Singapore is braced for the first sales tax lift for more than a decade

Singapore is braced for the first sales tax lift for more than a decade

A city-state mainly known for its low-tax model, Singapore, which enabled it to shockingly evolve from a banal port town to a mind-blowing rapidly developing Asian Manhattan, is all geared up to putting something weird in the 2018 budget announcement – it’s going to be a tax lift.

Up to 9 of 10 market experts surveyed by Reuters are assured that on Monday the government is going to uncover the first jump in the services and goods tax since 2007. The country’s policymakers have underlined the necessity to lift revenue for the purpose of meeting future social spending requirements of a quickly ageing population.

Market experts tell that Heng Swee Keat, Finance Minister might also make a series of tweaks to taxes on electronic commerce retailers, including Amazon.com, sugar and wealth when he rolls out the budget on Monday for 2018 starting April 1.

Apparently, any tax measures would emerge after in 2017 the Asian country boasted the fastest economic surge for three years. The surge was supposed to account for 3.5%.

Some market experts suggest that firm economic surge appears to be a positive pull factor, backing the tax lift.

Financial analysts also expect the tax to be lifted by approximately 1% in 2018 to 8%, and also extra 1% in 2019.

There's a strong necessity to head for indirect taxes because the tax base for personal income tax might turn to be smaller for a relatively a long period of time, especially considering the country’s demographic challenge.

While the rate for the country’s consumption tax appears to be one of the lowest in the world, this tax is considered to be the government's number two source of tax income.  

The Asian country rolled out this tax in 1994, initially setting it at 3%. Later it was increased to 4% in 2003 as well as 5% in 2004. In 2007, it was lifted to 7%.

Similar

Forex News March 29
Forex News March 29

Forex, Crypto, Metals, and Stocks News for March 29. Here’s what you need to know for today:

The Most Important News For Today
The Most Important News For Today

The news is essential if you want to trade. Don't miss our digest, where we'll tell you about the most interesting events, happening right now.

Latest news

The Most Important News For Today
The Most Important News For Today

News is always essential. Especially when we speak about the FOREX market. What is the most important information for today? Let's see together.

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera