PM Lee highlights need to invest in economy, infrastructure and social safety nets
By Joanna Seow, The Straits Times, 20 Nov 2017
Singapore will be raising its taxes as government spending on investments and social services grows, Prime Minister Lee Hsien Loong said yesterday.
"(Finance Minister) Heng Swee Keat was right when he said raising taxes is not a matter of whether, but when," he said at the People's Action Party (PAP) convention.
PM Lee was referring to Mr Heng's remarks during his Budget speech earlier this year, where the minister outlined how spending on healthcare and infrastructure will rise rapidly, and spoke of the need for new taxes or higher tax rates.
He told some 2,000 party members that "well before that time comes, we have to plan ahead, explain to Singaporeans what the money is needed for, and how the money we earn and we spend will benefit everyone, young and old".
The spending on Singapore's economy, infrastructure and social safety nets is necessary, and is a vote of confidence in the country's future, said PM Lee, who is the PAP's secretary-general.
By Joanna Seow, The Straits Times, 20 Nov 2017
Singapore will be raising its taxes as government spending on investments and social services grows, Prime Minister Lee Hsien Loong said yesterday.
"(Finance Minister) Heng Swee Keat was right when he said raising taxes is not a matter of whether, but when," he said at the People's Action Party (PAP) convention.
PM Lee was referring to Mr Heng's remarks during his Budget speech earlier this year, where the minister outlined how spending on healthcare and infrastructure will rise rapidly, and spoke of the need for new taxes or higher tax rates.
He told some 2,000 party members that "well before that time comes, we have to plan ahead, explain to Singaporeans what the money is needed for, and how the money we earn and we spend will benefit everyone, young and old".
The spending on Singapore's economy, infrastructure and social safety nets is necessary, and is a vote of confidence in the country's future, said PM Lee, who is the PAP's secretary-general.
Just as older generations saved and invested, this generation must "plant trees in order that our sons and daughters, and their sons and daughters, will be able to enjoy the shade", he added.
Economists said a rise in the goods and services tax (GST) could be in the works. It was last raised in 2007 by two percentage points to 7 per cent.
















