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Singapore economy sees steady recovery and need to raise tax

by Mike Robinson

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© Reuters. FILE PHOTO – Singapore’s Prime Minister Lee Hsien Loong gives a keynote speech at the IISS Shangri-la Dialogue, Singapore May 31, 2019. REUTERS/Feline Li

SINGAPORE, (Reuters) – Singapore is steadily recovering and its government believes it needs to “start moving” on increasing sales tax. This was stated by the prime minister on Friday.

Singapore’s sales tax (known as Goods and Services Tax or GST) has been at 7% ever since 2007. In 2017, the government announced its intention to raise GST from 7% to 9% by 2018.

This need has been obvious for many years. In a message for the New Year, Lee Hsien Loong stated that now that COVID-19 is over, it’s time to get moving.

Additional details are expected to be released during the budget speech for 2022 fiscal years by the government, February 18.

According to forecasts, Singapore’s economy will expand by around 7% in 2018, marking a return to the worst recession caused last year by the pandemic. It is expected to grow between 3% and 5% in 2022.

The year ahead is one of transition. Lee stated that the economy is steadily recovering… As businesses recover, we will gradually phase out any emergency support.”

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