Singapore is set to hike its items and solutions tax in January. Here is how it will perform

Key Factors

On Jan. 1 2023, Singapore will increase its goods and solutions tax, usually known as the GST, from 7% to 8%. Singapore’s future GST hike will get put on Jan. 1, 2024, when the GST will be elevated from 8% to 9%.
Middle-cash flow Singaporeans could be the most afflicted by the GST hikes, due to the fact they neither qualify for monetary aid and rebates nor are they in a position to find the money for bigger costs, in accordance to Euston Quah, head of Economics at the Nanyang Technological University.

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