$160 billion in land sales revenue since 2007 but GST still must increase?

The planned 2% GST rate hike between 2021 and 2025 defies common sense.

This is because the PAP government has hoarded hundreds of billions in land sales revenue.

According to archived records**, land sales revenue amounted to $160 billion since 2007. 1budget20

Including returns, this amount should have increased to at least $250 billion.

PAP says land sales revenue cannot be spent because the Constitution says so.  As such, it will increase perpetually.

However, the Constitution is written by PAP and could also be easily amended by the same party.

If the Constitution could be so easily amended to erect an Indian-is-also-Malay president, why can’t amendments be made to benefit a majority of Singaporeans?

PAP’s planned GST 2% rate hike between 2021 and 2025 – with hundreds of billions in reserves – really makes no sense.

Perhaps, unknown to the $1.54 million a year ‘jaga’, a very large portion of past reserves have been converted?

Or has the government incurred substantial investment losses, thereby necessitating the GST rate hike?

Singaporeans should decide in 2020 if there should be a GST rate hike – for no rhyme or reason.
**
1budget21

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Posted in POLITICS | Leave a comment

Is PAP MP Puthucheary also a spreader of fake news?

In a parliamentary reply to NCMP Leon Perera, SMS (Education) Puthucheary said that “Schools should be free of partisan politics and they do not invite Members of Parliament (MP) or political parties to speak at school events”.  CNA

It appears that NS-escapee-now-MP Puthu did not do his homework.

TOC article by Vincent Low:1puthu

If MPs had indeed been invited to speak at school events, does this mean that Puthu is another spreader of fake news?

Or perhaps not because the former Malaysian was merely ignorant of Singapore’s history when he misled Parliament?

It’s entirely up to him to clarify.

Posted in POLITICS | Leave a comment

Budget 2018: State investment returns now biggest contributor of government revenue, economy in trouble

Budget 2018 and recent budgets confirm one thing: our economy is in trouble.

In managing Singapore as a corporation, the PAP government should be able to generate revenue mostly from direct and indirect taxes.  Instead, it has been increasingly reliant on contributions from “Investment and Interest” returns under the NIR framework.

While it’s fine to supplement revenue from other sources such as returns from state investments, it is ridiculous when NIR contributions become the biggest contributor of government revenue.
1budget15PAP’s reliance on NIR contributions is akin to a company CEO requesting Ah Kong for more funds to supplement dwindling revenue.  Or face inevitable collapse.

Since 2000, PAP has been tapping on increasing NIR contributions to supplement government revenue.  Hmm … an economy that has been booming but could not generate sufficient revenue?

Just how much have NIR contributions increased?  When PM Lee took over from Lau Goh in 2004, NIR was $3 billion.  Fast forward 15 years, NIR contributions have increased by at least 500% to $15.9 billion.
1budget14

The PAP has already laid the groundwork for future NIR contributions increase because our ‘economic growth’ will not generate sufficient government revenue.

To confirm this, PAP has already planned to increase GST by 2% after GE2020.

That PAP needs to constantly supplement government revenue with other sources of income in a ‘booming’ economy can mean only one thing: our economy is in trouble.

PS
Part of NIR contributions are in fact returns which belong to CPF members, not just Ah Kong money.
1budget16PAP has cleverly concealed this from propaganda loving citizens by legislating CPF as state reserves.  All investment returns by GIC using state reserves subsequently belong to the government.

Posted in Budget | 2 Comments

Budget 2018: Government needs to explain $7 billion ‘windfall’, economy in fact weak

The PAP government owes Singaporeans an explanation as to how it ‘missed’ statutory boards’ contributions estimate by a mile last year.

In Today’s “S’pore posts record S$9.6 billion budget surplus, thanks to ‘one-off’ factors“, the article briefly explained how PAP managed to generate the ‘unexpected’ gargantuan surplus in FY2017:
1. ” …owing mainly to “exceptional statutory board contributions” and higher-than-expected collections from stamp duties.”
2.  “Some S$4.9 billion in statutory board contributions were expected in FY2017, more than 16 times the initial estimate of S$300 million“.**
3. “This was driven mainly by an “exceptional contribution” from the Monetary Authority of Singapore thanks to higher investment returns from recovering global markets, said the MOF”.

Fact: Increased contributions from some stat boards were almost offset by decreased contributions of other stat boards.1budget11

The game changer in fact came from only one figure, ie increased revised 2017 “Investment and Interest Income”.

The difference between what was ‘estimated’ and the revised figure: $7 billion!
(see Budget 2018 ‘Government Revenue’)1budget10

The government needs to explain the huge discrepancy: Where did the additional $6.35 billion dividend come from?

The difference between the estimated surplus and revised figure is $7.7 billion ($9.6 billion – $1.9 billion.  $7 billion came from the revised figure of “investment and interest income”.

By injecting $7 billion into the revised figure, it gives the impression of a much-stronger economy which is of course misleading.

Anecdotal evidence strongly suggests that the economy was weak.  Arbitrary increase by the government, eg fees, charges, etc. had contributed to part of the increased government revenue.

The $700 million ‘hongbao’ is merely a distraction, its objective to buy silence from Singaporeans.

Without disclosing the source of the $6.35 billion dividend windfall or increased investment income, Singaporeans will continue to speculate that something is amiss.

Especially after the transfer of $5 billion to GIC via the Rail Infrastructure Fund.*

*
The government appears to have a hidden agenda for introducing “one-off factors”, ie $7 billion from “Investment and Interest Income” with $5 billion set aside in another newly-created fund.1budget12Funds set up by PAP are managed by GIC and the $5 billion Rail Infrastructure Fund will add to the increasing 2017 list of funds below:
1budget13Statement of Assets and Liabilities

**
‘Statutory Boards’ Contributions’ is stated as $253 million and should not be conveniently rounded off to $300 million to give the impression that the estimate overshot by more than 16 times. It should have been more than 19 times.

Posted in Budget | 4 Comments

Government should embark on renaming exercise to honour our leaders

I refer to ST Forum letter by Gopinath Menon, “Rename roads to honour Singapore’s leaders”.

The PAP government should seriously consider the suggestion by Adjunk Ass Professor and former Colombo Plan scholar Menon.  The former Malaysian is also a former LTA planner who helped to deliver today’s standard of public transportation where commuters’ satisfaction is almost 100%, 2 years running1roadnamingMenon has suggested that road names should be “reviewed and changed to more appropriate ones, like those of our past presidents … as well as our pioneer political and community leaders”.

But why not include outstanding ministers/MOS whose contributions have also benefitted citizens tremendously?

And we should not limit the cosmetic renaming exercise to only roads but include installations, buildings, airports, public housing estates, etc.

To start off, why not rename CPF Building to Lim Swee Say Building?
1laugoh3As for remembering the most outstanding MOS Sim Ann, shouldn’t the Singapore Badminton Hall be renamed Chut Pattern Badminton Hall?
1laugoh2
And we might as well rename all PAP RCs after MPs instead of ‘Zone 1’, ‘Zone 2’, etc.

Even historic buildings such as Telok Ayer Market in the CBD should not retain their inappropriate names, eg rename Lau Pa Sat to Lau Goh Pa Sat.1laugoh

Hmm  … should columbaria and cemeteries be renamed?

I hope the government will set up a non-secret committee to look into Menon’s suggestion.

PAP leaders have certainly achieved too much for Singapore and should be remembered by all Singaporeans, alive and unborn.

Posted in HUMOUR | 1 Comment