The increase in goods and services text which has been planned for the past few years will have to be done by 2025 and this planned increase cannot be put off indefinitely.
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Heng Swee Keat further stated “The Government has committed $6 billion to offset at least five years’ worth of additional GST expenses for the majority of households, and more for lower-income families.”
Mr Heng stated that Singapore would need to continue spending on sectors such as healthcare, education, training and infrastructure. And this can only be done with significant fiscal outlay.