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Economy

Singapore plans a tax hike to cover rise in health care costs

Government cites needs of an aging population, but critics say move is premature

SINGAPORE The Singaporean government has announced it will raise the goods and services tax to 9% from the current 7% sometime between 2021 and 2025 to support expanded health care spending as the country's population ages.

Finance Minister Heng Swee Keat announced the planned hike on Feb. 19 during a speech on the budget for fiscal 2018, which starts in April.

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