GST will start to increase from 2030 onwards

[The_King]

Singapore does not need further Goods and Services Tax (GST) increases up until 2030, said Deputy Prime Minister and Finance Minister Lawrence Wong during a debate on Budget 2024 in parliament on Feb. 28, 2024.

His statement was in response to Non-Constituency Member of the Parliament (NCMP) Hazel Poa's question on whether there is any need to raise GST further from now until 2030.

 

 

GST increases not needed until 2030: DPM Wong

 

Poa raised the question during clarifications raised in the debate.

She asked if there would be a need to raise GST further based on the government's assessment and fiscal projections to "fund higher expenditures".

In response, DPM Wong said that further GST increases up to 2030 are not needed.

"Post-2030, we'll have to see what the picture is," he said.

He added that they will need to assess if there is a funding gap and whether increased expenditures, additional revenues or tax changes are needed to close it.

"But as of now, up to 2030, we are in a sound position on income," he said, adding that he will have to confirm the exact statistics and figures would be updated.

 

Impact of GST on inflation is "one-off": DPM Wong

 

Earlier on, Workers' Party MP Jamus Lim also posed a question on GST, asking DPM Wong if the timing of the recent raising of GST was justified or if at least a "postponement" might have been "wise" instead.

DPM Wong replied that while GST has an impact on inflation, this impact is a "one-off" and not permanent.

He also added that the impact of GST is not the key driver behind the "inflation spike".

"We have deferred the impact of GST on the lower income groups with the Assurance Package by more than five years for the vast majority of Singaporeans," he said.

On whether the timing was justified, he said, "If we had not done it at the time we did, when would it be a good time to do it?"

"Let's do it in good time, put in place, make sure that our fiscal system remains sound and always ensure that we have sufficient revenues to cover our spending," he added.

[The_King]

GST has an impact on inflation, this impact is a "one-off" and not permanent. ?

 

 

WTF am i read?

[Huat Zai]

4 minutes ago, The_King said:

WTF am i read?

White shit

[zendude]

brace urselves sinkies. they will take revenge for 6 years of no raise gst

 

 

Edited February 28 by zendude

[The_King]

6yr mean after the 2nd GE. so either 2030 or 2031

[aaur4man]

my face after reading

 

 

[sTiCkY]

not needed until 2030... kmn

[Londonchocolateroll]

And that is suppose to be good news?

 

Meanwhile ministers salary and bonus will continue to increase every year

[Homelander]

How many of us will still be alive come 2030?

[socrates469bc]

diam diam lah, kumgong pappy serfs!!!!!!!

 

wahahahahahahahahahah

 

a

 

 

[The_King]

On 2/29/2024 at 4:48 PM, Londonchocolateroll said:

And that is suppose to be good news?

 

Meanwhile ministers salary and bonus will continue to increase every year

For it is too proud, they knew they will win GE, so letting us know early they will increase from 2030  onwards