Singaporeans Due to Pay More Tax in 2020

by admin on February 23, 2018

Singapore’s current GST rate is at 7% on goods and services supplied in Singapore whilst goods that are exported and international services have a 0% rate. The Finance Minister, Heng Swee Keat, has announced plans for the GST rate to increase a further two percent by 2020. Depending when the economy is at its “best state” and existing taxes are “buoyant”.

The increase will be a progressive one and residents will be offered an offset package to help adjust to the increased rates. The extra 2% will boost revenue to be spent on future expenditures such as infrastructure and healthcare. The GST will help to support public subsidized schooling, seniors and low income households. Middle income houses will also receive support.

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The government has acknowledged a gap when planning for the city’s future expenditures despite cautious spending, saving and borrowing. They report that the increased GST will bring in revenue of almost 0.7% of the GDP.

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