Singapore Budget 2007 - Are your happy with this?

February 26, 2007 5:20am CST
ARe you happy with the Singapore Budget 2007? Some key highlights are : Reduction of corporate tax rate from 20% to 18% Increase in GST from 5% to 7% Increase in Employer CPF contribution from 13% to 14.5%? Let me know your thoughts
1 response
• Singapore
5 Mar 07
I'm not surprise that the corporate tax has been reduced from 20% to 17%. I guess this is a way of attracting foreign investors. Currently the HK corporate tax is only around 17%, by reducing the corporate tax rate, this will give Singapore a more competitive edge. As for the GST increase, as a consumer, of course I'm not happy about it! Imagin, say if my average spending per month is about $1000, 7% of $1000 will be $70. I'll be paying $70 per month to the government, on top of the income tax! Hiaz... As an employee, I'm glad that the CPF contribution has increase. This will benefit a lot of S'porean, especially for those on housing loan.