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Singapore increases goods and services tax

Singapore raised its goods and services tax (GST) from 8% to 9% on January 1.
Singapore increases goods and services tax ảnh 1The GST hike causes concern among Singaporeans, and many bookstores.(Photo: https://www.straitstimes.com/)
Singapore (VNA) - Singapore raisedits goods and services tax (GST) from 8% to 9% on January 1.

The GST hike has caused concern among Singaporeans, andmany bookstores, and art dealers and theatre companies, in the context of high inflation.

According to the Straits Times, people will prioritise cutting"non-essential" spending in their budget.

Booksellers, already struggling with diminishingprofits after years of increasing rentals and printing costs, are mostapprehensive about the GST hike, it said.

Independent art dealers in Singapore are alsofretting about the chillier economic outlook, it added.

With reports of a fall in real median income dueto inflation, they accept that whether people will continue spending on pricierindulgences will depend on 2024’s economic outlook.

In his speech to welcome New Year 2024 on December 31, 2023, Prime Minister Lee Hsien Loong vowed to build affordable and accessiblepublic housing for Singaporeans, uplift lower-income families and vulnerablegroups, and care for the aging population.

According to Lee, Singapore made 1.2% growth this year and thegross domestic product (GDP) is expected to grow 1 to 3% in 2024, Lee said,adding that inflation will hopefully come down though much will depend on theexternal environment./.
VNA
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