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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.
18 February – The Government announces that the GST would be increased in two stages; to 8% on 1 January 2023 and 9% on 1 January 2024. [19] [20] 21 February – The first two Alstom Movia R151 trainsets serving the North South and East West MRT lines arrive in Singapore. [21] [22]
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.
2 April – Joseph Schooling, who won Singapore's first ever Olympic gold medal, retires from swimming at 28. [25]15 April – Lee Hsien Loong announces his resignation as the Prime Minister of Singapore effective on 15 May 2024, paving the way for the assumption of Deputy Prime Minister and Finance Minister Lawrence Wong as the next Prime Minister of Singapore.
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As Minister for Finance, he has overseen the gradual increase in Goods and Services Tax (GST) which Lee's government has advocated for – 8% in 2023 and 9% in 2024, up from 7% which had been set since 2007.
The Goods and Services Tax (GST) is an abolished value-added tax in Malaysia. GST is levied on most transactions in the production process, but is refunded with exception of Blocked Input Tax, to all parties in the chain of production other than the final consumer. The existing standard rate for GST effective from 1 April 2015 is 6%.
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