Singapore to hike taxes on rich as it winds down Covid-19 spending

Singapore will begin implementing a long-flagged increase to its goods and services tax next year, its finance minister said in his budget speech on Friday, while also announcing a slew of tax hikes aimed at higher income groups.

The moves come as Singapore emerges from a pandemic-induced economic slump, but walks a tight rope in maintaining its attractiveness as a global financial hub while guarding against local concerns about rising wealth inequality and rising costs of living.

GST will rise to 8% from January next year and to 9% in 2024, Lawrence Wong said, from 7% now. The government also plans to