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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$1.8 billion for 2022.
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The rate for GST, effective since 1 October 2010 is 15%. [77] This 15% tax is applied to the final price of the product or service being purchased and goods and services are advertised as GST inclusive. Reduced rate GST (9%) applies to hotel accommodation on a long-term basis (longer than 4 weeks).
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This is an accepted version of this page This is the latest accepted revision, reviewed on 16 February 2025. Economy of Singapore Skyline of Singapore's Downtown Core Currency Singapore dollar (SGD/S$) 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 6,040,000 (2024 ...
SINGAPORE (Reuters) -Singapore's key consumer price gauge rose 5.1% in October, slightly less than forecast and marking the first easing in eight months, official data showed on Wednesday, due to ...
10 August 1970 Lee K. III: Hon Sui Sen MP for Havelock (1916–1983) 11 August 1970 14 October 1983 Lee K. IV: Lee K. V: Lee K. VI: Tony Tan MP for Sembawang (born 1940) 24 October 1983 1 January 1985 Richard Hu MP for Kreta Ayer SMC (until 1996) MP for Kreta Ayer–Tanglin GRC (from 1997) (1926–2023) 2 January 1985 9 November 2001 Lee K. VII ...