Taken from Business Times Frontpage 25th July
Driven by influx of foreigners, the economy's underlying growth potential has risen above the long-assumed 4-6 percent range.
Most of expansion is likely to come from foreign labour growth.
"The ability to attract foreign investments and an open-door policy on foreign talent is crucial"
Allowing gaming and lower tax rates have opened up investment opportunities and raised returns on capital. This has increased investment and capital growth.
Singapore less vulnerable to the global IT cycle, now that pharmaceuticals' contribution to manufacturing value-added looks set to exceed electronics' by next year.
Wednesday, July 25, 2007
Wednesday, July 11, 2007
Singapore's budget for fiscal 2007:
The highlights are a hike in the goods and services tax (GST), from 5% to 7% from July 1st
announcement of a cut in the rate of corporate income tax, from 20% to 18%
to reduce direct taxes in order to make the city-state more attractive to foreign businesses, while somehow also providing (politically necessary) financial support for lower-income earners.
The cut in corporate income tax reflects the government's strategic thrust to enact policies that can maintain the heavily export-oriented economy's competitiveness in the face of globalisation
The hike in GST is potentially controversial. This type of tax, in theory, hits the less well-off hardest. But raising personal income tax (the rates for which were lowered in the 2005 budget) would be even more politically unpalatable, while alternative sources of revenue are thin on the ground.
The openness of the economy, for instance, limits the extra customs revenue that could be raised despite the very large volumes of trade Singapore conducts. Expanding the revenue base is also essential to meet future development and social-security spending needs (the latter of which are set to increase as the population ages). Public spending in Singapore is exceptionally low as a percentage of GDP—at about 15%, it is far below the levels of most developed economies—and although the government has no intention of creating a high-tax Scandinavian-style welfare system, it recognises that its own model of ultra-low public spending has its limits.
Hence the GST hike. The government claims this will provide about S$1.5bn (US$975m) in revenue a year, although the government will also spend about S$4bn over five years on a GST offset package, including cash rebates, to soften the impact of the tax hike on Singaporeans, particularly the poor.
Singapore's principal exports and imports:
The highlights are a hike in the goods and services tax (GST), from 5% to 7% from July 1st
announcement of a cut in the rate of corporate income tax, from 20% to 18%
to reduce direct taxes in order to make the city-state more attractive to foreign businesses, while somehow also providing (politically necessary) financial support for lower-income earners.
The cut in corporate income tax reflects the government's strategic thrust to enact policies that can maintain the heavily export-oriented economy's competitiveness in the face of globalisation
The hike in GST is potentially controversial. This type of tax, in theory, hits the less well-off hardest. But raising personal income tax (the rates for which were lowered in the 2005 budget) would be even more politically unpalatable, while alternative sources of revenue are thin on the ground.
The openness of the economy, for instance, limits the extra customs revenue that could be raised despite the very large volumes of trade Singapore conducts. Expanding the revenue base is also essential to meet future development and social-security spending needs (the latter of which are set to increase as the population ages). Public spending in Singapore is exceptionally low as a percentage of GDP—at about 15%, it is far below the levels of most developed economies—and although the government has no intention of creating a high-tax Scandinavian-style welfare system, it recognises that its own model of ultra-low public spending has its limits.
Hence the GST hike. The government claims this will provide about S$1.5bn (US$975m) in revenue a year, although the government will also spend about S$4bn over five years on a GST offset package, including cash rebates, to soften the impact of the tax hike on Singaporeans, particularly the poor.
Singapore's principal exports and imports:
Main origins of GDP 2005:
First Post!!!!
Welcome to 'Air on a G String/My Purest Heart for You' this blog contains quality A level notes compiled by me! :) All notes here are compiled using MJC school notes, other school notes and stuff plucked from the lovely internet. Please post feedback on cbox. Enjoy!
Since this is my first post I'll post notes on Cystic fibrosis.
Cystic fibrosis:
CF is inherited in autosomal recessive pattern, which means 2 copies of gene in each cell are altered. Mutations in chromosome 7, or more specifically mutations in CFTR (Cystic Fibrosis transmembrane conductance regulator) gene.
The CFTR gene provides instructions for making a channel that transports chloride ions into and out of cells. The flow of chloride ions helps control the movement of water in tissue and regulates the fluid consistency of mucus. Mutations in CFTR gene disrupt the normal function of this channel, preventing the usual flow of chloride ions and water. As a result, cells cells that line the passageways of lungs and pancreas and other organs produce mucus that is abnormally thick and sticky which obstructs the airways and glands. CF causes progressive damage to respiratory system and chronic digestive system. In people with CF, the abnormally thick and sticky mucus produced obstructs airways and causes chronic coughing,wheezing and inflammation. Over time, mucus build up and infections result in permanent lung damage, including the formation of scar tissue (fibrosis) and cysts in the lungs.
Men with CF are often infrtile since tubes carrying sperm (the vans deferens) are blocked up by mucus and do not develop properly. Infertilty is less common in women with cystic fibrosis.
Key points about CF:
Homozygous recessive condition
2 carrier parents have a 1 in 4 chance at each conception of producing diseased offspring
Both are autosomal mutation
Multiple mutaions of chromosome 7
Since this is my first post I'll post notes on Cystic fibrosis.
Cystic fibrosis:
CF is inherited in autosomal recessive pattern, which means 2 copies of gene in each cell are altered. Mutations in chromosome 7, or more specifically mutations in CFTR (Cystic Fibrosis transmembrane conductance regulator) gene.
The CFTR gene provides instructions for making a channel that transports chloride ions into and out of cells. The flow of chloride ions helps control the movement of water in tissue and regulates the fluid consistency of mucus. Mutations in CFTR gene disrupt the normal function of this channel, preventing the usual flow of chloride ions and water. As a result, cells cells that line the passageways of lungs and pancreas and other organs produce mucus that is abnormally thick and sticky which obstructs the airways and glands. CF causes progressive damage to respiratory system and chronic digestive system. In people with CF, the abnormally thick and sticky mucus produced obstructs airways and causes chronic coughing,wheezing and inflammation. Over time, mucus build up and infections result in permanent lung damage, including the formation of scar tissue (fibrosis) and cysts in the lungs.
Men with CF are often infrtile since tubes carrying sperm (the vans deferens) are blocked up by mucus and do not develop properly. Infertilty is less common in women with cystic fibrosis.
Key points about CF:
Homozygous recessive condition
2 carrier parents have a 1 in 4 chance at each conception of producing diseased offspring
Both are autosomal mutation
Multiple mutaions of chromosome 7
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