Singapore is preparing to increase GST by 1% to 9% from January 1 in order to store money in the exchequer. Support expenses as the country enters an aging society in the next few years.
Singapore is preparing to increase GST by 1% to 9% from January 1 in order to store money in the exchequer. Support expenses as the country enters an aging society in the next few years.
Reuters news agency reported that the familiesSingaporePrepare to confrontIncrease taxesThe sale will take effect on January 1 because the government wants it toCapital increase First, social spending must be increased. When Singapore started to enterSeniors communityIn the next few years
Goods and services taxTax collected on every item from groceries to diamond rings will rise from 1% to 9% on Monday, January 1, the second rate hike in two steps. This year, Singapore's sales tax will rise to 8% from 7% when it has not changed since. 15 years.
This increase in tax rate comes withCost of livingThis increase led opposition lawmakers to demand a delay in raising interest rates. But the government revealed this Raising taxes is necessary to increase government funding. This is because the government must prepare to deal with an increasingly aging population and rising health care costs. Singapore expects 65-year-olds to account for 1 in 4 of the total population by 2030.
In August, Lawrence Wong, Deputy Prime Minister revealed in August that postponing the increase in taxes on goods and services would accumulate problems in the future. The government lacks the necessary resources to allocate financial needs.
However, some retailers promise this. The tax burden has not been passed on for now, while furniture company IKEA said it would absorb the 1% interest instead, but did not specify when it would stop paying that burden. Supermarket chain Fairprice will charge a 1% tax on 500 products such as rice and vegetables.
The government has provided more than S$10 billion in financial assistance through insurance budgets, including S$200 million to S$800 million for adults in Singapore.Inflation rateFundamentals in Singapore were moderate at 3.2% in November, after reaching 5.5% in January and February, but inflation remained in line with the central bank's average forecast of 2.5% to 3.5%.
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