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GST increase and 2020

Increased social spending; Our budget in deficit. Solution: Raise taxes. What tax, you ask? GST comes to mind for most. Why talk of GST rate increase now? PM Lee said that Singapore will be raising taxes as government spending on investments and social services grows. (PAP Awards and Convention 2017, Nov 19 2017 source: Straits Times) As a result, the MSM and internet chatter has been ablazed on an impending GST rate increase. GST is viewed as the most effective and practical way to increase our coffers due to the reach and ease of implementation. Afterall, this will be our fourth rate increase. Resolve What struck us this time round was the choice of words to reflect the resolve of the gove

More fraud cases - company director put in jail

Chen Juncun (“Chen”), a director of advertising firm Citrus Lab Pte Ltd (“CL”) and commercial printing firm Citrus Productions Pte Ltd (“CP”), has been convicted of evading Goods and Services Tax (GST) by overstating input tax and making fictitious declarations to enable the companies to claim GST refunds totalling $40,842.37, and failing to account for GST of $5,454.05. Chen faced a total of eight GST evasion charges for making false claims to wilfully assist the companies to obtain GST refunds that the companies were not entitled to, and for under-accounting GST. He pleaded guilty to three out of the eight GST evasion charges, involving a total GST amount of $26,439.00, with the remainin

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