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aws账号(www.2km.me)_The importance of an equitable tax regime

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PAYING taxes is an important civic duty. It is on par with knowing how to sing the national anthem and recognising the national flag.

Taxes are important to a country as it is the revenue generator for the government to build up the economy and provide public goods for the people.Public goods are the likes of infrastructures, utilities, transportations, healthcare, education, welfare and others which the private sector ordinarily would not want to get involved unless there are profits to be made. This is the traditional sense of the economy.

The government is the allocator of resources for a country. In other words, they are the decision maker on how to move the pool of tax collection from the people.

In doing so, they will need to take into account various considerations and interests of stakeholders. It is one of the most important ways to stay in power besides relying on a charismatic leader. Inefficient allocation of resources is the fastest way to sow discontent among the public and risk disenchanting the voter bank.

This is why the national budget is important. Most would think the budget is just another Parliamentary formality or an opportunity for politicians to inflate their sense of self-importance.

Some are only concern with the “goodies” which the government may shower upon them. However, I beg to differ. It is necessary to pay attention to the national budget because it sets the tone for the country’s policy direction and gives a sense of how taxes derived from hardworking citizens are being channeled.

A progressive national budget would help lay the foundation for the nation’s economic development. A regressive one would centre on pleasing various stakeholders.

For many of the past years, our country’s budget was heavily tilted towards operational expenses rather than development expenditure (see Table).

With less than 25% focused on development, how do one expect the country’s economy to grow? To put it into perspective, if a company’s priority is serving the same pool of clients with similar products and there are limited allocation towards research and development, the company would not grow.

If the company cannot grow, earnings will not improve. This in turn will render the share price to remain lacklustre or even trend downwards. By looking at the economy from a macro level, one would understand why our country’s economic performance have been less than spectacular.

Through the evolution of society, the traditional sense of economy may no longer hold true. Advancement of science and technology as well as the increase in education level, help the people recognise that a government may not be the most efficient allocator of resources. These inefficiency gaps allow private sector and startups to disrupt the paradigm. A good example would be taxis. If the transportation infrastructure is holistic from end to end, there would be no room for ride hailing service provider to even exist.

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