20 Feb '12, 6am

For years the Singapore Democrats have been calling for the GST for basic foodstuff such as rice, oil and sugar...

For years the Singapore Democrats have been calling for the GST for basic foodstuff such as rice, oil and sugar as well as medicines to be abolished. This is because such a tax is regressive disproportionately hurting the poor. To make up for the loss in tax revenue, the SDP proposes that luxury items be taxed at 10 percent GST. Finance Minister Tharman Shanmugaratnam did exempt certain items from the GST last Friday when he unveiled the Budget . He decided to remove the GST for gold and other precious metals! The Minister started off by assuring that the Budget was aimed at creating a "fair system of taxes and benefits". Then he declared: "Investment–grade gold and other precious metals are essentially financial assets that are actively traded and are just like other financial instruments that do not attract GST. I will therefore exempt them from GST." The move, according...

Full article: http://yoursdp.org/index.php/news/singapore/5146-gst-exem...

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Budget and GST.

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todayonline.com 17 Feb '12, 12pm

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SNA - Singapore to exempt gold, other precious ...

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