SINGAPORE -- Singapore's government is weighing a long-planned goods and services tax increase -- potentially setting an Asian example for countries looking to drum up revenue after the heavy spending of the COVID-19 pandemic.
With the economy beginning to recover, experts see a growing likelihood the city-state will soon follow through on a hike originally flagged in 2018. Prime Minister Lee Hsien Loong hinted as much in his recent New Year's message, when he said of the current 7% GST, "Now that our economy is emerging from COVID-19, we have to start moving on this."
