Should Singpore abandon GST? Here are my views:
Here are the current rates of GST adopted in various countries: Australia 10% Canada 5% Hong Kong (abandoned) India (to be introduced in 2012, rate not decided) New Zealand 15% Singapore 7% Germany 19% Japan 7% Sweden 25% UK 20% I am not able to draw any conclusion on this matter. I dislike GST and prefer the government revenue to come from income tax. But, it seemed that many countries are implementing GST. My view: In Singapore's case, there is no need to have GST as the government collects a lot of revenue on sale of land and vehicle tax. Furthermore, welfare benefits in Singapore is quite low. We are in a similar situation as Hong Kong, which does not have GST.