SINGAPORE -- Some of Southeast Asia will see consumption taxes rise in early 2024, as countries such as Singapore and Malaysia move to broaden their financial base to support their aging populations and close holes in their budgets.
Singapore is raising its goods and services tax (GST) from 8% to 9% on Jan. 1, while Malaysia is hiking its sales and services tax (SST), starting in March, by two percentage points to 8%, excluding essential expenses like food, beverages and telecommunications.
