Market Review and Trends
GST is unnecessary for Singapore
By Tan Kin Lian  •  November 7, 2009
[caption id="attachment_1171" align="alignright" width="150" caption="Tan Kin Lian"]Tan Kin Lian[/caption] I have always considered GST to be unnecessary and unsuitable for Singapore since its introduction many years ago. Here are my reasons: a) GST is a wasteful and inefficient method of collecting tax. It requires every transactions to be counted. Each person handles many transactions every day. It cause a lot of work for consumers, business, and tax collectors. b) It is better to collect adequate tax using the income tax system. Collecting tax by GST adds another layer of administration. c) Singapore already had an efficient system of collecting tax from income, property, workers levy, vehicle taxes (ERP, COE) and land premiums. There is no need for GST as the government already collected sufficient tax for its needs. d) Singapore does not spend much on social welfare. There is no need to collect GST to fund the government expenses, unlike other countries that have high welfare benefits. Read more...
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By Tan Kin Lian
Mr Tan Kin Lian (fomer NTUC Income CEO) started his insurance career in 1966 in a local life insurance company. He has also worked in various positions as a computer programmer, organisation and methods officer and consulting actuary. Mr Tan writes daily in his blog. The information in his blog is transparent and has an open approach.
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