Singapore increases goods and services tax
Singapore raised its goods and services tax (GST) from 8% to 9% on January 1.
The GST hike causes concern among Singaporeans, and many bookstores.(Photo: https://www.straitstimes.com/)The GST hike has caused concern among Singaporeans, and many 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 diminishing profits after years of increasing rentals and printing costs, are most apprehensive about the GST hike, it said.
Independent art dealers in Singapore are also fretting about the chillier economic outlook, it added.
With reports of a fall in real median income due to inflation, they accept that whether people will continue spending on pricier indulgences 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 accessible public housing for Singaporeans, uplift lower-income families and vulnerable groups, and care for the aging population.
According to Lee, Singapore made 1.2% growth this year and the gross 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 the external environment./.
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