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The GST rate was increased from 3% to 4% on 1 January 2003, and to 5% on 1 January 2004. Each increase was accompanied by an offset package that was designed to make the average Singaporean household overall better off, even after accounting for the additional costs imposed by the increase in GST rates.
UOB economist Barnabas Gan expects Singapore GST will rise to 9% from as early as 1 July, adding revenue of S$1.8 billion for 2022.
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Ministry of Finance. Website. www.iras.gov.sg. Agency ID. T08GB0020K. Revenue House, the headquarters of the Inland Revenue Authority of Singapore, at Novena, photographed in May 2006. The Inland Revenue Authority of Singapore (IRAS) is a statutory board under the Ministry of Finance of the Government of Singapore in charge of tax collection.
t. e. A value-added tax (VAT or goods and services tax (GST), general consumption tax (GCT)) is a consumption tax that is levied on the value added at each stage of a product's production and distribution. VAT is similar to, and is often compared with, a sales tax. VAT is an indirect tax, because the consumer who ultimately bears the burden of ...
Singapore Finance Minister Lawrence Wong on Friday (18 February) unveiled a Budget aimed at raising revenue to support the economy as the country makes plans for a post-pandemic future.
This is an accepted version of this page This is the latest accepted revision, reviewed on 31 October 2024. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) Fiscal year 1 April – 31 March Trade organisations WTO, APEC, CPTPP, IOR-ARC, RCEP, ASEAN and others Country group Developed/Advanced High-income economy Statistics Population 5,917,600 (Jun ...
Find out why the demand for free food – that come in the form of rejected produce or excessive supply from grocers or businesses – is spiking.