Posted 12/28/2023, 3:11:00 AM
Singapore Raises GST Tax to 9% on January 1st to Fund Aging Society
- Singapore is raising its goods and services tax (GST) to 9% on January 1st, up from 8% currently and 7% previously
- The tax hike aims to boost government revenue ahead of expected increases in social spending for Singapore's rapidly aging population
- The GST hike comes amid broader rising costs of living, prompting opposition calls to delay it
- Core inflation was 3.2% in November, moderating from peaks of 5.5% earlier in 2022 but still stubbornly high
- Some retailers like IKEA and FairPrice have pledged to absorb the 1% tax hike on certain products, at least temporarily