SINGAPORE: GST in 2007 when the rate was hiked to 7% from 5%. The fertility rate remains half the global average, at 1.2 births per woman in 2015, according to World Bank data. Meanwhile, B2B imported services will be taxed with a reverse charge mechanism, which will see GST reporting obligation falling on the part of the recipient of the services. The Goods and Services Tax (GST) will be increased to 9 percent from 7 percent sometime from 2021 to 2025. This boost in revenues will be vital in closing this gap. “We expect our spending needs to continue growing across all sectors, with some rising faster and more than others”, Heng said. “In doing so, we will take into account worldwide climate change developments, the progress of our emissions mitigation efforts and our economic competitiveness.”
Mr Heng said that the Government will study how to account for these emissions and take action where necessary for smaller emitters that account for the remaining 20 per cent of Singapore’s emissions. With the rise in major terrorism threats, Singapore also has to spend more in security. “Second, we will enhance the permanent GST Voucher (GSTV) scheme when the GST is increased, so as to provide more help to lower-income households and seniors…” Overseas suppliers with establishments in Singapore will also not be affected. Lower- and middle-income households will receive more support.
