GST hike confirmed, but there is good news!

GST hike confirmed, but there is good news!

TheRedDotNews·2018-02-19 17:29

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Is this good news?

In today's Budget statement, Finance Minister Heng Swee Keat has announced that there will indeed be a Goods & Service Tax (GST) hike. This might be old news, as rumours about the impending hike have been spreading around for quite some time.

However, consumers can take comfort in the fact that the GST hike will not be taking place so soon.

The hike is planned to take place sometime from 2021 to 2025. It will be raised from the current 7% to 9%.

No exact timing is given yet as it will depend on the state of the economy, the expenditures and how are the buoyant existing taxes.

For Singaporeans, the government will be enhancing the GST voucher scheme and to help Singaporeans cope with the GST hike. There will also be an offset package for Singaporeans.

Furthermore, due to exceptional budget surplus this year, all Singaporeans above the age of 21 will be receiving an ang bao. Depending on their income, they will be receiving between $100 to $300. 

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Singapore Government GST