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In view of uncertainty due to the COVID-19 pandemic, the GST increase [14] will be deferred to after year 2022, with a S$6 billion Assurance Package proposed in 2020 to cushion the impact when the hike kicks in. The GST increase is later deferred again, with the increase taking place in two stages, 8% on 1 January 2023 and 9% on 1 January 2024.
UOB economist Barnabas Gan expects Singapore GST will rise to 9% from as early as 1 July, adding revenue of S$1.8 billion for 2022.
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The Singapore Civil Defence Force starts construction of their Marine Division headquarters on Pulau Brani, which will be completed by March 2026. Plans to boost the Division's capabilities are also announced, with an increase from six firefighting vessels to 10 by 2029, and from four to six marine bases by 2035. [99] [100] [101] 16 November –
[49] It is estimated that implementing of the digital tax will bring Singapore US$65.5 million per year. The implemented tax will be at the same level as the GST (Goods and service tax) rate nowadays in Singapore, which is 7%, but it is important to notice that there is planned increase of GST rate at some point between 2021 and 2025.
Daiso Singapore said that its new prices that will take effect from 1 May entail the “smallest increase possible” while ensuring the quality of its products.
Every year, the MOF prepares the Singapore Budget and the Minister for Finance presents the Budget to the Parliament before the new financial year begins. The Budget includes the revised Government revenue and expenditure projections for the current financial year as well as the planned government revenue and expenditures for the following ...
1 February – The Ministry of Sustainability and the Environment announced during a parliamentary motion the upcoming launch of a multi-ministry Singapore Green Plan as a whole-of-nation sustainability strategy with ambitious targets set through 2030. The carbon tax will also be reviewed in 2023 with an expected increase by 2030.