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Economy

Singapore seen hiking GST for first time in over a decade

Government says it needs revenue boost to pay for ageing population

The Singapore skyline from Merlion Park at sunrise (Getty Images)

SINGAPORE -- Singapore is expected to raise goods and services tax for the first time in more than a decade sometime in the fiscal year starting in April, say economists. 

Francis Tan, an economist at United Overseas Bank, sees the government hiking GST to 8%, from the current 7%. He expects another hike to 9% next year.

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