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SINGAPORE – In his Budget round-up speech on Friday (Feb 28), Deputy Prime Minister Heng Swee Keat set out in detail why the planned goods and services (GST) tax hike cannot be delayed or dropped entirely.
First, the money is needed to fund upcoming spending, he said, especially in the area of healthcare, as Singapore’s ageing population means demand for it will grow.
Such spending benefits all Singaporeans, so it is fair that everyone bears some part of the costs, Mr Heng said.
“This is about all of us taking shared responsibility to pay for our needs and our society’s needs, and sharing in the effort to provide for them,” he added.
At the same time, the $6 billion Assurance Package and permanent GST voucher scheme ensures that lower-income households will pay less than those who are well-off.
He added that GST is only one way to meet Singapore’s needs, and that the Government will continue to adjust income and wealth taxes to raise revenue.
This is the full text of what Mr Heng said about the GST hike, which will take place between 2022 to 2025:
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