Not doing what is really needed, focusing specifically on M40 and T20. The following is my personal opinion.
1. The government is afraid to reinstate GST, fearing that their previous criticism of GST would backfire. Insisting that a minimum salary of 3-4,000 is required before implementing it is nonsense. It is clear that allowances could be given to B40 to offset GST, which could also attract money from foreigners and foreign labor for consumption. The current Sales and Service Tax (SST) may not even collect taxes from foreigners. With GST, there would be no need for e-invoices. Not restoring GST has made everyone busier, adding unnecessary tasks. If SST is so beneficial, why do many other countries use GST instead of SST?
2. Requiring foreign workers to contribute to the EPF seems like the Prime Minister believes there is too much national funds to spare for charity. Singapore, our neighboring country, once made foreign workers contribute to CPF, but they eventually reversed the decision after a few years. Recently, they even required foreigners to close their accounts. Some may consider EPF contributions for foreign workers insignificant, but companies have to separately allocate 13% of foreign workers' salaries to EPF, and this cost burden will eventually fall on consumers. Additionally, EPF involves annual interest, resulting in an overall unprofitable decision.
3. Setting a minimum wage of 1,700 is like treating a headache by treating the head and a foot pain by treating the foot. The actual root cause is not inadequate wages but the chaotic market prices that need fundamental adjustment. This leads to increased costs, which will also be passed on to consumers.
4. Imposing a 2% dividend tax is considered double taxation. Companies have already paid corporate taxes on their revenue. Dividends and wages are of different natures; wages are subject to personal income tax because companies do not pay taxes on them. However, dividends are already taxed at the corporate level, so an additional 2% tax amounts to taxing the same income twice. Although currently only applicable to dividends above 0.1 million, there is no guarantee that the threshold won't be lowered to 0.05 million or even 0.01 million in the future, subjecting more people to taxation.
5. The issue of civil servants is crucial. The Prime Minister seems hesitant to address this despite being willing to make other changes. While citing high government expenses, the substantial expenses go untouched, with significant bonuses being granted. It would be more beneficial to implement a performance-based system and reduce excess civil servants to improve the government's financial health.
End: Regarding this budget proposal, I feel it is only average for the B40 group, continuing in a similar manner as before. However, the M40 and T20 groups are in a tough position, as salary increases are uncertain, but various taxes and upcoming cost increases will definitely be yours to bear.
The above are my personal views. If you disagree, please do so politely. Thank you, everyone.
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稳如老狗 : No hope, this government, such mediocrity..
CatMeow 稳如老狗 : then migrate. do what sit here and sulk
Moomoo MY : Nice sharing![[undefined]](https://static.moomoo.com/nnq/emoji/static/image/default/default-black.png?imageMogr2/thumbnail/36x36 "undefined")
历史的垃圾时间 : There used to be some political parties that could bark at the government, now everyone is cooperating, sharing the blessings together.