Singapore commits to raising GST in 2023 amid inflation

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.


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