'Money not enough'
Leading topics on Budget 2018
Singapore Budget 2018 details were announced after CNY holidays.
Everyone is talking about tax hikes.
These are points highly concerned among citizens.
1. GST hike
GST increase from 7% to 9% will kick in between 2021 and 2025.
Finance Minister Heng Swee Keat expressed the necessity of GST increase using "Money Not Enough" referring to higher spending on healthcare.
One of my friends, who works in the restaurant industry, says that it would result in customers paying tax almost up to 20% for those restaurants having '+++' as service charges.
The trend of GST rise has been recently seen not only in Singapore, but also in Japan and all over shouth east Asia.
2. GST will be implemented on digital services such as video and music streaming services, apps and online subscription.
3. Buyer's stamp duty rate goes up from 3% to 4% for residential properties worth more than $1 million.
Other rises will be seen on the carbon tax and the levy rates for foreign workers.
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