Everyone’s fussing about the recent claims that there will be a GST hike soon, but I honestly think there’s no point overreacting.
In case you’re not in the loop, DBS recently released a report claiming that Singapore’s GST could soon increase to 9%. This sparked much public outrage, with some claiming that the hike is too much and it is time for them to migrate elsewhere.
My friend was discussing this on her Facebook page and said this, which I thought was worth sharing:
But don’t forget that every country in the list above has its downsides as well.
In Hong Kong, property prices are exorbitant.
Bangkok struggles with massive traffic jams and air pollution.
Personal incomes in Malaysia and Thailand are 3 times lesser than Singapore.
Taiwan is located at the junction of two tectonic plates with high vulnerability to earthquakes.
Japan struggles with a shrinking economy and has the highest percentage of senior citizens in the world.
And at the end of the day, who will be the ones who have to pay the most due to the rise in GST?
Those who spend the most, of course. (Shopaholics, I’m looking at you.)
Instead of being sour about the impending rise in taxes, wouldn’t it be better to figure out how we can reduce our GST expenditures instead?