Economy3 hours ago (Dec 31, 2021 05: 45AM ET)
© Reuters. FILE PHOTO: Singapore’s Top Minister Lee Hsien Loong delivers a keynote address at the IISS Shangri-la Dialogue in Singapore, Might possibly moreover simply 31, 2019. REUTERS/Feline Lim
SINGAPORE (Reuters) – Singapore’s economy is recovering regularly and the authorities sees a want to “open transferring” on raising gross sales tax, its high minister talked about on Friday.
Singapore’s gross sales tax, diagnosed because the Goods and Products and services Tax (GST), has been saved at 7% since 2007. The authorities first announced that it plans elevate GST to 9% in 2018.
“Now we have viewed this need coming for some years. Now that our economy is rising from COVID-19, we have to open transferring on this,” Lee Hsien Loong talked about in a New Year message.
Extra minute print is anticipated to be announced all over the authorities’s 2022 fiscal year funds speech on Feb. 18.
Singapore’s economy is liable to perform bigger around 7% this year, marking a recovery from the worst recession precipitated by the pandemic final year, and grow 3% to 5% in 2022, in accordance to legit forecasts.
“The year ahead would possibly be a time of transition. Our economy is recovering regularly… We can step by step piece out emergency toughen measures as corporations revive,” Lee talked about.
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