Unwrapped: GST Tax, its rationale and can Singapore take better care of its citizens

  • Living in a time of uncertainty where changes are sudden, dynamic and even unrelenting, our lives continue to revolve around the Covid-19 pandemic.
  • Not waiting for the smog to lift fully, the Singapore Budget ploughs significant investments that focus on immediate needs.
  • Through our weekly series Unwrapped this week, TheHomeGround Asia takes a closer look to see if this will be enough to fund future spending and take care of its people.

In our weekly series Unwrapped, TheHomeGround Asia takes a closer look at major stories and happenings that impact Singaporeans.

Singapore has had a tough two years due to the global pandemic. The economy was in a recession, people lost their jobs and the country is only now in the process of recovering from the financial impact of Covid-19.

Finance Minister Lawrence WongĀ delivered Singapore’s Budget 2022 Statement in Parliament on Friday, 18 February. It encompasses five major changes to the country’s tax system, including GST rate hike, which will take effect in two stages from 1 January 2023 and 1 January 2024.

Will this be enough to fund future spending and for the government to take better care of its “natural resources” – its people?

RELATED: Opinion: Why and how did Pritam Singh get caught in the cross hairs?

Join the conversations on TheHomeGround Asia’sĀ FacebookĀ andĀ Instagram, and get the latest updates viaĀ Telegram.




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