Singapore to raise GST to 8% April 2018

In the 2018/19 annual budget, due 19 February 2018, Singapore may increase its Goods and Services Tax rate from 7% to 8%.

In a recent pole of economists, nine out of ten expected a rise in the GST consumption tax rate due to an ageing population and rising social spending. A similar crisis lead Japan to hike its Consumption Tax rate from 5% to 8% in 2016, with a further rise to 10% imminent.

In addition, taxes on B2C sales of goods by foreign marketplaces and online platforms may also be made liable to GST for the first time.

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