Mar 25, 2016

Cory Diary : 2016 Singapore Budget - The Intangible ?

Just went through the ST report on 2016 budgets. I find this year interesting. Ability to focus of the future especially the intangibles while taking some immediate necessity. I can see there is guts in the Minister and that's what visionary leaders should be.


KIDSTART PILOT PROGRAMME
I thought this is excellent. Many a time is the environment that shape us therefore same with disadvantage kids. $20K per kid for 1000 is a relative small amount to pay if it can successfully uplift the bottoms.


OBS IN CONEY ISLAND
Another intangible program but important to groom future leaders of Singapore. $250M is well spend imo. Some people may say leaders are born not make. But i think there are significant number who are just laying low. Is also a place where the kids know what does it means to be independent.


PERSONAL INCOME TAX RELIEF CAPPED AT $80,000
Please with this step taken. This tells me something other than literally what it means. The very rich will find it much harder to avoid taxes. It also tells me our Ministry is not influenced by the very rich.
This is not easy in many countries where the minister may even step down or replaced for bringing up such ideas as the government is "Controlled" by the very rich. Singapore must never fall into this situation.


HELP FOR SMALL BUSINESSES AND STRUGGLING SECTORS
The marine and process sectors will get a reprieve from foreign worker levy hikes. Not sure will this means more sinkie will be lay-off. But there is no good solution. The cost structure needs to be righted and the last thing we want is to be paying off high paying job with taxpayers money. This will help to lower the barrier on competing low cost oil extraction ways.


SURPLUS OF $3.4 BILLION
I feel we can do more. Is not a time to increase national reserve. Is the Ministry reserving the bullet for 2nd half ? One area left out is the property sector. I do agreed there is no need to lift anything (property curbs) unless things get much worst than expected.


Overall nice piece of work in my opinion.


Cory
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