SINGAPORE: The Government will delay the planned Goods and Services Tax hike to 2023 and stagger the increase in two steps, Finance Minister Lawrence Wong said in his Budget speech on Friday .
Mr Wong said on Friday that the GST hike is necessary to support Singapore’s healthcare expenditure and to take care of its seniors. “To address concerns that businesses could use GST as a cover to raise prices, the Government will stand up a Committee Against Profiteering,” Mr Wong said, adding that it will be chaired by Minister of State for Trade and Industry Low Yen Ling.To cushion the impact of the GST hike, the Government will add S$640 million to the S$6 billion Assurance Package – announced in 2020 – and improve the GST Voucher scheme.
Eligible Housing Board households will get extra U-Save rebates of S$330 to S$570 depending on flat type, while all Singaporean children and seniors will get MediSave top-ups of S$450. Close to S$40 million will be set aside under the Productivity Solutions Grant for businesses to apply for subsidised accounting and point-of-sale solutions.The permanent GSTV scheme currently has three components: Cash payout, MediSave top-up and utilities rebates.
Who’s idea is this? Realistic?
holiday in spore after 2023 isnt much happier, might need other places to spend on food as we pay their citizen to live rather than we pay for the food itself.
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