Singapore will raise its goods and services tax next year, the government announced on Friday, as it moves to strengthen its finances after heavy spending on pandemic-related measures.
The plan to lift the current 7% rate to 8% in January 2023, and then 9% in January 2024, was included in the draft budget for the fiscal year starting in April — and comes at a time when inflation is sweeping the economy.
Source asia.nikkei.com
