- DPM Lawrence Wong stated that there will be no further GST increases up to 2030
- The 2 percentage point GST hike is meant to close the revenue-expenditure gap until 2030
- Revenue from the GST increase will go towards healthcare and social spending
- MOF projected rising government spending to exceed 20% of GDP by FY2030
- DPM Wong mentioned the need to update fiscal projections on a rolling basis post-2030
- The impact of the GST hike on inflation was discussed in Parliament
- DPM Wong stated that the GST hike had a one-time impact on prices and was not the key driver of inflation
- The Assurance Package was implemented to help Singaporeans cope with cost-of-living pressures caused by the GST increase
Source: singaporelawwatch.sg
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
Latest Posts in "Singapore"
- IRAS GST Advance Ruling System Guide (12th Edition): Key Updates and Clarifications, Nov 2025
- Advance Ruling System for GST: Application Process, Eligibility, Fees, and Timelines Explained
- GST Rules for Imported Low-Value Goods in Singapore: When and How GST is Payable
- Singapore Updates GST Return and Cancellation Guidance, Adds Detailed Form GST-F5 Instructions
- Singapore Updates GST Error Correction Rules: New IRAS FAQs Clarify When F7 Not Required
