Singapore Says Looking to Raise GST Rate as Early As 2022

Singapore’s government is looking to increase its goods and services tax rate “sometime” during 2022 to 2025, Finance Minister Heng Swee Keat says Tuesday.

• The move will be “sooner rather than later,” subject to the economic outlook, Heng says during annual budget speech
• GST on publicly-subsidized education and healthcare will continue to be fully absorbed, he says
• Government has set aside S$6 billion for an assurance package that will help delay the impact of the planned raise for the bulk of Singaporean households by at least 5 years
• NOTE: Singapore’s GST rate stands at 7%

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