased earnings for individuals and companies. In IRAS' latest annual report released on Wednesday, the amount of $43.4 billion was 4.4% higher than the $41.6 billion collected in the financial year before last year's.

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GOVT MAY RAISE GST TO 9 OR 10% AFTER NEXT YEAR

According to financial experts, the Singapore government may raise the Goods and Services Tax (GST), or other taxes including consumption taxes, stamp duties, and property taxes, in the near future, in order to pay for social spending.

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Tharman :More revenue will be needed to fund social spending

The Government will need more revenue to meet Singapore’s rapidly growing infrastructural and social needs, with healthcare costs a key challenge going forward, Deputy Prime Minister Tharman Shanmugaratnam said yesterday as he wrapped up the three-day Budget debate. More will be spent on healthcare as society ages and medical treatments that can improve quality of life become available, but this must be cost-effective to prevent the total bill from spiralling out of control, he said. Already, Singapore is set to hit S$8 billion in healthcare expenditure next year, one year ahead of the projection made in 2012. And by 2020, the figure will balloon to S$12 billion.

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