The long-awaited GST rate rise that was confirmed in the Singapore Budget 2022, will begin on 1 January 2023. To remain fiscally sustainable, Singapore needs to make changes to its tax system to fund social and healthcare spending, especially given its ageing population. GST rate will increase from 7 percent to 9 percent in two stages – one percentage point each time on 1 January 2023 and 1 January 2024.
The GST hike by 2025 will result in a general rise in the cost of living. It does not only impact our budget and expenses, but may also change our long-term financial plans. With GST increase in Singapore weeks away, are you prepared for it?
Find out more about how you can prepare for the expected rise in cost of living. Here’s how you can start with these 5 easy ways before the GST rate hits 9% or higher.
