After raising taxes on water prices, ERP, COE, electricity tariffs, cross-border taxes and the introduction of the new carbon tax, Medishield Life and CPF annuity, Prime Minister Lee Hsien Loong now said that he will raise taxes further:
“Investments and social spending are costly, and the Government must make sure it can afford them… As Singapore’s spending needs grow, Finance Minister Heng Swee Keat was right when he said that raising taxes is not a matter of whether, but when. Well before the time comes, we have to plan ahead, explain to Singaporeans what the money is needed for, and show how it will benefit everyone, young and old.”
The dictator PM said that he has “strategies” in place to deal with the worsening economy but did not explain why unemployment rate continued to rise to an 8-year-high:
“On the economic front, strategies and work plans are in place, citing examples like the Industry Transformation Maps. Unions and employers need to work hand in hand with the Government. Restructuring is already in progress, and we will press on. This is a long-term effort that will continue beyond this term.”
PM Lee Hsien Loong did not justify the tax increase or reveal how much are there in the national reserves. Each year, Singapore rakes in billions in taxes from casino, gambling tax, COE and road charges. Furthermore, retirement and health care is self-funded by the people’s own CPF money.
The PM who pays himself S$2.2 million-a-year, sits himself as Chairman of GIC, while his wife as CEO of Temasek Holdings. The powerful couple make overseas investments using tens of billions from the national reserves and CPF funds. There is no accountability and nobody knows how much losses did the two company incurred since Lee Hsien Loong inherited the premiership from his father Lee Kuan Yew in 2004.
In the most recent financial year result, GIC posted record losses estimated at at least S$43 billion.