SECOND Finance Minister Tharman Shanmugaratnam has unveiled a budget deficit of $1.3bil (RM2.9bil) for fiscal year 2006, with the GST hike to take effect in July, accompanied by a S$4bil (RM9.2bil) offset package, as well as a rise in the employer’s share of CPF contributions by a 1.5 percentage point.
Tharman revealed the time frame of the much-anticipated hike from 5% to 7% when he presented his first Budget statement in Parliament yesterday.
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