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Budget 2010 Archive
Posted on March 9, 2010 | 5 CommentsRecently, a new buzzword has emerged in the local media – productivity. It all begun in December 2009 when the Reform Party publicised its economy policy proposals at a party seminar which attracted quite a significant fanfare locally. The fanfare for productivity peaked twice - first during the public annoucement of the release of the Economic Strategies Committee’s report and now during the Parliamentary Debate on Budget 2010.
Posted on March 6, 2010 | 4 CommentsGST hurts the lower income group more than the higher income group and should be abolished if the administration is truly interested in helping the lower income group. The only means leading to a prosperous future is through savings, better allocation of capital into productive capacity and not through a bigger government budget and higher taxation whether through direct or indirect taxes.
Posted on March 3, 2010 | 8 CommentsMany countries waste too much resource in a complicated tax system. They collect income tax, consumption tax and a variety of other taxes and have complicated rules on the items to be taxed and the reliefs that are allowed.
Posted on March 1, 2010 | 3 CommentsLast month, the Institute of Certified Public Accountants of Singapore (ICPAS) organised its inaugural Pre-Budget Roundtable 2010 whereby members of the business community made known its appraisal, interest and consideration to the Singapore Government on Budget 2009 and its expectation for Budget 2010.
Posted on March 1, 2010 | No CommentsSingapore’s re-invention won’t be easy – but it doesn’t matter. Singapore has made mistakes in its attempt to push its economy in new directions. Attempts to promote the Singapore exchange to Chinese firms looking for a foreign listing, led to lower standards and a series of scandals, as I discussed here: Why you must tread carefully in emerging markets. The better Chinese firms have listed in Hong Kong and New York and won’t be back. The budget’s focus on productivity reinforces one thing. Singapore has failed to produce a single world-beating large company. Its largest government-linked companies (GLCs) are often inefficient and lack innovation. Their existence squeezes smaller, more innovative private-sector rivals. That’s unlikely to change until the politics does, irrespective of how much money is thrown at the problem.
Posted on February 26, 2010 | No CommentsThe government has set undemanding targets for productivity growth that are likely to be met anyway as the economy recovers from recession. Singapore is in danger of slipping further behind the advanced economies with all the consequences this entails for real incomes. Yet the Budget fails to address this and instead we get another round of wasteful corporate subsidies and tax breaks rather than targeted incentives to raise productivity.
Posted on February 23, 2010 | 2 CommentsThe PAP will continue to do everything except what is most needed, that is, free up economy. But, alas, the ruling party knows that the only way that it can continue to exert its overwhelming control of Singapore is by controlling the economy. Budget 2010 is no different from past budgets. It is meant to first and foremost keep the PAP in power, the rest of Singapore will have to take a backseat.