By LM — Singapore has recently increased GST from 7% to 8%. Next year, it will go up to 9%. But, what is more cruel on Singaporeans are businesses who take advantage of this to increase their prices, by way more than 1-2%.
This should not be acceptable!
It is not in any way, shape, or form moral to capitalize on people’s weaknesses and fears to better yourself financially. This is being a shark. A predator waiting to pounce at Singaporeans who already feel the weight of such a tax increase.
There is nothing wrong with the aim of making a profit. Indeed, without profit, there would be no progress: no investment, no staff salary increases, no expansion, and no economic activity. But how that profit is made is everything. Making it through an immoral price hike is a NO.
Yes it is legal, but doesn’t mean it is right!
There is a fine line between good business and greed. Shopkeepers, business owners, and retailers have every right to make a profit, but not at the expense of one’s country-fellows. They just need to be sensitive as to how they go about it.
And they need to balance profit and giving back to the communities which they serve. We, as Singaporeans, have a responsibility towards our friends and fellow Singaporeans. We cannot have businesses increase their prices by 5-20% every time there is a GST increase. Our GST will increase again next year, they better not increase their prices one more time and use the same excuse!