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To what extent are the recent tax changes announced by the Singapore Government justified?
Member rating: No Rating | Words: | Submitted: Sat Aug 30 2003
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To what extent are the recent tax changes announced by the Singapore Government justified? The recent tax changes mentioned in the title refer to the Singapore government increasing Goods and Service Tax (GST) by 1%, from 3% to 4%, starting from January 1st 2003, as well as reducing personal and corporate income taxes. The effects of these changes vary depending on which view we take when looking at these changes. There are three main perspectives to consider when looking at this. They include that of the Keynesian economists, the Monetarists, and the Supply-side view. Each of them deal with the aggregate demand and aggregate supply in the Singaporean economy, and how they are structured, as each of these groups have different views regarding the aggregate demand and aggregate supply models of the economy, both in the short and long run. GST is an ad-valorem tax, meaning that it is a percentage...
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