The centrepiece of Singapore’s budget today was confirmation that the Goods and Service Tax will rise next year and again in 2024. The hike is intended to help pay for an increase in healthcare spending as the population ages over coming years. The decision to put off the first GST increase until next year will ensure that it does not add to near-term inflationary pressures. The Monetary Authority of Singapore is unlikely to tighten policy aggressively this year.
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