Very soon, the burden on our pockets will become much heavier, presumably to help fund the social safety nets in Singapore. If you haven't heard of it, the GST is going to rise from 5% to 7% soon. I'm starting to wonder if $2 can buy me lunch by then. And I bet at least half of the people here would be screaming when they first heard of this news, and more would start to grumble and moan when the hike sets in some time in the near future.
'It is better to do the increase now when the economy is doing well, rather than wait till later.' Well, of course it is better to do now. Perhaps unrelated, or perhaps otherwise, the general election was held this year. Is it too much of a coincidence? I don't know, but I do guess that the rate of GST is inversely proportional to the number of vote one gets. Better not say anymore...
I do not doubt the government's kindness and commitment to help the less fortunate groups within the community. Neither do I doubt the government's ability to calculate its budgets and sums. However, I do find it a little disturbing when I do my own budgeting and calculations. With the same amount of money as before, I can foresee that I will be able to buy much less. I do also believe the same problem will be faced by many other consumers here, as well as anyone doing business here. I guess we will just have to work harder at our sums and keep reminding ourselves that the GST is no longer 5% by then. Otherwise, we might just burn a hole through our pockets.
Imagine when you go shopping, you get 10% discount for a certain good, but then with the 7% GST, I really wonder how much can we save by then...
So be prepared folks, much tougher times ahead!
'It is better to do the increase now when the economy is doing well, rather than wait till later.' Well, of course it is better to do now. Perhaps unrelated, or perhaps otherwise, the general election was held this year. Is it too much of a coincidence? I don't know, but I do guess that the rate of GST is inversely proportional to the number of vote one gets. Better not say anymore...
I do not doubt the government's kindness and commitment to help the less fortunate groups within the community. Neither do I doubt the government's ability to calculate its budgets and sums. However, I do find it a little disturbing when I do my own budgeting and calculations. With the same amount of money as before, I can foresee that I will be able to buy much less. I do also believe the same problem will be faced by many other consumers here, as well as anyone doing business here. I guess we will just have to work harder at our sums and keep reminding ourselves that the GST is no longer 5% by then. Otherwise, we might just burn a hole through our pockets.
Imagine when you go shopping, you get 10% discount for a certain good, but then with the 7% GST, I really wonder how much can we save by then...
So be prepared folks, much tougher times ahead!
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