 All Singaporeans will get the opportunity to succeed: Tharman
The income gap has widened as Singapore faces the challenge of globalisation, said Second Finance Minister Tharman Shanmugaratnam in Parliament on Thursday.
He explained that this is due to the fact that the Republic's economy is much more open than other economies.
But he promised that all Singaporeans would get the opportunity to succeed.
"As we grow the economy, we must make sure no one is left behind and all Singaporeans get the opportunity to succeed," he told Parliament.
"Going forward, we have to do more to help needy Singaporeans and we must do it systematically. That's why we are introducing Workfare."
"Strengthening our social security system and providing for the needs of older Singaporeans will require the government to spend more in future."
Mr Tharman noted that this would need additional revenues.
He said: "We cannot raise direct taxes. Countries all over the world are reducing corporate and fiscal income taxes to continue to attract talent and investments and maintain strong incentives for the people to excel. We will in fact lower our direct taxes further over time."
Singapore will raise additional revenues by extracting more income from its reserves and raising the GST. - CNA/ch  To view links or images in signatures your post count must be 10 or greater. You currently have 0 posts.: Asia Solution Kenetics
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