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Singapore is hiking its GST to 9%, but not until 2021 or later

One tax change that will take place in 2019 is with carbon tax, which will stand at S$5 per tonne of greenhouse gas emissions from 2019 to 2023

Reuters  |  Singapore 

Singapore confirmed it plans to hike its sales tax to 9 per cent from 7 per cent, but said the change will only be made "sometime" between 2021 and 2025. Pushing a change til at least three years away surprised some, after policymakers had flagged before Monday's budget speech that Singapore must increase revenue to meet future spending needs of its rapidly ageing population. "The exact timing will depend on the state of the economy, how much our expenditures grow, and how buoyant our existing taxes are. But I expect that we will need to do so earlier rather ...

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First Published: Mon, February 19 2018. 16:28 IST