If you have read Singapore’s Straits Time about its economic stimulus package and let’s see:
Malaysia allocated RM70billion for 26 million people, that’s RM2.7K per person; IGNORING the distribution aspect of the distribution
Comparatively, Singapore allocated, via their Finance Minister, THARMAN SHANMUGARATNAM, S$20.5 billion to 4.6 of its population, applying conversation rate of RM2.3 to S$1, it’s a whopping RM10K per person.
Let’s look at allocation.
For Malaysia, some of the 70billion was allocated via the great Kuala Terengganu lucky draw and dead man’s ang pow give away.
In Singapore, previously untapped reserves kept by a tight fist government is finally pried out to aid it’s tax payers
1) personal income tax rebate of 20% up to S$2,000 and in addition, working parents double GST tax credit
2) retired couple living with a working child in a 3 room HDB will get $4,500 while a family of 4 working living in a 5 room HDB gets S$2,200
3) in addition to cutting corp tax by 1% to 17%, property tax rebate of 40% is given to landlords of factories, offices and shops to save them S$800 million which is intended to lower rental charge to lessees
4) low income workers will get better worker benefits and the destitute will receive more in monthly Public Assistance Payments; more funding to charities and welfare organisations; A$150million will go to low wage workers in the form of special workfare payouts
5) all government fees and charges will be frozen for a year to help cut down cost of business
6) employers paying CPF will get 12% rebate on the first S$2,500 of each months wages for each employees
7) S$5.8billion to be used as trade financing as the government will take up 80% of the credit risk, in view of the credit crunch faced by Singapore’s financial institution, this is enable companies to obtain a different financing source
Sigh, there are so much more. Najib, have you bought a copy of the Straits Time?