ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

Singapore commits to raising GST in 2023 amid inflation

Income tax also headed higher as aging population, COVID hit public finances

Singaporeans will have to pay more when they shop, with the GST set to rise to 8% next year and 9% in 2024.   © AP

SINGAPORE -- 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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more