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Govt cannot rule out further changes to tax system, use of returns from investing reserves

Published on Jul 9, 2014 3:18 PM
 
Against a backdrop of an ageing population and the shift towards greater social spending, the Government cannot rule out making further refinements over the next five to 10 years to the tax system and the basis for drawing on the country's net investment returns for curent spending, said Law Minister K. Shanmugam on Wednesday, July 9, 2014. -- PHOTO: ST FILE

Against a backdrop of an ageing population and the shift towards greater social spending, the Government cannot rule out making further refinements over the next five to 10 years to the tax system and the basis for drawing on the country's net investment returns for curent spending, said Law Minister K. Shanmugam on Wednesday.

This is why the Government still does not intend to bring Article 5(2A) of the Constitution into force, he said in response to Nominated MP and law academic Eugene Tan.

The article states that if Parliament wants to amend certain elements of the Constitution, including any provisions relating to the President's powers, it must seek a national referendum and get the support of at least two-thirds of voters. It has not been put into force since the Constitution was amended in 1991 to establish the Elected Presidency.

Mr Shanmugam said the "complex and novel" nature of the changes that came along with the Elected Presidency meant that its provisions had to be revised and fine-tuned along the way. The experience shows that adjustments and refinements must be put in place and fully ironed out before the scheme can be safely entrenched, he said.

 
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