The scheduled increase in the Goods and Services Tax (GST) by another 1 percentage point in 2024 is unlikely to be deferred, experts say.
SINGAPORE: As concerns about the cost of living persist, Singapore is expected to boost its support for those most vulnerable to rising inflation when it unveils Budget 2023 next Tuesday .
With limited room to tweak corporate and personal income tax rates – the country’s top two biggest sources of tax revenues – moving with the consumption tax is “inevitable and necessary”, said DBS senior economist Irvin Seah. A sum of S$6 billion was initially set aside when the package was first announced in 2020. Since then, the package – comprising cash payouts, grants and utilities rebates – has been upsized to S$8 billion, with details of theUOB economists expect the Assurance Package to be increased further by S$500 million to S$1 billion, given the additional GST expenses for households.
The support could come in the form of cash payouts that decline over six months. Another possibility is training subsidies to help the workers pivot into sectors that need more manpower. To help businesses stay relevant, more support could come in areas like technology adoption, innovation and raising productivity.
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