Singapore to raise GST to 8% April 2018
- Feb 12, 2018 | Richard Asquith
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.