Tag Archive | "increase"

GST could be raised from 7% to 34%

GST could be raised from 7% to 34%

Tags: ,


Next raise will be from 34% to 1,235%, then 38,954%.

GST-refund

The Singapore Government is likely to raise the Goods and Services Tax (GST) to bring in more revenue to help build a stronger social safety net.

This after a slew of healthcare, housing and infrastructure initiatives were announced by Prime Minister Lee Hsien Loong during the National Day Rally on Sunday.

The increase in GST is expected to go up from 7% to 34%.

And once Singaporeans are accustomed to this rate, it will rise to 1,235%.

In a year’s time, it will settle at a low of 38,954%.

One economist, Gong Jiao Wey, said: “The increase might appear drastic in real terms, but at least we don’t have gun violence like Malaysia.”