Singapore Budget 2018: GST to rise to 9 per cent sometime in 2021-2025

Singapore Budget 2018: GST to rise to 9 per cent sometime in 2021-2025

Yahoo Singapore·2018-02-20 11:10

The Goods and Services Tax (GST) will be raised to 9 per cent from 7 per cent sometime from 2021 to 2025, Finance Minister Heng Swee Keat announced on Monday (19 February).

The exact timing of the GST increase will depend on Singapore’s economy, expenditure growth and existing taxes, Heng said in his Budget 2018 speech in Parliament. The planned increase in the GST will be the first since 2007. Heng said that the GST revision takes into account Singapore’s long-term needs as spending increases in all sectors, such as in healthcare, infrastructure and security.

“As the government has stated before, we have ensured that we have sufficient resources to meet our spending needs till 2020. This is a result of careful and prudent planning. But in the next decade, between 2021 and 2030, if we do not take measures early, we will not have enough revenues to meet our growing needs. We expect our spending needs to continue growing across all sectors, with some rising faster and more than others,” Heng said.

……

Read full article on Yahoo Singapore

Singapore GST Government Policy