@cred_club SUGAR—TO TAX OR NOT TO TAX
Just like the Maroon 5 song, every time we hear “sugar”, our reaction is always “yes please”. The myriad forms of this sweet substance have become our sanctum sanctorum for things good and bad. Sugar is a part of our celebrations and our grief. It is the one thing that can have a cold form and yet warm our hearts. But, underneath all this garb, is it really as nice as advertisers claim it to be?
Strictly speaking, from a health and well-being perspective, there’s nothing worse than refined sugar. Studies show that it may increase your risk of obesity, type 2 diabetes, and heart disease. It is also linked to a higher likelihood of depression, dementia, liver disease, and certain types of cancer. This begs the question: if it is so bad, why should it go untaxed?
This has been an ongoing debate for a while now. Many argue that its adverse effects on the human body rival those of cigarettes and alcohol, which are taxed highly. However, taxing high-sugar products will make them less attractive and help in curbing consumption, thereby effectively managing the global obesity epidemic. Others are of the opinion that these claims are unsubstantiated and will result in the loss of jobs for many.
Singapore has been at the center of this debate. In late 2019, it announced that it would ban all advertisements on high-sugar drinks. The move was popularly known as the country’s ‘War on Diabetes’. The Ministry of Health said it will introduce graded and colour-coded nutrition labels on high-sugar drinks so consumers can “make an informed choice and make a conscious choice to choose the healthier product”. The move was welcomed by the general populus too, with 2 out of 5 voting for it.
Additionally, WHO’s data suggests that the prevalence of obesity has increased three-fold worldwide since 1975. And for all those saying it has little to no financial effect, know that from 2011 to 2030, losses in gross domestic product worldwide due to diabetes, including both direct and indirect costs, are expected to total to $1.7 trillion. With such huge implications, do you still think sugar should go untaxed?
#CREDClub