SINGAPORE: Singapore households are bracing for a sales tax hike that takes effect in the new year as the government shores up coffers ahead of an expected surge in social spending in the rapidly ageing city-state in the years ahead.
The goods and services tax, which is levied on everything from groceries to diamond rings, will be increased by one percentage point to 9% on Monday, the second phase of a two-stage rate hike. This year the sales tax was raised to 8% from the previous 7%, which has been unchanged for 15 years.
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