Singapore topped no 1 the highest cost of living.

How. Because our economy only depended mainly on services.


Services as logistics air and sea hubs.

Tourism and hotel industry services.

Also only internal churning economy of having attracting foreign masses in and buy our inflated sky high properties prices.

Also locals had to buy the same rocketing prices as collaterals.

Why GST taxes? Because these taxes NOT only locals will have to bear and pay.

As only Services Oriented industries as mentioned, so foreigners and tourists had also to pay these GST charges.

Services on our Logistics Air and. Sea services also paid GST charges.

Thus this is an enormous tax if we have big influx of masses in and out of Singapore.

So to placate the locals we have then our GST rebates or reliefs in two or three quarters. This is just to give you back the taxes of GST that you also paid throughout the year or years.

Till now after sixty years, we still have this same industries of just services of banking, financial services and logistics and hotel industries.

No manufacturing bases of high tech goods like China and others in the Northern Asian Regions.

Even Vietnam now also Manufacturing bases.

SEA like Matland, Thai and us still same old sunset industries which others could in time also can provide better and cheaper.

One report of China in conjunction with Matland building up a Seaport to ensure that they are NOT been strangled by the UAssA in the Straits of Malacca and also owned and shared by them.

This will kaput Sinkieland's Tuas So called White Elephant Mega Port in the future.

Back to the GST taxation.We are NOT just paying the 7 or coming 8%. More than that.

Just an illustration. My daughter just renovated her 2 roomed flexi at $15000.00

She paid the contractor about nearly 1K in GST charges for the reno goods and services.

Actually, the building materials when in as imported were already been paid GST charges.

Now she had to pay an additional charge of GST on her Reno bill.

Thus, she is paying double of GST charges of 14% instead of just 7%.

The contractor shud just charge for the services but they charge all in for further gains.

They might or not claim back the difference. But most don't and simply channelled to the IRAS as double taxations.

Thus, Singapore's economy solely depended on these services industries and when the World is upside down with the UAssA wars mongerings and chaos and any epidemics or pandemics the services stopped and then we stopped.

Till now still no diversified other economy other than our services industries which are eclipsing soon.




Virgo49