The Workers’ Party’s Sylvia Lim , Pritam Singh and new face Tan Chen Chen on a walkabout near Soo Teck LRT station, July 3, 2020. — TODAY pic
In 2018, the PAP government announced plans to increase the GST from the current 7 per cent to 9 per cent, sometime between 2022 and 2025. “Now I think there is a view out there where it is alleged that the WP wants to raid the reserves and so forth. But if we look back in 2006, how much of the Net Investment Returns Contribution did Singapore use? I think it was about S$2 billion at that point,” he said.
According to the Ministry of Finance, the NIRC is estimated to be S$17.2 billion for the 2019 financial year, equivalent to about 18 per cent of the Government budget.
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