A trailer for next Friday (18 February)’s Budget 2022 Statement is out, in the form of a 2-minute video by Finance Minister Lawrence Wong.
Here’s what he said about the upcoming GST increase, and why it is necessary.
Listen To Your Mother
Minister Wong started off the video with a personal anecdote (and with dramatic background music, BTW).
“When I was growing up, my mother taught me the importance of financial prudence, to live within our means and take care of those around us. These values continue to guide me, and I’m sure they resonate with many of you.”
Moral of the story? Listen to your mother, as her advice might be the policies you enact as Finance Minister.
Necessary to Invest in Our People and Social Infrastructure
Singapore is at a critical turning point, and we are still seeing through the pandemic today.
However, Minister Wong does not only look at the present but also at the future. The Government is thus working hard, not just to tide through this pandemic, but also to build a better Singapore for tomorrow.
To do so, we’ll need to invest more in our people and our social infrastructure. So that’s basically the main reason why we’re increasing our Goods and Services Tax (GST).
The GST increase will generate the revenue needed to support our growing healthcare needs, especially with an ageing population. This would enable us to better take care of our seniors.
Measures To Cushion Impact of GST Increase on Lower and Middle Income Households
“Take the example of a couple earning $5,000 a month with two children. They will receive around $6,500 in benefits under the Assurance Package. That works out to about ten times the extra GST they have to pay each year.”
Thank you, Minister Wong, for doing the maths for us. And if you’re still worried about the long-term impacts of the GST hike, don’t worry as he’s got you covered as well.
The Ministry of Finance will permanently enhance the GST Voucher scheme to better support lower-income families.
Want to know more details? Be sure to tune into the upcoming Budget 2022 Statement on 18 February, so you’ll be the first to know how much money you’re getting from the government this year.
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Featured Image: Facebook (Lawrence Wong)
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