Higher-than-expected COE and GST collections reflect financial pressures on Singaporeans: Sylvia Lim
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The increase in Certificate of Entitlement (COE) prices and Goods and Services Tax (GST) reflect the financial pressures faced by Singaporeans, said Workers' Party (WP) chair Sylvia Lim on Thursday (Feb 27). Speaking in Parliament on the second day of the BuHigher-than-expected COE and GST collections reflect financial pressures on Singaporeans: Sylvia Lim
The increase in Certificate of Entitlement (COE) prices and Goods and Services Tax (GST) reflect the financial pressures faced by Singaporeans, said Workers' Party (WP) chair Sylvia Lim on Thursday (Feb 27). Speaking in Parliament on the second day of the Budget debate, Lim referred to the Ministry of Finance's budget forecasting for this year as «notably inaccurate». The Government had projected a surplus of $0.78 billion for the Financial Year (FY) 2024 during the 2024 Budget statement. However, revised figures revealed an $8 billion increase in total operating revenue, rising from the estimated $108.6 billion to $116.6 billion. «To put this into perspective: $8 billion equates to $8,000 million — a substantial underestimation,» said Lim. The WP chairwoman questioned why the projected surplus of $0.78 billion was reiterated by PM Wong while responding to a Parliamentary Question from WP MP Louis Chua in September last year. Read more